Allstate Posts Q3 EPS of $8.03 as Catastrophe Losses Cool
ALL sits 41% above its 52-week low of $191.13.
Summary
Allstate reported third-quarter EPS of $8.03, a strong print for a stock trading near its 52-week high of $277.22, with net income of $2.08B and adjusted EPS of $9.76 on revenue of $17.3B. The quarter benefited from a sharp drop in catastrophe losses: September losses came in at $220 million pre-tax, down from $748 million in August, per the 8-K filed October 15th. That follows a heavy summer — $682 million in July and $748 million in August — so the Q3 cat load peaked mid-quarter and eased into September. With shares at $269.07, the market was already pricing an improving loss trend; the $8.03 EPS is the confirmation. Watch the earnings call commentary on reserve development and pricing trends for the read-through into Q4.
At the time of this announcement, ALL was trading at $269.07 on NYSE in the Finance sector, with a market capitalization of approximately $68B. The 52-week trading range was $191.13 to $277.22. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.