Thomas J. Wilson, Chairman, President, and CEO of Allstate Corp (NYSE:ALL), recently sold shares of the company amounting to approximately $6.41 million. The transactions occurred on November 22, 2024, as disclosed in a recent SEC filing.
Wilson disposed of a total of 31,503 shares of Allstate common stock. The sale prices ranged from $203.0289 to $204.5956 per share. Following these transactions, Wilson holds 157,513 shares indirectly through TJW Options LLC 2014 Series.
Additionally, the filing detailed several transfers of stock options and shares between various trusts associated with Wilson, with no monetary value attached to these movements. These transfers included shares from the Thomas J. Wilson 2022-B GRAT Trust to the 2020 GRAT Remainder Trust and other related entities.
In other recent news, Allstate Corporation (NYSE:ALL) has been the subject of positive analyst attention. Piper Sandler increased Allstate's price target to $244, maintaining an Overweight rating following a comprehensive review of the company's financial results, which now include the National General brand. Jefferies also raised its price target for Allstate to $267, citing improved margins in the auto and home insurance business segments. Keefe, Bruyette & Woods increased its price target from $222 to $225, maintaining an Outperform rating, and highlighted faster net investment income growth and lower core loss ratios.
These recent developments come after Allstate reported strong financial results for the third quarter, with total revenues increasing by 14.7% year-over-year to $16.6 billion. The company also reported a net income of $1.2 billion and an adjusted net income of $3.91 per share. The Property-Liability business showed strong performance, with premiums increasing by 11.6% to $13.7 billion.
Allstate also announced the sale of its Employer Voluntary Benefits business for $2 billion, expected to close in the first half of 2025 and anticipated to generate about $1.6 billion in capital. The company'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 strategic efforts underscore Allstate's focus on strengthening its market position and enhancing customer retention.
InvestingPro Insights
As Thomas J. Wilson's recent sale of Allstate Corp (NYSE:ALL) shares captures attention, it's worth examining the company's current financial position and market performance. Allstate's stock has shown remarkable strength, with InvestingPro data revealing a 51.3% total return over the past year. This impressive performance has brought the stock price to 99.83% of its 52-week high, trading at $202.03 as of the last close.
Allstate's financial health appears robust, with a market capitalization of $55.03 billion and a P/E ratio of 13.3, suggesting a potentially attractive valuation relative to earnings. The company's revenue growth is noteworthy, with a 14.69% increase in the most recent quarter, indicating strong business momentum.
InvestingPro Tips highlight Allstate's commitment to shareholder returns, having raised its dividend for 14 consecutive years and maintained payments for 32 years. This consistent dividend policy, coupled with a current yield of 1.82%, may appeal to income-focused investors.
Looking ahead, 13 analysts have revised their earnings expectations upward for the upcoming period, signaling positive sentiment about Allstate's future performance. This aligns with the InvestingPro Tip indicating that net income is expected to grow this year.
For investors seeking a deeper understanding of Allstate's prospects, InvestingPro offers 8 additional tips that could provide valuable insights into the company's investment potential.
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