Allstate stock braces for the open after a 5% drop as CEO sale and broker downgrade hit ALL
Allstate shares fell 5.3% Tuesday to $197.65 after CEO Thomas Wilson sold $3.49 million in stock under a pre-arranged plan. TD Cowen downgraded the insurer to “hold” but raised its price target to $231. The drop came ahead of Allstate’s fourth-quarter earnings release set for Feb. 4. Other major insurers, including Progressive and Travelers, also declined.