Progressive earnings for the second quarter of 2019 have PGR stock down despite positive results.
Progressive (NYSE:PGR) reports earnings per share of $1.66 for the second quarter of the year. This is up 39% from the company’s earnings per share of $1.19 from the same time last year. It also has the company beating out Wall Street’s earnings per share estimate of $1.43 for the quarter, but that couldn’t keep PGR stock from falling today.
The Progressive earnings report for the second quarter of 2019 also includes net income of $979.40 million. That’s 39% better than the company’s net income of $702.40 million reported in the same period of the year prior.
Progressive earnings for the second quarter of the year also have net premiums written increasing by 13% to $9.13 billion. The company’s net premiums written for the second quarter of 2018 was $8.10 billion.
When it comes to net premiums earned for the most recent Progressive earnings report, the numbers come in at $8.83 billion. This is a 16% increase over the company’s net premiums earned of $7.63 billion from the second quarter of the previous year.
So why exactly is PGR stock down even after reporting strong results for the second quarter? Heavy trading may have something to do with it. The stock is seeing much more activity today after releasing its most recent earnings report.
PGR stock was down 4% as of Wednesday afternoon. However, the stock is up 42% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.