Stock Market News

Progressive leads S&P 500 stocks after impressive July performance

2023.08.16 10:37


© Reuters. Progressive (PGR) leads S&P 500 stocks after impressive July performance

Shares of Progressive Corp. (NYSE:) climbed Wednesday morning after it reported strong July results. The stock surged by as much as 9% after results were published, making it the top gainer in the index.

Progressive reported July net premiums written of $5.95 billion, an increase of 21% compared to last year. Total policies in force increased by 11% and combined ratio, a measure of profitability, was 90.6, up 0.8 points from last year.

Commenting on the company’s performance, analysts from Keefe, Bruyette & Woods said, “We expect the broad outperformance to drive the shares up today … PGR’s July operating EPS of $0.90 solidly beat our projected $0.41, reflecting outperformance in every combined ratio component. Personal auto PIF growth was +14.0%, slightly below June’s +14.4%.”

Roth MKM analysts also commented on the stock, saying, “We believe the company easily beat all estimates for the month ..Underwriting results were excellent with a reported calendar year combined ratio of 90.8%, well below its target of 96%. After six months of unfavorable loss reserve development, July was a favorable $28.5 million.”

They added, “Total personal auto came in at 90.8% consisting of a loss ratio of 76.1% and an expense ratio of 14.7%. The loss ratio is still elevated to where the company likely aims for, but we think there is still plenty of higher rate business that has not been earned yet. Meanwhile, its expense ratio is below where it normally is with advertising expense, well below where it normally sits. However, year-over-year personal auto policies grew 14%.”

Progressive shares traded at $135.5. in the middle of its year-to-date range of $111.4 to $149.9.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 98,929.51 0.11%
ethereum
Ethereum (ETH) $ 3,352.94 0.58%
tether
Tether (USDT) $ 1.00 0.04%
solana
Solana (SOL) $ 260.21 0.40%
bnb
BNB (BNB) $ 650.11 3.16%
xrp
XRP (XRP) $ 1.54 10.49%
dogecoin
Dogecoin (DOGE) $ 0.462883 17.75%
cardano
Cardano (ADA) $ 1.09 23.71%
usd-coin
USDC (USDC) $ 1.00 0.03%
staked-ether
Lido Staked Ether (STETH) $ 3,351.16 0.60%
tron
TRON (TRX) $ 0.209432 5.01%
avalanche-2
Avalanche (AVAX) $ 43.76 21.26%
shiba-inu
Shiba Inu (SHIB) $ 0.000027 8.44%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,690.44 0.05%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,973.66 0.69%
the-open-network
Toncoin (TON) $ 5.59 1.30%
stellar
Stellar (XLM) $ 0.434928 53.05%
polkadot
Polkadot (DOT) $ 7.50 20.82%
bitcoin-cash
Bitcoin Cash (BCH) $ 538.13 8.77%
chainlink
Chainlink (LINK) $ 16.92 10.57%
sui
Sui (SUI) $ 3.59 0.29%
weth
WETH (WETH) $ 3,351.99 0.58%
pepe
Pepe (PEPE) $ 0.000021 0.17%
leo-token
LEO Token (LEO) $ 8.57 2.61%
litecoin
Litecoin (LTC) $ 102.82 14.24%
near
NEAR Protocol (NEAR) $ 6.23 8.87%
aptos
Aptos (APT) $ 12.70 6.07%
uniswap
Uniswap (UNI) $ 10.31 10.70%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,530.48 0.74%
hedera-hashgraph
Hedera (HBAR) $ 0.148816 9.81%
internet-computer
Internet Computer (ICP) $ 11.04 15.31%
crypto-com-chain
Cronos (CRO) $ 0.191927 0.81%
usds
USDS (USDS) $ 0.999235 0.10%
ethereum-classic
Ethereum Classic (ETC) $ 29.36 5.31%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.539693 16.20%
render-token
Render (RENDER) $ 7.81 6.40%
kaspa
Kaspa (KAS) $ 0.155382 2.59%
bittensor
Bittensor (TAO) $ 519.34 3.96%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.20%
bonk
Bonk (BONK) $ 0.00005 4.30%
whitebit
WhiteBIT Coin (WBT) $ 24.65 0.69%
vechain
VeChain (VET) $ 0.042828 30.99%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.32 3.77%
mantra-dao
MANTRA (OM) $ 3.80 1.45%
dai
Dai (DAI) $ 1.00 0.07%
dogwifcoin
dogwifhat (WIF) $ 3.39 2.13%
arbitrum
Arbitrum (ARB) $ 0.825173 5.37%
cosmos
Cosmos Hub (ATOM) $ 7.87 19.37%
blockstack
Stacks (STX) $ 2.04 4.93%
filecoin
Filecoin (FIL) $ 5.09 8.87%