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. Stock
Currently there is a rather positive sentiment for Progressive Corp. with 31 Buy predictions and 6 Sell predictions.
As a result the target price of 262 € shows a positive potential of 38.99% compared to the current price of 188.5 € for Progressive Corp..
