Progressive (PGR) Stock Tanks After Q3 Miss – Buy-the-Dip or Further Pain?
Progressive shares fell about 8.4% to $220 on Oct. 15, hitting a one-year low after Q3 earnings missed EPS forecasts. Net income rose 12% to $2.62 billion, but results were hit by a $950 million one-time Florida charge. Premiums written climbed 10% to $21.38 billion, with policies in force up 12%. Analysts remain divided, and Wells Fargo cut its rating and price target, citing slowing policy growth.