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. Stock
€174.50
-1.370%
The stock is one of the favorites of our community with 43 Buy predictions and 2 Sell predictions.
With a target price of 283 € there is a hugely positive potential of 62.18% for Progressive Corp. compared to the current price of 174.5 €.
