Fubotv earnings beat by $0.10, revenue topped estimates
Karen Bailo, the Commercial Lines President at Progressive Corp (NYSE:PGR), a $141 billion market cap insurance giant with a GREAT financial health score according to InvestingPro, has sold 1,438 shares of the company's common stock. The shares were sold at a price of $242.10 each, totaling approximately $348,139. Following the transaction, Bailo retains ownership of 32,343.92 shares in the company. This sale was executed under a pre-established 10b5-1 trading plan, which Bailo adopted on September 24, 2024. With 15 analysts recently revising earnings estimates upward and the company showing strong returns over the past decade, investors can access detailed valuation metrics and 12 additional key insights through InvestingPro's comprehensive research report.
In other recent news, Progressive Corp. has been the center of various financial updates. The insurance company demonstrated robust growth in November, reporting an 18% increase in net premiums written to $5.56 billion, and a 19% rise in net premiums earned to $6.04 billion. Progressive's net income also surged by 48% to $1.01 billion, while earnings per share (EPS) grew from $1.15 to $1.71. The company's combined ratio, a crucial profitability measure, improved from 91.1% to 85.6%.
Raymond (NS:RYMD) James upgraded Progressive's stock rating from Market Perform to Outperform, citing positive growth prospects and value creation capabilities. This upgrade aligns with the company's strong recent performance and the analysts' forecast that Progressive will lead in policy-in-force (PIF) growth and achieve better-than-target combined ratios in the near term.
Meanwhile, BMO Capital maintained its Outperform rating on Progressive, despite trimming its price target to $267 from $273. This adjustment followed a rebound in Progressive's performance, attributed to better core loss ratios and reduced estimated losses from Hurricanes Helene and Milton. The firm's EPS estimates for the years 2024, 2025, and 2026 reflect a mixed picture, with the 2024 estimate increasing by 10% and the 2026 estimate seeing a 2% reduction.
In other company news, fellow insurance companies GEICO and Travelers (NYSE:TRV) faced fines totaling $11.3 million for inadequate cybersecurity measures. These recent developments illustrate the dynamic nature of the insurance industry.
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