Ultime notizie per Progressive (NYSE:PGR) Azioni

Progressive

Progressive underwrites private and commercial auto insurance and specialty lines; it has almost 20 million personal auto policies in force and is one of the largest auto insurers in the United States. Progressive markets its policies through independent insurance agencies in the US and Canada and directly via the internet and telephone. Its premiums are split roughly equally between the agent and the direct channel. The company also offers commercial auto policies and entered homeowners insurance through an acquisition in 2015.

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Allstate Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>) reported $630 million in catastrophe losses related to Hurricane Helene alone. The company reported total estimated catastrophe losses of $889 million for September, more than twice the amount reported <a href="https://www.benzinga.com/pressreleases/24/10/b41378242/allstate-announces-september-and-third-quarter-2024-catastrophe-losses-run-off-reserve-review-and-">for the same month last year.&nbsp;</a>
What Happened: The impact of Hurricane Helene has led to a substantial increase in Allstate&#8217;s losses for the third quarter of 2024 which the company reported as $1.7 billion, up from $1.18 billion in the same quarter in 2023. 
Other insurance companies affected by the recent hurricanes include Progressive Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>), which <a href="https://www.benzinga.com/pressreleases/24/10/g41329804/progressive-reports-september-2024-results">recorded</a> $563 million in catastrophe in September as a result of Hurricane Helene. Travelers Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>) reported catastrophe losses of $939 million for the third quarter of 2024 due to Hurricane Helene, an increase of $89 million compared to the same period last year.
Read Next: <a href="https://www.benzinga.com/news/24/10/41385546/ftc-click-to-cancel-rule-makes-it-easy-to-end-subscriptions-what-it-means-for-netflix-planet-fitness">FTC &#8216;Click-To-Cancel&#8217; Rule Makes It Easy To End Subscriptions: What It Means For Netflix, Planet Fitness And More</a>
Moody's Risk Management Solutions, or RMS, said<a href="https://www.benzinga.com/news/24/10/41321615/hurricanes-helene-milton-insurance-losses-spike-to-55b-moodys"> it expects</a> combined total insured losses from Hurricane Helene and Hurricane Milton to range between $35 billion and $55 billion.
According to <a href="https://www.insurtechinsights.com/hurricanes-helene-and-milton-floridas-insurance-market-on-the-brink/">a report</a> from Insurtech Insights, Hurricanes Helene and Milton contributed to total losses for Florida insurers of more than $100 billion for the fifth consecutive year, comparable to the losses from Hurricane Katrina in 2005.&nbsp;
Why It Matters: Citizens, Florida's state-backed insurer of last resort, has seen a surge in policyholders in recent years, especially after recent destructive hurricanes. 
The rapid influx raises serious concerns about its financial stability as it has experienced massive underwriting losses, amounting to hundreds of millions of dollars. Citizens estimates it is currently at a 38% rate inadequate, meaning it needs a 38% rate increase to be solvent. However, Florida law caps its annual rate increases at 10%
Citizens is transferring more than 648,000 policies to private insurers, per<a href="https://www.clickorlando.com/news/local/2024/10/04/what-citizens-insurance-depopulation-means-for-florida-homeowners/"> Click Orlando</a>. These companies are also experiencing <a href="https://www.benzinga.com/markets/equities/24/10/41240852/back-to-back-hurricanes-batter-floridas-insurance-market-stocks-to-watch">financial strain</a> due to increased claims, likely leading to higher premiums and reduced coverage availability.
Read Also:&nbsp;
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Allstate Records $630M In Losses From Hurricane Helene, Other Insurers Report Significant Losses As Damage Mounts

Keefe, Bruyette &amp; Woods analyst Meyer Shields maintains Progressive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) with a Outperform and raises the price target from $280 to $290.

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Analyst Ratings

Keefe, Bruyette & Woods Maintains Outperform on Progressive, Raises Price Target to $290

B of A Securities analyst Joshua Shanker maintains Progressive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) with a Buy and raises the price target from $319 to $331.

B of A Securities Maintains Buy on Progressive, Raises Price Target to $331

Progressive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) reported quarterly earnings of $3.58 per share which missed the analyst consensus estimate of $3.66 by 2.19 percent. The company reported quarterly sales of $18.297 billion which missed the analyst consensus estimate of $19.052 billion by 3.96 percent. This is a 22.85 percent increase over sales of $14.894 billion the same period last year.

Earnings

UPDATE: Progressive Q3 2024 Adj. EPS $3.58 Misses $3.66 Estimate, Sales $18.297B Miss $19.052B Estimate

The Progressive Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) today reported the following results for the month ended September&nbsp;30, 2024 and the third quarter of 2024: &nbsp;
<figure class="table"> 
<table>
<tbody>
<tr>
<td colspan="2">September</td>
<td colspan="8">Quarter</td>
</tr>
<tr>
<td>(millions, except per share amounts and ratios; unaudited)</td>
<td colspan="2">&nbsp;2024</td>
<td colspan="2">&nbsp;2024</td>
<td colspan="3">&nbsp;2023&nbsp;</td>
<td>Change</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Net premiums written</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp; 6,570.0</td>
<td>$</td>
<td>19,455.6</td>
<td>$</td>
<td>15,593.8</td>
<td>25&nbsp;%</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Net premiums earned</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp; 6,262.7</td>
<td>$</td>
<td>18,296.7</td>
<td>$</td>
<td>14,894.3</td>
<td>23&nbsp;%</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Net income</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584.6</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp; 2,333.4</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp; 1,121.3</td>
<td>108&nbsp;%</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>&nbsp; Per share available to common shareholders</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.97</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.89</td>
<td>110&nbsp;%</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Total pretax net realized gains (losses) on securities</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121.2</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287.4</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp; (149.0</td>
<td>)</td>
<td>(293)%</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Combined ratio</td>
<td>93.4</td>
<td>89.0</td>
<td>92.4</td>
<td>(3.4)pts.</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Combined ratio – prior year month</td>
<td>89.7</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Average diluted equivalent common shares</td>
<td>587.7</td>
<td>587.6</td>
<td>587.5</td>
<td>0&nbsp;%</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
</tbody>
</table>
</figure>

Progressive Reports September 2024 EPS $0.99; Net Premiums Written $6.57B

The Progressive Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) today reported the following results for the month ended September&nbsp;30, 2024 and the third quarter of 2024:
&nbsp;
<table>
<tbody>
<tr>
<td colspan="2">September</td>
<td colspan="8">Quarter</td>
</tr>
<tr>
<td>(millions, except per share amounts and ratios; unaudited)</td>
<td colspan="2">&nbsp;2024</td>
<td colspan="2">&nbsp;2024</td>
<td colspan="3">&nbsp;2023&nbsp;</td>
<td>Change</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Net premiums written</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp; 6,570.0</td>
<td>$</td>
<td>19,455.6</td>
<td>$</td>
<td>15,593.8</td>
<td>25&nbsp;%</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Net premiums earned</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp; 6,262.7</td>
<td>$</td>
<td>18,296.7</td>
<td>$</td>
<td>14,894.3</td>
<td>23&nbsp;%</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Net income</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584.6</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp; 2,333.4</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp; 1,121.3</td>
<td>108&nbsp;%</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>&nbsp; Per share available to common shareholders</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.97</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.89</td>
<td>110&nbsp;%</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Total pretax net realized gains (losses) on securities</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121.2</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287.4</td>
<td>$</td>
<td>&nbsp;&nbsp;&nbsp;&nbsp; (149.0</td>
<td>)</td>
<td>(293)%</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Combined ratio</td>
<td>93.4</td>
<td>89.0</td>
<td>92.4</td>
<td>(3.4)pts.</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Combined ratio &ndash; prior year month</td>
<td>89.7</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Average diluted equivalent common shares</td>
<td>587.7</td>
<td>587.6</td>
<td>587.5</td>
<td>0&nbsp;%</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
</tbody>
</table>

Progressive Reports Q3 2024 EPS $3.97 Up From $1.89 YoY; Net Premiums Written $19.455B Vs $15.593B YoY

