Progressive Stock Stumbles Following Reporting 9.6% Drop in Quarterly Profit

Shares of Progressive (PGR) fell Thursday after the car insurer reported second quarter profit that fell 9.6%. The company reported net income of about $293 million, or $0.49 a share, from $0.54 a share a year ago. Still, the company narrowly edged out analyst consensus estimates by $0.01, according to Reuters. Narrowing investment gains weighed on the company's results, declining to $40.4 million from about $133 million during the same quarter last year, when Progressive benefited from the sale of investments and changes in values of derivatives.