Why Progressive Insurance Fell Today
Shares of insurance giant The Progressive Corporation (NYSE: PGR) fell on Wednesday, down 9% as of 2:14 p.m. EDT.
Progressive reported its June and second-quarter results today. While June showed a deceleration in premiums written and a decline in earnings relative to last year, the full second-quarter earnings per share figures grew, and actually beat expectations. However, Progressive's full-quarter top line up came in a bit short, leading to concerns over future growth.
In the second quarter, Progressive reported earnings per share of $5.67, up 5% and beating analyst expectations of $5.30. However, the company's net premiums written, a good proxy for top-line growth, came in at $21.08 billion, up 5% but short of analyst expectations.
Source Fool.com
Progressive Corp. Aktie
Progressive Corp. ist ein kleiner Community-Favorit mit mehr Buy- als Sell-Einschätzungen.
Mit einem Kursziel von 262 € für Progressive Corp. könnte der aktuelle Kurs von 181.6 € um mehr als 20% steigen.