Insured losses are way higher than originally anticipated due to the havoc from <a href="https://www.benzinga.com/markets/equities/24/10/41240852/back-to-back-hurricanes-batter-floridas-insurance-market-stocks-to-watch">back-to-back hurricanes</a>.
What Happened: Moody&#8217;s Risk Management Solutions, or RMS, <a href="https://www.rms.com/newsroom/announcement/2024-10-14/moodys-rms-event-response-us-private-market-insured-loss-estimate-for-hurricanes-helene-and-milton">crunched</a> the data to determine the financial impact of Hurricanes Milton and Helene. 
The firm expects total insured losses to range between $35 billion and $55 billion. 
That&#8217;s nearly quadruple what Moody's originally estimated, with losses falling between $8 billion and $14 billion. 
Hurricane Milton, the 13th named storm of the season, closely followed Hurricane Helene, which made landfall just two weeks earlier in Florida&#8217;s Big Bend region along the Gulf of Mexico.
Both storms hit many of the same areas, bringing widespread wind damage, storm surges, and inland flooding.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41317881/hurricane-milton-to-deliver-2-5b-blow-to-floridas-homebuilding-sector-goldman-sachs">Hurricane Milton To Deliver $2.5B Blow To Florida&#8217;s Homebuilding Sector, Goldman Sachs Says</a>
Why It Matters: Moody&#8217;s estimates help insurance companies, policymakers and other stakeholders assess the financial risks and prepare for the economic consequences of such events in the future.
And that&#8217;s important considering hurricane season typically runs until Nov. 30. 
But here&#8217;s the thing: Floridians already pay exorbitant homeowners&#8217; insurance premiums, <a href="https://www.orlandoweekly.com/news/experts-worry-floridas-2024-hurricane-season-could-wipeout-recent-homeowners-insurance-fixes-38005875">per</a> Orlando Weekly. With the immense damage caused by these storms, they&#8217;re going to be paying even more.
According to Moody&#8217;s Chief Risk Modeling Officer Mohsen Rahnama, several factors add uncertainty to the final loss estimates. These include the complexity of hazard patterns, such as the damaging tornadoes spawned by Milton's rainbands in southern Florida, and the storm's interaction with a mid-latitude jet, which created two swaths of the strongest winds. 
In some cases, structures already damaged by Helene may have sustained further damage from Milton. This complicates efforts to determine the primary cause of loss and leads to potential coverage issues.
It&#8217;s not just Helene and Milton. Overlapping insurance claims and Florida's annual deductibles may increase losses for properties previously damaged by past hurricanes, such as Ian in 2022.
Altogether, the Moody&#8217;s ground teams conducted &#8220;field reconnaissance&#8221; for more than 2,000 miles of damage.
&#8220;Our teams are still in Florida surveying the impacted areas,&#8221; Rahnama said.
Florida&#8217;s Insurance Problem: Several major insurance companies had already retreated from Florida due to the high risks associated with the state&#8217;s frequent hurricanes and rising litigation costs. The ones that remained include:
<ul>
<li>Allstate Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>) </li>
<li>Travelers Companies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>) </li>
<li>Progressive Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) </li>
<li>State Farm</li>
</ul>
Florida-only carriers will take the hardest hit, per a Moody&#8217;s report from Oct. 10. These insurance companies have at least 75% of their homeowners and commercial property premiums written in the state, the firm noted. 
&#8220;The top 10 Florida-only insurers write about 50% of the state&#8217;s homeowners business and are more vulnerable than others given their geographic concentration,&#8221; the company <a href="https://floridaphoenix.com/wp-content/uploads/2024/10/Moodys-Ratings_Hurricane-Milton_Reinsurers-10Oct2024-PBC_1425591-1.pdf">stated</a>. They include:
<ul>
<li>Citizens Property Insurance Corp.</li>
<li>Universal P&amp;C</li>
<li>Tower Hill</li>
<li>First Protective</li>
<li>Slide Insurance</li>
<li>Edison Insurance</li>
<li>Amer Integrity</li>
<li>Florida Peninsula</li>
<li>Homeowners Choice P&amp;C</li>
<li>Security First </li>
</ul>
ETFs To Watch: Three exchange-traded funds tracking public companies in the insurance space were all in the green at last check Monday:
<ul>
<li>SPDR S&amp;P Insurance ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KIE#NYSE">KIE</a>), up 0.78%</li>
<li>iShares U.S. Insurance ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAK#NYSE">IAK</a>), up 0.37%</li>
<li>Invesco KBW Property &amp; Casualty Insurance ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWP#NASDAQ">KBWP</a>), up 0.58%</li>
</ul>
What&#8217;s Next: Moody's will provide a final industry loss estimate for Milton by the end of this week.
The National Hurricane Center is tracking a tropical depression in the Atlantic Ocean. 
Though it can bring heavy rain and cause flooding, a tropical depression is generally weak; if wind speeds increase beyond 39 miles per hour, it can develop into a tropical storm or hurricane if conditions allow.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Mon 10/14 8am EDT: <a href="https://twitter.com/hashtag/AL94?src=hash&amp;ref_src=twsrc%5Etfw">#AL94</a> has a chance of developing into a tropical depression as it approaches, or moves near the northern <a href="https://twitter.com/hashtag/LeewardIslands?src=hash&amp;ref_src=twsrc%5Etfw">#LeewardIslands</a> late this week. <a href="https://t.co/1aFZ3ykENk">pic.twitter.com/1aFZ3ykENk</a>
&mdash; National Hurricane Center (@NHC_Atlantic) <a href="https://twitter.com/NHC_Atlantic/status/1845796399990129124?ref_src=twsrc%5Etfw">October 14, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Now Read:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41319060/s-p-500-extends-record-highs-dow-breaks-43-000-ahead-of-pivotal-earnings-week-bitco">S&amp;P 500 Extends Record Highs, Dow Breaks 43K, Bitcoin Rallies: What&#8217;s Driving Markets Monday?</a></li>
</ul>
Photo: Shutterstock

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Hurricanes Helene, Milton Insurance Losses Spike To $55B: Moody's

JP Morgan analyst Jimmy Bhullar maintains Progressive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) with a Overweight and raises the price target from $242 to $251.

