NEW YORK (TheStreet) -- Shares of The Allstate Corp. (ALL) are higher by 4.15% to $59.25 in late morning trading on Thursday, after the company reported an increase in net income to $614 million, or $1.39 per diluted share for the 2014 second quarter, compared to $434 million, or 92 cents per diluted share for the same period last year.
The insurance company's consolidated revenue was $8.86 billion versus $8.78 billion for the 2013 second quarter.
The consensus estimate was for earnings of 69 cents per share on revenue of $7.45 billion.
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Separately, TheStreet Ratings team rates ALLSTATE CORP as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate ALLSTATE CORP (ALL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, attractive valuation levels and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."