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Auto Insurer Progressive’s Stock Drops After Earnings
Shares of Progressive fell Thursday after the insurer’s second-quarter earnings came in lighter than Wall Street analysts had expected.
Progressive stock was recently down more than 8%, on pace for its largest one-day percentage decrease since 2018. Shares of Allstate, another auto-focused insurer, also fell.
The company reported second-quarter earnings of $345.4 million, or 57 cents a share, compared with a loss of $542.9 million, or 94 cents a share, in the same quarter a year ago. Analysts surveyed by FactSet were expecting earnings of 83 cents a share.