JP Morgan Maintains Overweight on Progressive, Raises Price Target to $251

It might be surprising for some to hear that 2024 has been a great year for stocks in the insurance industry. In fact, every single large-cap insurance stock in the United States and Canada trading region has a positive return this year. Additionally, the iShares U.S. Insurance ETF (ARCA: IAK) has provided a total return of nearly 29%.&nbsp; Some stocks, like Progressive (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pgr#NYSE">PGR</a>), are up more than 50%.
SelectQuote (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/slqt#NYSE">SLQT</a>) is no exception to the success of this industry. Shares are up 54% this year. However, one metric that does make it stand out is the average Wall Street price target placed on the company. It sits at $4.50. This means the stock could rise 113% from the $2.11 level as of the Oct. 8 close. This average price target matches up with the figure set by analysts at Craig-Hallum, who initiated coverage of the stock on Sept. 30.
<h2>SelectQuote&#39;s Business Model Has Advantages Over Traditional Insurance Companies</h2>
SelectQuote is a direct-to-consumer platform for shopping for insurance. It covers life, home, auto, and senior health insurance. It is not an insurance provider but simply finds insurance products for consumers. SelectQuote then gets a commission from the insurance provider when the consumer buys a policy.
The company claims that its competitive advantages are its technology and skilled agents. Its technology takes in customer data and analyzes it to connect a consumer to an agent that is best for them. Combined with the company&#39;s transparent pricing terms, a better customer experience is offered. This improves customer retention and leads to the company collecting more commissions over the life of an insurance policy.
The model of SelectQuote has some advantages over a traditional insurance company. First, because the company&#39;s salespeople do not work for a particular insurance company, they should be able to actually offer customers a better price. They can compare prices across the industry, and are not beholden to one company, making selling insurance much easier.
Additionally, the ability of agents to compare policies reduces the feeling from a customer that they are being &quot;sold to&quot; and pressured to buy a particular product. It&#39;s easy to see how this would lead to a better and longer lasting customer relationship. Lastly, the company can make money off these policies without taking on any of the insurance risks themselves.
<h2>SelectQuote&#39;s Healthcare Services Are Driving Growth</h2>
Another important part of the company&#39;s business is its healthcare services platform, which includes SelectRx. SelectRx is a pharmacy that ships prescriptions directly to patients. It also helps patients manage their prescriptions and ensure they take them on time. Additionally, its SelectPatient management platform helps patients manage their chronic conditions.
Since 2022, the company has shown an incredible ability to grow this part of the business, particularly through the pharmacy. Pharmacy revenue has grown by 680% in just two years, compared to growth of 22% in insurance commissions. This is likely due to the company&#39;s large base of senior health insurance customers. It makes cross-selling pharmacy products highly effective.
The company has been getting closer to profitability since starting the healthcare services part of the business in 2021. This part of the business has added significant revenue to the company, but has also come with significant costs. Still, gross margins in the segment are growing. This has helped the company reduce its loss per share in fiscal 2024 to $0.20 from a loss of $1.81 in 2022.
<h2>Valuation and Final Thoughts</h2>
Despite its large rise this year, the company does not seem overvalued compared to other insurance companies. Its 11.5x last 12-month enterprise value to EBITDA ratio sits slightly below the 12.6x average of all U.S. insurance companies with market capitalizations of at least $300 million.
The company expects revenue growth to slow significantly from the plus 30% range over the past years to around 10% next year. However, it does see loss per share improving by 30%. A big concern is that the company sees adjusted EBITDA falling by 10%.
It says this is due to a change in its commissions structure from one of the largest insurance companies it works with. This created a capital constraint, not the firm to hire as many agents for next year. However, it believes this is temporary. For me, SelectQuote looks like a nice business model that is going closer to profitability and has a reasonable valuation.
The article &quot;<a href="https://www.marketbeat.com/originals/is-selectquote-a-double-bagger-stock-analysts-predict-huge-gains/">Is SelectQuote a Double-Bagger Stock? Analysts Predict Huge Gains</a>&quot; first appeared on MarketBeat.

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Is SelectQuote a Double-Bagger Stock? Analysts Predict Huge Gains

B of A Securities analyst Joshua Shanker maintains Progressive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) with a Buy and raises the price target from $309 to $319.

B of A Securities Maintains Buy on Progressive, Raises Price Target to $319

Progressive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) has outperformed the market over the past 20 years by 4.33% on an annualized basis producing an average annual return of 12.88%. Currently, Progressive has a market capitalization of $146.89 billion. 
Buying $1000 In PGR: If an investor had bought $1000 of PGR stock 20 years ago, it would be worth $11,603.89 today based on a price of $250.76 for PGR at the time of writing.
<h3>Progressive's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1728509411_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Here's How Much You Would Have Made Owning Progressive Stock In The Last 20 Years

23 analysts have expressed a variety of opinions on Progressive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) over the past quarter, offering a diverse set of opinions from bullish to bearish.
Summarizing their recent assessments, the table below illustrates the evolving sentiments in the past 30 days and compares them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">12</td>
<td style="text-align: right;">9</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">5</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Providing deeper insights, analysts have established 12-month price targets, indicating an average target of $273.3, along with a high estimate of $367.00 and a low estimate of $225.00. This current average reflects an increase of 6.86% from the previous average price target of $255.76. 
<img src="https://www.benzinga.com/files/images/story/2024/1728500454_0.png" alt="price target chart" />
<h2>Understanding Analyst Ratings: A Comprehensive Breakdown</h2>
The standing of Progressive among financial experts is revealed through an in-depth exploration of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Yaron Kinar</td>
<td>Jefferies</td>
<td>Raises</td>
<td>Buy</td>
<td>$295.00</td>
<td>$257.00</td>
</tr>
<tr>
<td>Alex Scott</td>
<td>Goldman Sachs</td>
<td>Raises</td>
<td>Buy</td>
<td>$280.00</td>
<td>$262.00</td>
</tr>
<tr>
<td>Harry Fong</td>
<td>Roth MKM</td>
<td>Raises</td>
<td>Buy</td>
<td>$290.00</td>
<td>$270.00</td>
</tr>
<tr>
<td>Bob Huang</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Overweight</td>
<td>$300.00</td>
<td>$260.00</td>
</tr>
<tr>
<td>Elyse Greenspan</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Overweight</td>
<td>$282.00</td>
<td>$281.00</td>
</tr>
<tr>
<td>Alex Scott</td>
<td>Barclays</td>
<td>Announces</td>
<td>Equal-Weight</td>
<td>$367.00</td>
<td>-</td>
</tr>
<tr>
<td>Joshua Shanker</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$312.00</td>
<td>$294.00</td>
</tr>
<tr>
<td>Meyer Shields</td>
<td>Keefe, Bruyette &amp; Woods</td>
<td>Raises</td>
<td>Outperform</td>
<td>$275.00</td>
<td>$255.00</td>
</tr>
<tr>
<td>Joshua Shanker</td>
<td>B of A Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$294.00</td>
<td>$296.00</td>
</tr>
<tr>
<td>Harry Fong</td>
<td>Roth MKM</td>
<td>Raises</td>
<td>Buy</td>
<td>$270.00</td>
<td>$235.00</td>
</tr>
<tr>
<td>Paul Newsome</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Overweight</td>
<td>$252.00</td>
<td>$250.00</td>
</tr>
<tr>
<td>Elyse Greenspan</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Overweight</td>
<td>$281.00</td>
<td>$262.00</td>
</tr>
<tr>
<td>Alex Scott</td>
<td>Goldman Sachs</td>
<td>Raises</td>
<td>Buy</td>
<td>$262.00</td>
<td>$230.00</td>
</tr>
<tr>
<td>Vikram Gandhi</td>
<td>HSBC</td>
<td>Announces</td>
<td>Buy</td>
<td>$253.00</td>
<td>-</td>
</tr>
<tr>
<td>Michael Zaremski</td>
<td>BMO Capital</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$237.00</td>
<td>$239.00</td>
</tr>
<tr>
<td>David Motemaden</td>
<td>Evercore ISI Group</td>
<td>Raises</td>
<td>Outperform</td>
<td>$246.00</td>
<td>$243.00</td>
</tr>
<tr>
<td>Joshua Shanker</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$296.00</td>
<td>$293.00</td>
</tr>
<tr>
<td>Michael Zaremski</td>
<td>BMO Capital</td>
<td>Raises</td>
<td>Outperform</td>
<td>$239.00</td>
<td>$235.00</td>
</tr>
<tr>
<td>Michael Ward</td>
<td>Citigroup</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$225.00</td>
<td>$232.00</td>
</tr>
<tr>
<td>Yaron Kinar</td>
<td>Jefferies</td>
<td>Raises</td>
<td>Buy</td>
<td>$257.00</td>
<td>$256.00</td>
</tr>
<tr>
<td>Harry Fong</td>
<td>Roth MKM</td>
<td>Maintains</td>
<td>Buy</td>
<td>$235.00</td>
<td>$235.00</td>
</tr>
<tr>
<td>Meyer Shields</td>
<td>Keefe, Bruyette &amp; Woods</td>
<td>Raises</td>
<td>Outperform</td>
<td>$245.00</td>
<td>$210.00</td>
</tr>
<tr>
<td>Joshua Shanker</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$293.00</td>
<td>$276.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to Progressive. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Offering insights into predictions, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Progressive compared to the broader market.</li>
<li>Price Targets: Analysts explore the dynamics of price targets, providing estimates for the future value of Progressive's stock. This examination reveals shifts in analysts' expectations over time.</li>
</ul>
To gain a panoramic view of Progressive's market performance, explore these analyst evaluations alongside essential financial indicators. Stay informed and make judicious decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/PGR/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Progressive analyst ratings.</a>
<h2>About Progressive</h2>
Progressive underwrites private and commercial auto insurance and specialty lines; it has almost 20 million personal auto policies in force and is one of the largest auto insurers in the United States. Progressive markets its policies through independent insurance agencies in the US and Canada and directly via the internet and telephone. Its premiums are split roughly equally between the agent and the direct channel. The company also offers commercial auto policies and entered homeowners insurance through an acquisition in 2015.
<h3>Progressive: Financial Performance Dissected</h3>
Market Capitalization Highlights: Above the industry average, the company's market capitalization signifies a significant scale, indicating strong confidence and market prominence.
Positive Revenue Trend: Examining Progressive's financials over 3 months reveals a positive narrative. The company achieved a noteworthy revenue growth rate of 18.11% as of 30 June, 2024, showcasing a substantial increase in top-line earnings. As compared to competitors, the company surpassed expectations with a growth rate higher than the average among peers in the Financials sector.
Net Margin: Progressive's net margin is below industry averages, indicating potential challenges in maintaining strong profitability. With a net margin of 8.05%, the company may face hurdles in effective cost management.
Return on Equity (ROE): Progressive's ROE surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 6.46% ROE, the company effectively utilizes shareholder equity capital.
Return on Assets (ROA): Progressive's ROA excels beyond industry benchmarks, reaching 1.52%. This signifies efficient management of assets and strong financial health.
Debt Management: With a below-average debt-to-equity ratio of 0.3, Progressive adopts a prudent financial strategy, indicating a balanced approach to debt management.
<h2>The Core of Analyst Ratings: What Every Investor Should Know</h2>
Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.
In addition to their assessments, some analysts extend their insights by offering predictions for key metrics such as earnings, revenue, and growth estimates. This supplementary information provides further guidance for traders. It is crucial to recognize that, despite their specialization, analysts are human and can only provide forecasts based on their beliefs.
Which Stocks Are Analysts Recommending Now?
Benzinga Edge gives you instant access to all major analyst upgrades, downgrades, and price targets. Sort by accuracy, upside potential, and more. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=be8be9arja3be22bz21&amp;utm_source=benzinga-insights">Click here to stay ahead of the market</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Navigating 23 Analyst Ratings For Progressive

