Progressive Insurance Bullish Trading Setup After Q4 Earnings
This post was originally published on February 3rd, 2016 on Andrew Nyquist’s SeeItMarket
Known for their flamboyant spokeswoman Flo and innovative features such as “Snapshot”, Progressive Insurance has transformed into one of the largest car insurers in the United States over the last eight decades.
On January 27th, the Progressive Corp (PGR) topped fourth quarter earnings estimates by $0.06 per share. Net premiums written came in shy of the Wall Street consensus, but were up 4.9% to $4.84B. For FY15 revenue jumped nearly 8% to $20.8B on solid investment gains and an uptick in premiums written. One notable negative from the report was the 110 basis point spike in the combined ratio to 92% (percentage of premiums taken in vs claims and expenses paid out).
All in all, I believe Progressive Insurance stock (PGR) … Read More »