Thomas J. Wilson, Chairman, President, and CEO of Allstate Corp (NYSE:ALL), a $48.9 billion market cap insurance giant trading at a P/E of 11.8, has recently disclosed significant stock sales according to a filing with the Securities and Exchange Commission. On January 21, 2025, Wilson sold a total of 31,503 shares of Allstate common stock. The shares were sold at prices ranging from $190.9627 to $192.836, generating a total of approximately $6.05 million.
Following these transactions, Wilson holds 94,507 shares directly and maintains additional indirect ownership through various entities, including the TJW Options LLC 2014 Series and multiple GRATs. The transactions were conducted as part of a pre-arranged trading plan, as indicated in the filing. According to InvestingPro, Allstate maintains a GREAT financial health score and appears undervalued based on its Fair Value analysis. The company has maintained dividend payments for 32 consecutive years, with 11 analysts recently revising earnings estimates upward.
In other recent news, insurance companies are facing significant losses due to the recent wildfires, with estimates now surpassing $20 billion, according to J.P. Morgan analysts. Allstate, Travelers (NYSE:TRV), and Chubb (NYSE:CB), specifically, have been identified as the most exposed to the California homeowners’ market. Meanwhile, Allstate has seen positive adjustments from several financial firms. Evercore ISI upgraded Allstate’s rating from In-line to Outperform, citing potential for policy-in-force growth and an expected increase in earnings per share. Similarly, Piper Sandler increased Allstate’s price target to $244 while maintaining an Overweight rating.
Jefferies also revised its outlook on Allstate, raising the insurer’s price target from $231.00 to $267.00, and selecting Allstate as its Franchise Pick. This adjustment is based on an anticipated positive shift in Allstate’s auto and home insurance business segments. Keefe, Bruyette & Woods also raised Allstate’s price target from $222.00 to $225.00, citing faster net investment income growth and lower core loss ratios. These adjustments come in the wake of Allstate’s robust third-quarter financial results, with revenues rising 14.7% year-over-year to $16.6 billion and a net income of $1.2 billion. Allstate’s Property-Liability business also demonstrated strong performance, with premiums rising by 11.6% to $13.7 billion.
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