Progressive (NYSE:PGR) Posts unsatisfactory Result, Net Income Drop
The Progressive Corporation (NYSE:PGR) reported on Friday that its earnings per share for April 2012 were 10 cents, plunged 45 percent from 18 cents in the comparable month, previous year. Net income tumbled 48 percent from April 2011 to $61.2 million in the reported month.
For recent quarter firm said its lower net investment income and higher expenses resulted in lower figures during the month.
The firm recorded net premiums of $1.67 billion in the month, increased 9 percent from $1.54 billion in the year-before month. Net premiums earned were $1.53 billion, surged 7 percent from $1.43 billion in the year-before quarter.
Net realized losses on securities in the month were $7.9 million, evaluated with a gain of $24.6 million in April 2011. The combined ratio the percentage of premiums paid out as claims and expenses declined 370 basis points over the previous-year quarter to 95.1 percent in the posted quarter.
NYSE:PGR dropped -0.09% or -$0.01 to trade at $21.33 following it hit intraday high level of $21.48. The total traded volume in the current trading session was 15.54 million shares as compared to average 15.87 million shares. Its fifty two week trading range was $11.09-$16.99. The total market capitalization reached $18.93 billion.
The stock price was ahead its 52 week low price with 29.35% and it lagged behind -8.59% from its 52 week maximum mark. Stock price volatility for last month remained 1.85%. In its share capital, the company has 611.16 million outstanding shares out of which 562.00 million shares have been floated in the market. For now, stock ownership with company’s management remained 7.76%.
PGR presented an optimistic weekly performance of -3.13% with respect to its rate of return and it remained -5.58% for the month. However, the performance for a quarter experienced a negative change of -1.11% and it surged 2.25% for a year and its year to date performance remained in green with 11.55%.
Turning towards the investors who viewing PGR against JPMorgan Chase & Co. (NYSE:JPM) declined -1.65%, Wells Fargo & Company (NYSE:WFC) lost -1.40%, Morgan Stanley (NYSE:MS) slid -1.11%, American International Group, Inc. (NYSE:AIG) edged down -0.88%.