Why Progressive Stock Is Diving Today

Progressive Corporation PGR shares are trading lower following Q1 earnings.

What Happened: On Thursday, Progressive announced its Q1 financial results. The company reported quarterly earnings of 0.65 per share compared to the analyst consensus estimate of $1.37 per share, representing a 52.55% negative earnings surprise. Progressive reported quarterly sales of $13.53 billion compared to the analyst consensus estimate of $15.87 billion, representing a negative earnings surprise of 14.73%. The company also saw its combined ratio slide 4.5 points from the same period last year

Progressive also announced its March results. The company reported monthly earnings (losses) of $(0.26) per share compared to $0.38 last year, indicating a 169% decrease in net income. Additionally, Progressive's combined ratio slid 9.0 points from the same period last year.

Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is one of the leading sellers of personal and commercial auto, motorcycle, and boat insurance in the country.

According to data from Benzinga Pro, Progressive shares were down 6.57%, trading at $138.44 at the time of publication. The stock has a 52-week high of $149.87 and a 52-week low of $106.48.

This illustration was generated using artificial intelligence via MidJourney.

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