This Blue Chip Stock Surged After Earnings and Is Up 32% in the Past Year: Here's Why It's Still a Buy.
One blue chip stock that has crushed the market for decades is (NYSE: PGR). The insurer has a long track record of success in profitable underwriting, which is evident when you consider a $1,000 investment in the company four decades ago would be worth $1.5 million today.
Following the company's fourth-quarter earnings report, the stock jumped nearly 5%, as investor concerns from the insurer's first two quarterly earnings reports in 2023 waned. Over the last year, Progressive has gained 32%. Here's why it's not too late to buy.
Last July, Progressive stock plummeted 13% following its second-quarter earnings announcement, its largest decline in two decades. On the surface, things weren't too bad. Net premiums were up 18%, while it turned a net profit of $345 million. However, the profitability of its insurance policies was a point of concern.
Source Fool.com
Progressive Corp. Stock
Currently there is a rather positive sentiment for Progressive Corp. with 20 Buy predictions and 3 Sell predictions.
However, we have a potential of -2.26% for Progressive Corp. as the target price of 190 € is below the current price of 194.4 €.
