Shares of Progressive Insurance jumped out of a buy zone Wednesday following the company's monthly report for July. Progressive was the IBD Stock Of The Day for Monday.
Mayfield Village, Ohio-based Progressive Insurance reported $6.38 billion in net premiums written for the month of July, and $6.06 billion in net premiums earned.
The insurer's net income for the month was $813.5 million, with earnings per share of $1.38.
Progressive's companywide insurance lines jumped 11% to $32.89 billion.
Total personal auto lines rose 12% from last year to just over $22 billion. Progressive reported an 11% increase in total personal insurance lines to $28.39 billion.
Commercial lines ticked up 1% to $1.12 billion.
The report comes after Progressive on July 16 cleared estimates for Q1 earnings. The company reported earnings of $3.73 per share, increasing from 65 cents per share the year prior. FactSet analysts expected earnings of $3.22 per share.
Progressive Insurance Stock
PGR stock surged 5.3% Wednesday to extend above the buy zone for a flat base.
The current buy zone, which extends 5% beyond the buy point, stretches to 228.65.
Progressive initially cleared the 217.77 buy point after earnings on July 16. That breakout reversed to undercut the entry and pulled back to the 21-day exponential moving average. Progressive Insurance stock rebounded to retake the buy point after a quick drop to test its 50-day line.
PGR stock rallied nearly 47% this year.
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