Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Progressive (PGR) Misses On Q2 Earnings Estimates

Published 07/13/2016, 09:48 PM
Updated 07/09/2023, 06:31 AM
PGR
-

Progressive Corp. (NYSE:PGR) being one of the major auto insurers in the country is also bundling home insurance. Efforts by the company to further penetrate customer households through cross-selling auto policies are likely to pay off.

Its policies in force (PIF) remain health as most of the business lines show improvement.

In addition, several initiatives by the company aimed at providing consumers with distinctive new auto insurance options and capitalizing on new opportunities, pave the way for growth.

Though the company faces competition, positive tidings have been driving bullish sentiments. PGR does have a decent history when it comes to earnings as the stock has beaten estimates in two of the last four quarters.

PROGRESSIVE COR Price and Consensus

PROGRESSIVE COR Price and Consensus | PROGRESSIVE COR Quote

Currently, Progressive has a Zacks Rank #3 (Hold), but that could definitely change following Progressive earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings: Progressive earnings miss. Our consensus called for EPS of 32 cents, and the company reported EPS of 29 cents.

Key Stats to Note: Premiums written continue to post solid numbers, increasing 13% year over year in the reported quarter. Combined ratio deteriorated 430 basis points in the quarter.

Policies in force (PIF) remained healthy, with the Personal Lines segment increasing 6% year over year to 14.5 million. Commercial Lines increased 11% year over year to 0.6 million.

Check back later for our full write up on this PGR earnings report later!



PROGRESSIVE COR (PGR): Free Stock Analysis Report

Original post

Zacks Investment Research

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.