Why Progressive Stock Tumbled by Almost 6% Today
Insurance sector mainstay (NYSE: PGR) wasn't feeling like a safe investment on Wednesday. Investors sold out of the stock to leave it with a nearly 6% price decline on the day, following the company's latest quarterly earnings release. The benchmark S 500 index did much better, closing the session 0.4% higher.
For its third quarter, Progressive's net premiums written rose by 10% year over year to just under $21.4 billion. Generally accepted accounting principles (GAAP) net income also saw a double-digit gain, rising 12% to $2.6 billion, or $4.45 per share.
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Source Fool.com
Progressive Corp. Stock
€183.40
-0.320%
Our community is currently high on Progressive Corp. with 31 Buy predictions and 6 Sell predictions.
With a target price of 262 € there is a positive potential of 42.86% for Progressive Corp. compared to the current price of 183.4 €.
