Allstate Expands Footprint in Mobile Industry with Kingfisher Acquisition
The Allstate Corporation’s ALL Allstate Protection Plans, a division of ALL, recently announced the acquisition of Kingfisher. This innovative company is known for optimizing the lifecycle of smart devices. By acquiring Kingfisher, Allstate strengthens its position in the mobile industry, with Kingfisher’s expertise in repair, trade-in, and upgrade solutions aligning with Allstate’s mission to deliver consumer-friendly protection plans.
This acquisition is expected to enhance ALL’s ability to serve mobile carriers, manufacturers, and retailers around the world. Founded in 2016, Kingfisher has made a significant impact in the mobile circular economy by offering sustainable solutions that address the growing demand for flexible device ownership and protection. Additionally, this strategic move supports the mobile industry’s increasing focus on environmental responsibility, facilitating the circulation of both new and refurbished devices.
Already partnered with global carriers like Telenor, Softbank, Three, and T-Mobile, Allstate is now in a stronger position to expand its offerings. This will help attract new customers and ultimately boost revenue. Notably, the Protection Services segment reported a revenue increase of 12.7% year-over-year in the second quarter of 2024, indicating strength in Allstate Protection Plans.
With the resources of Allstate behind it, Kingfisher’s solutions are set to reach billions of users, promising both environmental and economic advantages. This forward-looking investment aligns with market trends and is seen as a driver of growth for ALL.
Stock Performance Snapshot
Allstate shares have appreciated by 16% over the past six months, outperforming the industry average of 14.9%.
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Zacks Rank and Notable Stocks
Currently, ALL holds a Zacks Rank #3 (Hold).
Other better-ranked stocks in the Finance sector include Community Financial System, Inc.CBU, WisdomTree, Inc. WT, and American Express Company AXP. Community Financial and WisdomTree have Zacks Rank #1 (Strong Buy), while American Express has a Zacks Rank #2 (Buy).
Community Financial’s earnings have exceeded expectations in two of the last four quarters, with an average surprise of 0.83%. The Zacks Consensus Estimate for CBU’s 2024 earnings suggests a 1.8% improvement, and a revenue growth of 12.8% is also anticipated compared to last year.
For WisdomTree, the 2024 earnings consensus indicates a remarkable growth of 51.4%. Recently, WT has seen one upward estimate revision, and its earnings estimates were met or exceeded in four quarters.
American Express has beaten earnings estimates in three of the last four quarters, with an average surprise of 7.72%. Its Zacks Consensus Estimate indicates a 17.2% increase in 2024 earnings, along with a projected revenue growth of 9% year-over-year.
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American Express Company (AXP): Free Stock Analysis Report
The Allstate Corporation (ALL): Free Stock Analysis Report
Community Financial System, Inc. (CBU): Free Stock Analysis Report
WisdomTree, Inc. (WT): Free Stock Analysis Report
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