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.
Image source: Getty Images.
Source Fool.com
Progressive Corp. Stock
€175.44
1.890%
The stock is one of the favorites of our community with 41 Buy predictions and 3 Sell predictions.
With a target price of 280 € there is a hugely positive potential of 59.6% for Progressive Corp. compared to the current price of 175.44 €.
