Thomas J. Wilson, the Chairman, President, and CEO of Allstate Corp (NYSE:ALL), recently sold a significant portion of his holdings in the company. On December 23, Wilson sold a total of 31,503 shares of Allstate common stock, with the sales executed at prices ranging from $192.267 to $193.037 per share. The total value of these transactions amounted to approximately $6.07 million. The sale comes as Allstate, a $51.8 billion market cap insurance giant, has delivered an impressive 42.6% return year-to-date, significantly outperforming many peers.
Following these transactions, Wilson's indirect ownership through TJW Options LLC 2014 Series now stands at 126,010 shares. Additionally, his direct and indirect holdings in Allstate remain substantial, with various trusts and plans owning significant shares. According to InvestingPro, the company maintains a "GREAT" financial health score and has raised its dividend for 14 consecutive years. Analysts remain optimistic, with several raising their earnings forecasts for the upcoming period.
These transactions were part of open-market sales and are detailed in a recent SEC Form 4 filing. For comprehensive analysis of Allstate's valuation, financial health, and growth prospects, access the full Pro Research Report available exclusively on InvestingPro.
In other recent news, Allstate Corporation (NYSE:ALL) has shown a strong financial performance in recent reports. The company's third-quarter results revealed a significant 14.7% year-over-year increase in total revenues, reaching $16.6 billion. The Property-Liability business also showed robust performance with premiums rising by 11.6% to $13.7 billion. The company reported a net income of $1.2 billion and an adjusted net income of $3.91 per share.
Analysts from Piper Sandler, Jefferies, and Keefe, Bruyette & Woods have all shown positive outlooks for Allstate, raising their price targets and maintaining positive ratings. Piper Sandler increased the price target for Allstate shares to $244, Jefferies raised it to $267, and Keefe, Bruyette & Woods increased its target to $225.
These recent developments indicate a resilient performance and potential for continued growth in the market for Allstate. The company has also announced the sale of its Employer Voluntary Benefits business for $2 billion, a move expected to generate about $1.6 billion in capital. Allstate's investment income rose to $783 million, driven by higher fixed income yields, and its Protection Plans business revenue grew by 23.1% year-over-year to $512 million. These updates highlight Allstate's strategic efforts to strengthen its market position and enhance customer retention.
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