Why Insurance Company Progressive's Shares Are Trading Higher Today
Portfolio Pulse from Nabaparna Bhattacharya
Progressive Corporation's shares are trading higher by over 8% after reporting above-consensus Q3 earnings per share. The company disclosed a 20% Y/Y increase in Q3 net premiums earned to $14.89 billion, missing the consensus estimate of $15.46 billion. Adjusted EPS of $2.09 beat the analyst consensus estimate of $1.72. The combined ratio was 92.4% in Q3 vs 99.2% a year ago.
October 13, 2023 | 2:19 pm
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Progressive Corporation's shares are trading higher after reporting above-consensus Q3 earnings. The company's Q3 net premiums earned increased by 20% Y/Y to $14.89 billion, missing the consensus estimate.
Progressive Corporation reported above-consensus Q3 earnings, which is a positive signal for investors and can lead to an increase in the stock price. However, the company missed the consensus estimate for Q3 net premiums earned, which might have a negative impact. Overall, the positive earnings report seems to outweigh the missed estimate, leading to a rise in the stock price.
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