Investors with a lot of money to spend have taken a bullish stance on Allstate ALL.
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with ALL, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 9 uncommon options trades for Allstate.
This isn't normal.
The overall sentiment of these big-money traders is split between 44% bullish and 33%, bearish.
Out of all of the special options we uncovered, 5 are puts, for a total amount of $602,580, and 4 are calls, for a total amount of $440,846.
Projected Price Targets
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $165.0 to $185.0 for Allstate during the past quarter.
Insights into Volume & Open Interest
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Allstate's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Allstate's whale trades within a strike price range from $165.0 to $185.0 in the last 30 days.
Allstate 30-Day Option Volume & Interest Snapshot
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ALL | CALL | TRADE | NEUTRAL | 08/16/24 | $11.6 | $10.9 | $11.3 | $170.00 | $323.1K | 56 | 10 |
| ALL | PUT | TRADE | BEARISH | 08/16/24 | $1.75 | $0.75 | $1.75 | $170.00 | $188.1K | 40 | 30 |
| ALL | PUT | SWEEP | BEARISH | 10/18/24 | $8.5 | $8.3 | $8.5 | $180.00 | $170.0K | 11 | 0 |
| ALL | PUT | SWEEP | BEARISH | 01/17/25 | $5.8 | $5.4 | $5.7 | $165.00 | $127.1K | 55 | 119 |
| ALL | PUT | TRADE | BULLISH | 01/17/25 | $5.8 | $5.7 | $5.7 | $165.00 | $75.8K | 55 | 119 |
About Allstate
Allstate is one of the largest US property and casualty insurers in the US. Personal auto represents the largest percentage of revenue, but the company offers homeowners insurance and other insurance products. Allstate products are sold in North America primarily by about 10,000 company agencies.
Current Position of Allstate
- Currently trading with a volume of 1,599,584, the ALL's price is up by 3.54%, now at $176.74.
- RSI readings suggest the stock is currently may be overbought.
- Anticipated earnings release is in 13 days.
What Analysts Are Saying About Allstate
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $195.8.
- Maintaining their stance, an analyst from JP Morgan continues to hold a Overweight rating for Allstate, targeting a price of $200.
- An analyst from Morgan Stanley persists with their Overweight rating on Allstate, maintaining a target price of $200.
- Showing optimism, an analyst from BMO Capital upgrades its rating to Outperform with a revised price target of $191.
- An analyst from Keefe, Bruyette & Woods persists with their Outperform rating on Allstate, maintaining a target price of $194.
- Maintaining their stance, an analyst from Keefe, Bruyette & Woods continues to hold a Outperform rating for Allstate, targeting a price of $194.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Allstate, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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