Progressive Earnings: Investors Took a Pass
Progressive Corporation (NYSE: PGR) reported net income above Wall Street’s expectations for the first quarter. Progressive Corp. is an insurance holding company that provides personal and commercial automobile insurance and other property-casualty insurance throughout the U.S.
Progressive (NYSE: PGR) Earnings Cheat Sheet for the First Quarter
Results: Net income for the property and casualty insurance company rose to $362.9 million (55 cents/share) vs. $295.6 million (44 cents/share) YoY. A rise of 22.8% from the year earlier quarter.
Revenue: Rose 6.2% to $3.89 billion YoY.
Actual vs. Wall St. Expectations: PGR beat the mean analyst estimate of 43 cents/share. Estimates ranged from 36 cents to 49 cents.
Last quarter’s profit increase breaks a streak of three consecutive quarters of year-over-year profit decreases.
Insider Activity: Unfavorable.
Competitors to Watch: The Travelers Companies, Inc. (NYSE:TRV), MetLife, Inc. (NYSE:MET), The Allstate Corporation (NYSE:ALL), Prudential Financial, Inc. (NYSE:PRU), AFLAC Incorporated (NYSE:AFL), Lincoln National Corporation (NYSE:LNC), and ING Group (NYSE:ING).
Today’s Performance: Shares of PGR are ended at $21.13, down 1.3%.