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders often look for circumstances when the market estimation of an option diverges away from its normal worth. Abnormal amounts of trading activity could push option prices to hyperbolic or underperforming levels. 
Here's the list of options activity happening in today's session: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>TIGR</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$9.00</td>
<td>$39.2K</td>
<td>6.5K</td>
<td>7.5K</td>
</tr>
<tr>
<td>HOOD</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>11/08/24</td>
<td>$25.00</td>
<td>$25.5K</td>
<td>479</td>
<td>1.1K</td>
</tr>
<tr>
<td>SOFI</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$7.00</td>
<td>$36.3K</td>
<td>62.8K</td>
<td>1.0K</td>
</tr>
<tr>
<td>FUTU</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>10/11/24</td>
<td>$108.00</td>
<td>$31.0K</td>
<td>671</td>
<td>759</td>
</tr>
<tr>
<td>COIN</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>10/25/24</td>
<td>$185.00</td>
<td>$35.0K</td>
<td>1.1K</td>
<td>539</td>
</tr>
<tr>
<td>GS</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$580.00</td>
<td>$37.2K</td>
<td>3.1K</td>
<td>226</td>
</tr>
<tr>
<td>AFRM</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>12/20/24</td>
<td>$20.00</td>
<td>$33.0K</td>
<td>270</td>
<td>101</td>
</tr>
<tr>
<td>PYPL</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>03/21/25</td>
<td>$80.00</td>
<td>$61.4K</td>
<td>6.3K</td>
<td>98</td>
</tr>
<tr>
<td>C</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/15/27</td>
<td>$67.50</td>
<td>$45.2K</td>
<td>3</td>
<td>50</td>
</tr>
<tr>
<td>PGR</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>05/16/25</td>
<td>$245.00</td>
<td>$29.2K</td>
<td>2</td>
<td>39</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These itemized elaborations have been created using the accompanying table. 
• Regarding TIGR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TIGR#NASDAQ">TIGR</a>), we observe a call option sweep with bullish sentiment. It expires in 9 day(s) on October 18, 2024. Parties traded 500 contract(s) at a $9.00 strike. This particular call needed to be split into 4 different trades to become filled. The total cost received by the writing party (or parties) was $39.2K, with a price of $79.0 per contract. There were 6539 open contracts at this strike prior to today, and today 7560 contract(s) were bought and sold. 
• For HOOD (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>), we notice a call option trade that happens to be bullish, expiring in 30 day(s) on November 8, 2024. This event was a transfer of 115 contract(s) at a $25.00 strike. The total cost received by the writing party (or parties) was $25.5K, with a price of $222.0 per contract. There were 479 open contracts at this strike prior to today, and today 1169 contract(s) were bought and sold. 
• For SOFI (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>), we notice a call option trade that happens to be bullish, expiring in 100 day(s) on January 17, 2025. This event was a transfer of 181 contract(s) at a $7.00 strike. The total cost received by the writing party (or parties) was $36.3K, with a price of $201.0 per contract. There were 62887 open contracts at this strike prior to today, and today 1019 contract(s) were bought and sold. 
• For FUTU (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FUTU#NASDAQ">FUTU</a>), we notice a put option sweep that happens to be bearish, expiring in 2 day(s) on October 11, 2024. This event was a transfer of 155 contract(s) at a $108.00 strike. This particular put needed to be split into 38 different trades to become filled. The total cost received by the writing party (or parties) was $31.0K, with a price of $200.0 per contract. There were 671 open contracts at this strike prior to today, and today 759 contract(s) were bought and sold. 
• Regarding COIN (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), we observe a call option trade with bullish sentiment. It expires in 16 day(s) on October 25, 2024. Parties traded 100 contract(s) at a $185.00 strike. The total cost received by the writing party (or parties) was $35.0K, with a price of $350.0 per contract. There were 1143 open contracts at this strike prior to today, and today 539 contract(s) were bought and sold. 
• For GS (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), we notice a call option trade that happens to be bullish, expiring in 37 day(s) on November 15, 2024. This event was a transfer of 200 contract(s) at a $580.00 strike. The total cost received by the writing party (or parties) was $37.2K, with a price of $186.0 per contract. There were 3149 open contracts at this strike prior to today, and today 226 contract(s) were bought and sold. 
• For AFRM (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>), we notice a call option trade that happens to be bullish, expiring in 72 day(s) on December 20, 2024. This event was a transfer of 14 contract(s) at a $20.00 strike. The total cost received by the writing party (or parties) was $33.0K, with a price of $2360.0 per contract. There were 270 open contracts at this strike prior to today, and today 101 contract(s) were bought and sold. 
• Regarding PYPL (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>), we observe a call option trade with bearish sentiment. It expires in 163 day(s) on March 21, 2025. Parties traded 63 contract(s) at a $80.00 strike. The total cost received by the writing party (or parties) was $61.4K, with a price of $975.0 per contract. There were 6350 open contracts at this strike prior to today, and today 98 contract(s) were bought and sold. 
• Regarding C (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), we observe a call option sweep with bullish sentiment. It expires in 828 day(s) on January 15, 2027. Parties traded 50 contract(s) at a $67.50 strike. This particular call needed to be split into 4 different trades to become filled. The total cost received by the writing party (or parties) was $45.2K, with a price of $905.0 per contract. There were 3 open contracts at this strike prior to today, and today 50 contract(s) were bought and sold. 
• Regarding PGR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>), we observe a put option sweep with bearish sentiment. It expires in 219 day(s) on May 16, 2025. Parties traded 19 contract(s) at a $245.00 strike. This particular put needed to be split into 10 different trades to become filled. The total cost received by the writing party (or parties) was $29.2K, with a price of $1540.0 per contract. There were 2 open contracts at this strike prior to today, and today 39 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more about unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Options

AFRM

COIN

FUTU

HOOD

PYPL

SOFI

TIGR

10 Financials Stocks With Whale Alerts In Today's Session

Jefferies analyst Yaron Kinar maintains Progressive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) with a Buy and raises the price target from $257 to $295.

Jefferies Maintains Buy on Progressive, Raises Price Target to $295

Insurance, regional banks, fitness centers, utilities, hospitals and theme parks are among the sectors that could be negatively impacted when Hurricane Milton hits Florida Wednesday night or <a href="https://www.benzinga.com/news/24/10/41231817/hurricane-milton-dire-warning-if-you-choose-to-stay-youre-going-to-die-officials-encourage-writing-n">early </a><a href="https://www.benzinga.com/markets/equities/24/10/41209505/hurricane-milton-is-floridas-second-storm-in-two-weeks-how-disney-theme-parks-insurance-companie">Thursday </a><a href="https://www.benzinga.com/news/24/10/41231817/hurricane-milton-dire-warning-if-you-choose-to-stay-youre-going-to-die-officials-encourage-writing-n">morning.</a>
Here's a look at some of the sectors and stocks that investors should be watching with Hurricane Milton on the way.
Hurricane Milton Update: According <a href="https://www.nbcnews.com/news/weather/map-hurricane-milton-path-forecast-status-track-rcna174203">to </a>NBC News, <a href="https://www.benzinga.com/topic/hurricane-milton">Hurricane Milton was downgraded </a>to a Category 4 storm on Wednesday morning. The hurricane is expected to make landfall Wednesday night and could hit some of Florida&#8217;s most populous areas, including the Tampa Bay area.
Evacuation orders are in place for multiple Florida counties with government officials warning that failure to follow the orders could lead to casualties.
With evacuations taking place, Florida service stations are running out of gas, and there are concerns about charging electric vehicles on evacuation routes.
The constant changes in the storm's path could have a major effect on the damage and potential casualties. A landfall in the Tampa Bay area is seen as the worst-case scenario for the hurricane, as reported by <a href="https://www.cnn.com/weather/live-news/hurricane-milton-florida-10-09-24/index.html" target="_blank" rel="noopener">CNN</a>.
Read Also: <a href="https://www.benzinga.com/markets/equities/24/10/41239644/hurricane-milton-evacuations-a-matter-of-life-and-death-biden-says-feds-bostic-says-storm-could-">Hurricane Milton Evacuations &#8216;A Matter Of Life And Death,&#8217; Biden Says: Fed&#8217;s Bostic Says Storm Could Have Significant Economic Impact Over Next 6 Months</a>
Regional Banks: DA Davidson analyst Gary Tenner looked at the regional banks that could be most impacted by Hurricane Milton in a new investor note.
"Based on experience, we would expect the banks in the market to be impacted in multiple ways in the post-hurricane period, including a potential deposit boost related to insurance settlements, elevated near term expenses and provision, with lending opportunities related to rebuilding efforts,&#8221; Tenner said.
The analyst said banks in the Tampa and St. Petersburg areas could see near-term increased expenses but could see "positive offsets over the longer term."
Based on market share in the region, Tenner highlights the following regional banks:
<ul>
<li>Regions Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RF#NYSE">RF</a>): Buy rating</li>
<li>Fifth Third Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FITB#NASDAQ">FITB</a>): Neutral rating</li>
<li>Synovus Financial Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNV#NYSE">SNV</a>): Buy rating</li>
<li>SouthState Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SSB#NYSE">SSB</a>): Buy rating</li>
<li>Cadence Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CADE#NYSE">CADE</a>): Buy rating</li>
<li>Hancock Whitney Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HWC#NASDAQ">HWC</a>): Buy rating</li>
</ul>
Hospitals Impact: Hospital operators in the Florida region could be negatively impacted by Hurricane Milton and face IV shortages, RBC analyst Ben Hendrix said in a new investor note.
"Hospital operators traded slightly lower on Thursday, which we believe reflects at least in part weather-related concerns as Hurricane Milton moves toward Florida's west coast," Hendrix said.
The analyst said hospitals could see "some disruptions to facilities" in the coming days.
RBC highlights the following hospitals in the report:
<ul>
<li>Community Health Systems (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CYH#NYSE">CYH</a>): Outperform rating</li>
<li>HCA Healthcare (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HCA#NYSE">HCA</a>): Outperform rating</li>
<li>Tenet Healthcare (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/THC#NYSE">THC</a>): Outperform rating</li>
<li>Universal Health Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UHS#NYSE">UHS</a>): Sector Perform rating</li>
</ul>
"We believe HCA may be spared the worst of the storm damage with most of its hospital concentration in Central Florida located in the Tampa Bay area, which is north of the expected Sarasota landfall," Hendrix said.
Utilities Impact: Hurricane Milton could have a negative impact on utility stocks, Scotiabank analyst Andrew Weisel warned investors in a new note.
"While we remain bullish on U.S. utility fundamentals and valuations, we're growing somewhat cautious about investor sentiment, which had finally started to turn positive after years of negativity or indifference," Weisel said.
The analyst said they generally caution against trading around storms like Hurricane Milton.
"Rising hurricane activity is no doubt worrisome."
Weisel said the utility sector has several catalysts like rate cuts and the 2024 election, aside from the hurricane impact.
Top utility picks from Weisel are CMS Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMS#NYSE">CMS</a>), WEC Energy Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WEC#NYSE">WEC</a>) and DTE Energy Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DTE#NYSE">DTE</a>). After these three top picks, the analyst highlights Southern Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SO#NYSE">SO</a>), NextEra Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>), Alliant Energy Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LNT#NASDAQ">LNT</a>) and American Electric Power Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEP#NASDAQ">AEP</a>) as other favorable utility names. 
Weisel also said he would buy Duke Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DUK#NYSE">DUK</a>) because of its weakness ahead of Hurricane Milton.
"While outages often lead to lost revenues, slightly weighing on near-term earnings, the impacts are generally very modest," Weisel said.
Another major utility that could be impacted by Hurricane Milton is Tampa Electric, owned by Emera Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/EMRAF#OTC">EMRAF</a>). Serving the Tampa Bay area, Tampa Electric is particularly vulnerable to the storm&#8217;s effects.
Insurance Stocks: The insurance sector is one of the sectors most on watch for the damaging impact and cleanup aftermath from Hurricane Milton.
Insurance stocks like Berkshire Hathaway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>), Allstate (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>), Progressive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>), Travelers Companies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>) and Chubb (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>) are among the large insurers that could be impacted.
RBC analyst Derald Goh, who covers European insurance stocks, shared a note on the potential damage from the hurricane.
"A potential $60bn industry loss from Hurricane Milton appears very manageable for a sector that is keen to demonstrate stronger earnings resiliency and should drive a re-rating," Goh said.
The $60 billion estimate comes as Hurricane Milton is expected to cause destruction similar to that caused by Hurricane Ian in 2022. Based on the estimated damage from that storm, the analyst considers this estimate the most reliable method for predicting the impact on insurance companies.
Goh said five hurricanes have made landfall in the U.S. this season, and the previous average forecast was 12.
Leisure Sector: Hurricane Milton could also impact theme parks, with the state of Florida home to Disney World, owned by The Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>), and Universal Studios Orlando, owned by Comcast Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>).
Disney announced it is <a href="https://www.benzinga.com/markets/equities/24/10/41245886/disney-world-closes-early-as-hurricane-milton-approaches-florida-parks-brace-for-impact">closing Disney World parks early </a>on Wednesday and transportation services could remain limited, with a plan to re-open on Thursday. The storm may have scared away a large amount of tourists. Goldman Sachs recently said Disney could see a<a href="https://www.benzinga.com/general/entertainment/24/10/41229099/disney-faces-150m-200m-blow-from-hurricane-milton-attendance-set-to-drop-6-says-goldman-sac"> $150 million to $200 million</a> negative impact from Hurricane Milton.
Morgan Stanley analyst Megan Alexander sees Hurricane Milton having a negative impact on fitness centers Planet Fitness (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLNT#NYSE">PLNT</a>) and Life Time Group Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LTH#NYSE">LTH</a>) and indoor golf facility company Topgolf Callaway Brands (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MODG#NYSE">MODG</a>).
"Overall, PLNT appears to be the most exposed across our coverage particularly given the concentration of corporate locations in the state," Alexander said.
The analyst, who has an Overweight rating and a $84 price target on Planet Fitness, said Florida represents around 25% of corporate-owned locations. Store closures could negatively impact new membership additions, but Alexander added that the monthly membership fee revenue model could insulate the company from a negative impact.
The analyst sees Life Time Group, rated Equal Weight with a $21 price target, having a minimal impact with only five locations in Florida, which is less than 3% of total locations.
Alexander said Topgolf has nine locations in Florida, with five currently closed due to Hurricane Milton. The analyst, who has an Underweight rating and a $10 price target on the stock, said Topgolf will likely see a minimal impact unless locations have severe storm damage and have to be closed for an extended time period.  
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41231817/hurricane-milton-dire-warning-if-you-choose-to-stay-youre-going-to-die-officials-encourage-writing-n">Hurricane Milton Dire Warning: &#8216;If You Choose To Stay &#8230; You&#8217;re Going To Die,&#8217; Officials Encourage Writing Name On Arm In Permanent Marker For ID</a></li>
</ul>
Image of Hurricane Milton courtesy of NASA.

Analyst Color

Equities

Health Care

Reiteration

CADE

CMCSA

EMRAF

FITB

MODG

PLNT

Hurricane Milton Descends On Florida: Analysts Warn Of Impact On Disney, NextEra's Florida Power & Light, Regional Banks

Insurance companies operating in Florida face significant challenges following two intense hurricanes: <a href="https://www.benzinga.com/news/24/10/41231817/hurricane-milton-dire-warning-if-you-choose-to-stay-youre-going-to-die-officials-encourage-writing-n">Helene and Milton</a>. 
What Happened: After Hurricane Helene, losses for private insurers were <a href="https://www.wusf.org/weather/2024-09-25/helene-could-cause-billions-in-private-federal-insurance-losses">estimated</a> at $3 to $6 billion. Hurricane Milton, expected to make landfall Wednesday on Florida's Gulf Coast near Tampa, is adding further strain to Florida&#8217;s insurance market.
High claim volumes, rising premiums and an exodus of insurers already slammed customers. With Hurricane Milton looming, the market could experience further destabilization.
The average annual premium for homeowners' insurance in Florida has surged to $10,996, making it the highest in the nation. 
Insurify <a href="https://insurify.com/homeowners-insurance/report/home-insurance-price-projections/">projects</a> that this number will rise by an additional 7% in 2024, bringing the average to $11,759. This figure is nearly four times the national average, driven by multiple factors including the increased frequency and severity of hurricanes, rising costs of building materials, and issues with reinsurance. 
Florida has also seen a significant number of insurance companies pull out of the state, further exacerbating the situation​.
See Also: <a href="https://www.benzinga.com/news/24/09/41082452/hurricane-helene-exposes-vulnerability-of-floridas-home-insurance-market">Hurricane Helene Exposes Vulnerability Of Florida&#8217;s Home Insurance Market</a>
Stocks To Watch: The <a href="https://www.benzinga.com/markets/equities/24/10/41239644/hurricane-milton-evacuations-a-matter-of-life-and-death-biden-says-feds-bostic-says-storm-could-">ongoing hurricane activity in Florida</a> is expected to impact several major publicly traded insurance companies.
Key insurers facing challenges include: 
<ul>
<li>Allstate Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>) </li>
<li>Travelers Companies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>) </li>
<li>Progressive Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) </li>
<li>State Farm (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STFGX#NASDAQ">STFGX</a>) </li>
</ul>
Citizens Property Insurance Corp. covers more than 1.4 million policies but with much higher premiums, averaging $21,707 annually​. Dubbed Florida's insurer of last resort, the company is transferring more than 648,000 policies to private insurers, per <a href="https://www.clickorlando.com/news/local/2024/10/04/what-citizens-insurance-depopulation-means-for-florida-homeowners/">Click Orlando</a>.
These companies are experiencing heavy financial strain due to increased claims, which will likely lead to higher premiums and reduced coverage availability. Smaller, regional insurers operating in Florida may also face insolvency or further pressure to exit the market.
Why It Matters: According <a href="https://www.insurancebusinessmag.com/us/news/property/florida-insurers-deny-nearly-half-of-hurricane-claims-ratings-agency-says-508765.aspx">to</a> Insurance Business Magazine, citing Weiss Ratings data, several large Florida insurers denied nearly half of homeowner claims closed in 2023. 
Among these carriers were:
<ul>
<li>Castle Key Indemnity Co., denied 47.1% of claims</li>
<li>Castle Key Insurance Company, at 46%.</li>
<li>State Farm Florida Insurance Company, denied 46.4% </li>
</ul>
Coverage is often denied to conserve cash and avoid bankruptcy.
How We Got Here: While it&#8217;s difficult to attribute any single hurricane directly to climate change, many scientists say that climate change exacerbates the frequency of extreme weather events.
Warmer ocean temperatures, fueled by global warming, provide more energy for storms, making hurricanes such as Helene and Milton more intense.
Rising sea levels also contribute to more severe storm surges. Additionally, changing weather patterns may cause slower-moving storms, leading to more rainfall and prolonged damage in affected areas. Overall, climate change plays a role in the increasing severity of storms.
Florida Gov. Ron DeSantis <a href="https://www.flgov.com/2024/10/08/governor-ron-desantis-issues-updates-on-state-preparedness-efforts-for-hurricane-milton-3/">declared </a>a state of emergency for 51 Florida counties. So far, he has generally avoided directly linking the increasing intensity of hurricanes in <a href="https://www.benzinga.com/topic/climate-change">Florida to climate change</a>.
Now Read:
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/10/41236355/stocks-rally-as-oil-prices-tumble-tech-chipmakers-lead-as-traders-focus-on-ai-winners-before-earnin">Stocks Rally As Oil Prices Tumble; Tech, Chipmakers Lead As Traders Focus On AI Winners Before Earnings Season: What&#8217;s Driving Markets Tuesday?</a></li>
</ul>
Photo: Massive destruction on Fort Myers Beach after Hurricane Ian, 2022, by Felix Mizioznikov via Shutterstock

STFGX

Back-To-Back Hurricanes Batter Florida's Insurance Market: Stocks To Watch

Hurricane Milton is nearing the west coast of Florida and bringing a second powerful storm to the state <a href="https://www.benzinga.com/news/24/09/41073069/hurricane-helene-update-28-dead-power-outages-insurance-damages-and-more">within two weeks.</a>
Here's the latest update on the storm, expected to make landfall in the U.S. on Wednesday night.
What Happened: <a href="https://www.benzinga.com/markets/equities/24/10/41209505/hurricane-milton-is-floridas-second-storm-in-two-weeks-how-disney-theme-parks-insurance-companie">Hurricane Milton reached</a> Category 5 status Monday with winds of 180 miles per hour, making the storm one of the strongest in the world in 2024.
The hurricane was downgraded to a Category 4 storm on Tuesday, but could be elevated to Category 5 status once again Tuesday late or on Wednesday.  
"I was just briefed by members of my team who are driving our preparations for Hurricane Milton and recovery efforts for Hurricane Helene," President Joe Biden <a href="https://x.com/POTUS/status/1843709155141452221">tweeted</a>. "I directed this group to do everything we can to save lives and help communities before, during, and after these extreme weather events."
Biden said there are thousands of federal personnel on the ground in the Southeast to help deliver resources as fast as possible.
"My priority is to increase the size and presence of our effort as we prepare for another potentially catastrophic storm making landfall in Florida."
Tampa Mayor Jane Castor cautioned against the spreading of false statements and rumors about government and the state of Florida not working together causing a shortage or response resources, as <a href="https://www.cnn.com/weather/live-news/hurricane-milton-florida-10-08-24/index.html">reported </a>by CNN.
"That could not be further from the truth," Castor said.
Castor said she spoke with Biden about preparations on Monday night. The mayor also spoke with FEMA Administrator Deanne Criswell.
"They are working to get us all the resources we need."
Read Also: <a href="https://www.benzinga.com/news/24/10/41231817/hurricane-milton-dire-warning-if-you-choose-to-stay-youre-going-to-die-officials-encourage-writing-n">Hurricane Milton Dire Warning: &#8216;If You Choose To Stay &#8230; You&#8217;re Going To Die,&#8217; Officials Encourage Writing Name On Arm In Permanent Marker For ID</a>
Economic Impact: Hurricane Milton could have a severe impact on the insurance sector, especially with back-to-back hurricanes hitting Florida in a short period.
Insurance stocks like Berkshire Hathaway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>)(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>), Allstate Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>), Chubb Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>), Progressive Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) and Travelers Companies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>) could all be volatile as the financial impact of the hurricane becomes clear.
While insurance and other sectors could get hit, Federal Open Market Committee member Raphael Bostic, who is the president of the Federal Reserve Bank of Atlanta, <a href="https://www.atlantafed.org/news/press-room/media-advisories/2024/10/08/bostic-remarks-atlanta-consular-corps">said </a>the storm could have a big impact on the overall U.S. economy over the next three to six months.
Bostic said changes in storms, like Hurricane Helene and Hurricane Milton, can impact the supply and demand of housing in different cities. Bostic also said the frequency of impactful hurricanes can hit markets like insurance and food commodities.
Financial firms need to recognize how hurricanes and other catastrophic events change their risks, Bostic added.
Jefferies analyst Yaron Kinar called Hurricane Milton a potential "1-in-100 year event" that could cause damage of over $50 billion and the potential to have a $175 billion impact in a worst-case scenario, as <a href="https://www.cnbc.com/2024/10/08/hurricane-milton-could-cause-as-much-as-175-billion-in-damages-according-to-early-estimates.html">reported </a>by CNBC.
Kinder Morgan Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMI#NYSE">KMI</a>) shut down its Central Florida pipeline system, according to a report from Reuters. The pipeline system delivers gasoline and diesel from Tampa to Orlando. Citgo also shut down a terminal in Tampa ahead of the storm.
Theme parks in Florida remain on watch with Walt Disney Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>)-owned Disney World and Comcast Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>)-owned Universal Orlando remaining open under normal conditions as of the time of writing, as <a href="https://apnews.com/live/hurricane-milton-florida-tracker-updates">reported </a>by the Associated Press. A Goldman Sachs analyst said Tuesday that the hurricane could have a <a href="https://www.benzinga.com/general/entertainment/24/10/41229099/disney-faces-150m-200m-blow-from-hurricane-milton-attendance-set-to-drop-6-says-goldman-sac">$150 million to $200 million </a>negative impact on Disney.
Evacuation Orders: Of the five most populous Florida cities (Jacksonville, Miami, Tampa, Orlando, St. Petersburg), four are located in counties that have evacuation orders in place, with only Jacksonville not on the list. With these highly populated regions and numerous counties on the list, Hurricane Milton is driving the most evacuations in the state since 2017.
Government officials have stressed the importance of evacuations in mandatory areas, with Tampa's mayor saying that failure to evacuate could lead to death.
Biden echoed that sentiment in a tweet.
"I urge everyone in Hurricane Milton's path to listen to local officials and follow all safety instructions. If you are under evacuation orders you should evacuate now while it is still safe to do so. It is a matter of life and death," Biden <a href="https://x.com/POTUS/status/1843696607981670523">tweeted</a>.
The Associated Press said Wednesday that around 5.9 million people are impacted by the 11 counties under mandatory evacuations based on estimates from the U.S. Census Bureau.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41145534/hurricane-helene-adds-to-most-active-quarter-for-power-outages-driving-back-up-gene">Hurricane Helene Adds To &#8216;Most Active Quarter&#8217; For Power Outages, Driving Back-Up Generator Demand</a></li>
</ul>
Photo: Shutterstock

Government

Federal Reserve

Hurricane Milton Evacuations 'A Matter Of Life And Death,' Biden Says: Fed's Bostic Says Storm Could Have Significant Economic Impact Over Next 6 Months

The second Category 5 storm of the 2024 <a href="https://www.benzinga.com/markets/24/10/41215820/hurricane-milton-is-floridas-second-storm-in-two-weeks-how-disney-theme-parks-insurance-companies-co">hurricane season named Hurricane Milton </a>is threatening large-scale destruction, as it quickly graduated from Category 1 status and is approaching the state of Florida. The storm is expected to lash over the Tampa Bay on Wednesday.
Milton Vs. Previous Hurricanes: Hurricane Milton gathered maximum sustained wind speeds of 180 miles per hour by Monday night, and in terms of wind speed it only trails a 1980 hurricane, which went by the name Allen and boasted a top wind speed of 190 mph before it made landfall in the U.S.-Mexican border,<a href="https://www.nytimes.com/2024/10/07/weather/hurricane-milton-forecast-path.html"> said</a> New York Times.
Going by pressure &#8211; which is another measure of a storm&#8217;s intensity, Milton is similar to Hurricane Wilma from the 2005 hurricane season that holds the record for the lowest pressure, the Times said.
The latest<a href="https://www.nhc.noaa.gov/text/refresh/MIATCPAT4+shtml/080541.shtml"> update</a> issued by the National Hurricane Center early Tuesday showed Milton weakening to a Category 4 storm with wind speed slowing to 155 mph. The hurricane was moving east at 9 mph and was located 585 miles southwest of Tampa.
Milton is expected to regain Category 5 strength Tuesday morning and maintain this strength through the day, CNN&#8217;s <a href="https://edition.cnn.com/weather/live-news/hurricane-milton-florida-10-08-24/index.html">update </a>showed. It would then fluctuate in intensity before making landfall on Wednesday as a Category 3 storm.
Certified Consulting Meteorologist and NBC 6 South Florida John Morales, while on air, was overwhelmed with emotion as he described the hurricane. &#8220;It&#8217;s just an incredible, incredible, incredible hurricane. It has dropped 50 millibars in 10 hours,&#8221; he said before pausing to suppress his emotion. &#8220;I apologize. This is just horrific,&#8221; he said. Sharing a video clip of this, CNN media analyst Brian Stelter said, &#8220;NBC6&#8217;s @JohnMoralesTV is the longest-tenured TV meteorologist in South Florida. When he gets this serious, this emotional, on the air, viewers pay attention.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">NBC6&#39;s <a href="https://twitter.com/JohnMoralesTV?ref_src=twsrc%5Etfw">@JohnMoralesTV</a> is the longest tenured TV meteorologist in south Florida. When he gets this serious, this emotional, on the air, viewers pay attention: <a href="https://t.co/iiECZ8KaHx">pic.twitter.com/iiECZ8KaHx</a>
&mdash; Brian Stelter (@brianstelter) <a href="https://twitter.com/brianstelter/status/1843362454321115138?ref_src=twsrc%5Etfw">October 7, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">See Also: <a href="https://www.benzinga.com/money/best-insurance-stocks">Best Insurance Stocks</a></figcaption></figure>
Florida&#8217;s Preparedness: The Sunshine State is on full alert with multiple teams coordinating to prepare ahead of Milton&#8217;s landfall. At a Monday briefing, Florida&#8217;s emergency management director, Kevin Guthrie called out to people to be prepared, ABC News <a href="https://abcnews.go.com/US/wireStory/ahead-hurricane-strike-floridians-plan-supply-kit-heed-114571554">said.</a> &#8220;If they have called an evacuation order, I beg you, I implore you to evacuate,&#8221; he reportedly said.
Jaime Hernandez, the emergency management director in Hollywood, Florida, reportedly asked people to be ready with a plan taking into account the changing forecasts, have an emergency kit and stay informed,
Writing on X, formerly Twitter, Florida Governor Ron DeSantis said, &#8220;Evacuations are underway, and we have suspended tolls and opened roadway shoulders to make it easier for Floridians to get to safety.&#8221; He directed people to take evacuate to pet-friendly shelters, special needs shelters, and other options that are safe from storm surges in their own counties.
Stocks To Keep Eye On: 
Insurers: Property and casualty insurance stocks have been under pressure since <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41145534/hurricane-helene-adds-to-most-active-quarter-for-power-outages-driving-back-up-gene">Hurricane Helene </a>that impacted Southeastern U.S. and they fell on Monday amid news concerning Milton. These stocks could be once again on the radar in Tuesday&#8217;s session. These include:
<ul>
<li>Progressive Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>)</li>
<li>Chubb Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>)</li>
<li>Travelers Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>)</li>
<li>Allstate Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>)</li>
<li>Hartford Financial Services Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIG#NYSE">HIG</a>)</li>
<li>Markel Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKL#NYSE">MKL</a>)</li>
<li>Loews Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/L#NYSE">L</a>)</li>
</ul>
The steepest losses were recorded by Florida-based insurers such as Heritage Insurance Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRTG#NYSE">HRTG</a>) (down over 23%, American Coastal Insurance Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/acic#NASDAQ">ACIC</a>) (down over 15%), and HCI Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HCI#NYSE">HCI</a>) (down over 17%).
Given the 2024 hurricane season has been very active, insurers would be left saddled with catastrophe-related claims, which will weigh down on their margins and bottom line.
Phosphate Miners: Phosphate mining stocks such as Mosaic Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MOS#NYSE">MOS</a>) could be on the radar during a natural disaster. Florida&#8217;s phosphate industry is one of the major suppliers of the mineral internationally, and the U.S. ranks third in terms of phosphate production, after China and Morocco. In the U.S., phosphate mining takes place in Florida, North Carolina, Idaho and Utah, <a href="https://fipr.floridapoly.edu/about-us/phosphate-primer/other-phosphate-deposits.php#:~:text=Currently%20U.S.%20phosphate%20mining%20takes,it%20was%20not%20economically%20practical.">according</a> to the Florida Industrial and Phosphate Research Institute, FIPRI.
The phosphate mineral is a source of phosphorous, a key nutrient for plant growth.
Florida's phosphate is part of a deposit that stretches across the state and up the coast to the Chesapeake Bay.&nbsp;
Florida Phosphate Council <a href="https://floridaphosphate.com/our-industry/">states</a> that the phosphate industry in the state is a major economic driver and supports nearly 8,400 direct jobs. The industry accounts for an estimated $5.03 billion in annual economic output.
Josh Linville, Director of Fertilizer at integrated trading platform StoneX, said the phosphate market could be hurt. In an X post, he said, &#8220;FL is built to withstand hurricanes&#8230;to an extent. This looks bad. This looks really bad,&#8221; he said.
Even if production facilities withstand major damage, they need workers to run the plants, he added.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/phosphate?src=hash&amp;ref_src=twsrc%5Etfw">#phosphate</a> market, this could hurt. FL is built to withstand hurricanes&#8230;to an extent. This looks bad. This looks really bad. Even if production facilities do not withstand major damage, they need workers to run the plants&#8230;and homesteads may not fare as well. <a href="https://t.co/Qyutb60L95">pic.twitter.com/Qyutb60L95</a>
&mdash; Josh Linville (@JLinvilleFert) <a href="https://twitter.com/JLinvilleFert/status/1843302894009036810?ref_src=twsrc%5Etfw">October 7, 2024</a></blockquote>
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</figure>
Alico, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALCO#NASDAQ">ALCO</a>), which is a Florida-based agribusiness and land management company, also saw its shares sink over 8% on Monday. This stock was <a href="https://cupofcoffeecapital.substack.com/p/trade-idea-alert">flagged </a>by a substack writer who issues trading alerts. 
Potential Beneficiaries: Shares of Generac Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GNRC#NYSE">GNRC</a>), a manufacturer of generators, soared on Monday, potentially due to surging demand for its products in the aftermath of the hurricane.
Batteries are also in great demand during hurricanes, with household battery manufacturers such as Energizer Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENR#NYSE">ENR</a>) reaping windfall.
Once the hurricane subsides and life returns to normalcy, the havoc caused by it can stimulate reconstruction demand, with home-improvement retailers Home Depot, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>) and Lowe&#8217;s Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOW#NYSE">LOW</a>) among the potential beneficiaries.
Building products and equipment companies such as Masco Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAS#NYSE">MAS</a>) and used-car retailers such as Carvana Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVNA#NYSE">CVNA</a>) and Carmax Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NYSE">KMX</a>) also stand to gain.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41216625/generac-stock-powers-up-ahead-of-hurricane-milton">Generac Stock Powers Up Ahead Of Hurricane Milton</a></li>
</ul>
Photo via Shutterstock

