Allstate Stock Rebounding
Great news for Allstate Insurance stockholders badgered by the weakened economy, the company is primed for a financial rebound. Allstate Insurance total net worth declined by 40% over the last 5 quarters. The culprits for the loss were thefixed-income market battered the bond portfolio that was used to financially back the annuity and insurance business.
In 2007, Allstate Insurance stock had a high of $60 per share, but tumbled down to less then $14 because of the state of economic affairs. The stocks value has been rising and is currently in the $20 range. Analysts believe the stock can climb up to $40 within the next year. The core business for Allstate Insurance is still solid, it was the behind the scene factors that caused the decline in value and worth.
With 17 million customers, Allstate Insurance is the nation’s second largestpersonal-lines insurer. With Allstate insurance rates the company has a good shot of rebounding.
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