Why Progressive Stock Tumbled by Almost 6% Today

Insurance sector mainstay Progressive (NYSE: PGR) wasn't feeling like a safe investment on Wednesday. Investors sold out of the stock to leave it with a nearly 6% price decline on the day, following the company's latest quarterly earnings release. The benchmark S&P 500 index did much better, closing the session 0.4% higher. For its third quarter, Progressive's net premiums written rose by 10% year over year to just under $21.4 billion. Generally accepted accounting principles (GAAP) net income also saw a double-digit gain, rising 12% to $2.6 billion, or $4.45 per share. Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool