Progressive
stock was on track for its best day in decades after the insurance company Friday reported better-than-expected third-quarter earnings.
Progressive (ticker: PGR) posted third-quarter earnings of $1.89 a share, higher than the $1.72 Wall Street had forecast. The result in the same quarter a year earlier was a profit of 20 cents a share.
Net premiums written jumped 20% from a year earlier to $15.59 billion. Net premiums earned also rose 20% to $14.89 billion.
The report sent shares 7.3% higher to $153.76. Any close above $149 will mark a new all-time high for the stock, based on available data back to 1972, according to Dow Jones Market Data.
Shares have gained 19% this year.
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