Why Progressive Fell Today
Shares of auto insurance leader Progressive (NYSE: PGR) fell today, down by as much as 4.7% at its lows, before recovering to a 2.9% decline on the day.
There wasn't any company-specific news today, but there were two news items driving insurance stocks down broadly. First, rival management teams have recently pointed to a softening in property insurance pricing, and that was backed up by a note today from a Wall Street sell-side analyst.
In addition, the unrest in Los Angeles may cause damage to both property and autos in the area, and Progressive has a significant presence in Southern California, as one of the largest national auto insurers.
Source Fool.com
Progressive Corp. Aktie
193,26 €
0,18 %
Starke Kaufneigung bei Progressive Corp., mit mehr Buy- als Sell-Einschätzungen.
Dadurch ergibt sich bei einem Kursziel von 285 € ein positives Potenzial von 47.47% im Vergleich zum aktuellen Kurs von 193.26 € bei Progressive Corp..
