Allstate Corporation 's (NYSE:ALL) President of Investments and Corporate Strategy, John E. Dugenske, has recently sold a significant amount of company stock, transactions that have been publicly filed. The sales, which occurred on September 20, 2024, totaled over $6.9 million, with prices per share ranging from $190.77 to $192.46.
The series of transactions involved the sale of 15,943 shares at an average price of $190.77, another 15,799 shares at an average of $191.68, and a final batch of 4,625 shares at an average price of $192.46. These sales represent open-market transactions, and the actual sale prices varied within the ranges specified in the footnotes of the SEC filing. Dugenske has provided, and will continue to provide upon request, full information regarding the number of shares sold at each separate price to both the issuer and any security holder of Allstate Corporation, as well as to members of the SEC staff.
Following these sales, Dugenske still holds a substantial number of shares in the company. The SEC filing detailed that after the transactions on September 20, Dugenske's direct holdings in Allstate Corporation amounted to 27,364 shares. Additionally, he maintains an indirect ownership of 330 shares through a 401(k) plan.
The transactions were disclosed in accordance with SEC regulations, which require company insiders to report their trading activities. Such filings provide investors and the market with transparency into the actions of senior executives and can often be a signal of their confidence in the company's future prospects.
Investors and market watchers frequently scrutinize these transactions for insights into executive sentiment, although they do not always signify a change in company outlook. The reasons for such sales can vary widely from personal financial management to diversification strategies.
Allstate Corporation, headquartered in Northbrook, Illinois, is a leading insurance provider in the United States. The company has a broad portfolio of insurance products, including auto, home, life, and commercial insurance, and is known for its "You're in Good Hands" slogan.
In other recent news, The Allstate Corporation disclosed significant catastrophe losses, with August losses amounting to $272 million pre-tax, and the total losses for July and August combined reaching $814 million. These figures were driven by multiple events, including a hailstorm in Calgary, Canada. In other developments, Allstate sold its employer voluntary benefits business to StanCorp Financial for $2 billion, expected to yield a $600 million profit.
Analysts have offered varied perspectives on these events. Keefe, Bruyette & Woods revised their Q3 and full-year 2024 earnings per share estimates for Allstate to $1.61 and $13.10, respectively, but maintained an Outperform rating. On the other hand, Barclays initiated coverage on Allstate with an Underweight rating and a price target of $175, citing potential growth challenges.
TD Cowen raised Allstate's price target from $193.00 to $224.00, maintaining a Buy rating, while CFRA downgraded Allstate from Buy to Hold, with a maintained price target of $200.00. Citi also updated its outlook on Allstate, raising the price target to $215 and maintaining a Buy rating. These recent developments reflect the evolving financial landscape of Allstate.
InvestingPro Insights
Amidst the recent insider trading activity at Allstate Corporation (NYSE:ALL), investors may find it beneficial to consider key financial metrics and analyst insights to gain a broader market perspective. With a robust market capitalization of $50.57 billion, Allstate stands as a significant entity in the insurance sector. This prominence is further underscored by the company's history of maintaining dividend payments for 32 consecutive years, a testament to its financial resilience and commitment to shareholder returns. The dividend yield currently stands at a competitive 1.91%.
Analyzing the company's performance, Allstate has demonstrated a strong return over the past year, with a 72.97% price total return, which is particularly notable given that the stock is trading near its 52-week high, at 98.89% of this peak value. This bullish sentiment is supported by the company's revenue growth, which was recorded at 10.4% for the last twelve months as of Q2 2024. Such figures may indicate a healthy financial trajectory and could potentially influence investor confidence.
For those seeking a more in-depth analysis, InvestingPro offers additional insights. Notably, 6 analysts have revised their earnings upwards for the upcoming period, suggesting that there may be positive developments or expectations for the company's financial performance. Moreover, Allstate is expected to see net income growth this year, which could be a key factor for investors considering the stock's future prospects. For more InvestingPro Tips related to Allstate Corporation, interested readers can find a total of 14 additional tips at https://www.investing.com/pro/ALL, providing a more comprehensive understanding of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.