Allstate (ALL) Shares Tumble as Pres of Protection Unit Leaves; Sterne Agee, Stifel Downgrade

Traders are selling shares of Allstate (NYSE: ALL) Monday morning following earlier news Joe Lacher, President of the company's Allstate Protection unit, is leaving effective immediately.

The stock last traded at $27.82, down 5.6 percent from Friday's closing price.

Certainly adding to downside this morning is negative analyst sentiment following the news. Shares of Allstate were downgraded to Neutral and Hold at Sterne Agee and Stifel Nicolaus, respectively. An analyst at Citi also commented on the announcement, saying it likely indicates a turnaround in the Homeowners and Autos unit will likely be delayed.

To track all the market-moving analyst action on shares of Allstate, visit our Analyst Ratings page.

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