Why Progressive Fell Today
Shares of auto insurance leader Progressive (NYSE: PGR) fell today, down by as much as 4.7% at its lows, before recovering to a 2.9% decline on the day.There wasn't any company-specific news today, but there were two news items driving insurance stocks down broadly. First, rival management teams have recently pointed to a softening in property insurance pricing, and that was backed up by a note today from a Wall Street sell-side analyst. In addition, the unrest in Los Angeles may cause damage to both property and autos in the area, and Progressive has a significant presence in Southern California, as one of the largest national auto insurers.Continue reading
Shares of auto insurance leader Progressive (NYSE: PGR) fell today, down by as much as 4.7% at its lows, before recovering to a 2.9% decline on the day.
There wasn't any company-specific news today, but there were two news items driving insurance stocks down broadly. First, rival management teams have recently pointed to a softening in property insurance pricing, and that was backed up by a note today from a Wall Street sell-side analyst.
In addition, the unrest in Los Angeles may cause damage to both property and autos in the area, and Progressive has a significant presence in Southern California, as one of the largest national auto insurers.
