Movement Alert｜Progressive Corporation Rises 3.58% in Regular Trading, Strong May Results and Analyst Target Price Upgrades Drive Gains

Market Focus06-24

On June 23, Progressive Corporation rose 3.58% in regular trading, trading at $214.86/share, with turnover of $4.0 billion. The rally was driven by robust May operating data and investment bank target price upgrades.

Progressive reported May earnings per share of $2.47, up 36.5% from $1.81 a year earlier. Net premiums earned reached $7.36 billion, a 9.5% year-over-year increase from $6.72 billion. Policies in force grew 8% to 39.97 million as of May 31, compared with 37.00 million a year earlier. On the analyst front, Goldman Sachs raised its target price from $214 to $219 while maintaining a buy rating. Wells Fargo adjusted its target from $222 to $219, maintaining an equal weight rating. The consensus mean target price stands at $234.14, suggesting further upside from current levels.

Within the Property & Casualty Insurance sector, the overall performance was broadly positive. Among peers, Allstate rose 3.05%, Chubb gained 1.82%, Travelers advanced 1.48%, Hartford Insurance added 0.98%, and American International Group edged up 0.08%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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