Progressive Misses Q3 Estimates, Shares Slide 6%
PGR is trading near its 52-week low of $189.2 (10% above the low).
Summary
Progressive's Q3 net income fell 3% to $2.54 billion, missing FactSet consensus of $2.56 billion. EPS of $4.37 also came in below the $4.42 analysts expected. The stock dropped 6% to $209.34 on Wednesday, extending its year-to-date decline to 8%. This follows the earlier Dow Jones report this morning that highlighted the sequential decline from Q2's $3.31 billion, but today's article adds the crucial miss versus expectations and the market's negative reaction. The miss is modest in dollar terms but breaks a pattern of strong quarterly results and comes amid ongoing regulatory scrutiny of credit-based insurance scores.
At the time of this announcement, PGR was trading at $208.67 on NYSE in the Finance sector, with a market capitalization of approximately $121.3B. The 52-week trading range was $189.20 to $241.01. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.