Allstate Corporation has recently experienced significant insider trading activity, indicating ongoing changes within the company.
On August 16, Executive Vice President Elizabeth Brady sold 49,481 shares at an average price of $179.09, totaling $8,861,552.29. This transaction did not significantly impact her overall position in the company. Similarly, insider John E. Dugenske sold 36,367 shares on September 20 at an average price of $191.38, totaling $6,959,916.46. After the sale, Dugenske holds 27,364 shares. These insider transactions suggest that insiders are managing their holdings while maintaining a significant stake in the company.
Over the past 90 days, insiders have collectively sold 192,530 shares, valued at $34,967,665, and currently own 1.80% of Allstate's stock.
Large investors and hedge funds have also been adjusting their positions in Allstate. SPC Financial Inc. increased its stake by 3.6% during the third quarter, acquiring an additional 54 shares. Lake Street Advisors Group LLC also boosted its holdings by 1.8% through a similar purchase of 54 shares. Abacus Planning Group Inc. and Chicago Partners Investment Group LLC reported increases in their positions as well. Carmichael Hill & Associates Inc. made a more substantial move, enhancing its position by 15.0%. Collectively, institutional investors and hedge funds now control 76.47% of Allstate's stock.
Allstate Corporation operates in the insurance sector, offering property and casualty insurance products in the United States and Canada. The company is divided into five segments: Allstate Protection, Protection Services, Allstate Health and Benefits, Run-off Property-Liability, and Corporate and Other segments. Despite recent insider trading and institutional investment activities, analysts have given Allstate a "Moderate Buy" rating. However, some top-rated analysts have identified five other stocks as more favorable investment opportunities. This suggests that while Allstate remains a solid choice, there may be more lucrative options available for investors.
The actions of insiders and institutional investors will continue to be closely monitored as they provide insights into the company's future trajectory. The interplay between insider transactions and hedge fund activities could signal broader trends within the insurance sector, influencing investor sentiment and market dynamics in the coming months.