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As Florida Prepares For One Of Deadliest Hurricanes, Here Are Some Potential Stock Winners And Losers From Milton Threat

Progressive Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) shares are trading lower by 4.4% to $244.06 Monday afternoon. Shares of insurance companies are trading lower while Floridians <a href="https://www.benzinga.com/markets/equities/24/10/41209505/hurricane-milton-is-floridas-second-storm-in-two-weeks-how-disney-theme-parks-insurance-companie">experience evacuation orders</a> as Category 5 Hurricane Milton approaches the state. The region is still recovering from damage due to Hurricane Helene.
What To Know: The potential for back-to-back hurricanes in such a short time span has raised concerns over escalating insurance claims, which could significantly impact Progressive's financial performance in the upcoming quarter.
As one of the largest auto insurers in the U.S., Progressive has exposure to weather conditinos in Florida. The company offers a range of policies, including automobile, homeowner, and commercial insurance.
What Else: <a href="https://www.benzinga.com/general/entertainment/24/10/41214476/will-kamala-harriss-media-blitz-including-60-minutes-and-call-her-daddy-improve-her-2024-el">Will Kamala Harris&#8217;s Media Blitz, Including &#8217;60 Minutes&#8217; And &#8216;Call Her Daddy,&#8217; Improve Her 2024 Election Prospects?</a>
With Hurricane Milton forecasted to make landfall as a Category 4 or 5 storm, the potential for widespread damage—including flooding, wind damage and storm surge—has investors worried about the number of claims that could emerge. 
Milton&#8217;s size and trajectory suggest it could cause even more destruction than Helene, threatening property, infrastructure, and vehicles across a large portion of Florida.
What Else: Progressive, which has been a strong performer in the property and casualty insurance sector, faces the risk of a surge in auto claims. Florida is a key market for the company, and major hurricanes typically result in substantial damage to vehicles due to flooding and flying debris.
In the wake of Milton, Progressive may see a significant uptick in claims related to auto damage and wrecked vehicles, as well as property claims from homeowners affected by the storm.
Read Also: <a href="https://www.benzinga.com/markets/equities/24/10/41213960/stocks-slip-as-oil-prices-surge-10-year-yields-cross-4-energy-sector-outperforms-whats-driving-m">Stocks Slip As Oil Prices Climb, 10-Year Yields Cross 4%; Energy Sector Outperforms: What&#8217;s Driving Markets Monday?</a>
When Hurricane Helene hit less than two weeks ago, initial assessments suggested that insurance losses would be manageable. However, with Milton now expected to hit harder and affect a broader area, Progressive could be bracing for much higher claim volumes than originally anticipated. 
The combination of claims from both storms could place significant pressure on the company&#8217;s underwriting profitability for the remainder of the year.
<h2 class="wp-block-heading">How To Buy PGR Stock</h2>
Besides going to a brokerage platform to purchase a share &#8211; or fractional share &#8211; of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument. 
For example, in Progressive&#8217;s case, it is in the Financials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
According to data from&nbsp;<a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, PGR has a 52-week high of $260.46 and a 52-week low of $141.84.

Why Progressive (PGR) Shares Are Falling

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Shares of insurance companies are trading lower while Floridians experience evacuation orders as Category 5 Hurricane Milton approaches the state. The region is still recovering from damage due to Hurricane Helene.

Wells Fargo analyst Elyse Greenspan maintained a Buy rating on Progressive (PGR – Research Report) today and set a price target of $297.00. The com...

Wells Fargo Keeps Their Buy Rating on Progressive (PGR)

Analyst Bob Huang from Morgan Stanley maintained a Buy rating on Progressive (PGR – Research Report) and keeping the price target at $300.00. Bob H...

Progressive's Resilience and Growth Potential Justify Buy Rating Amidst Challenges

Progressive Is A Buy On Its Justified Valuation

Barclays analyst Alex Scott maintained a Hold rating on Progressive (PGR – Research Report) today and set a price target of $267.00. The company's ...

Progressive (PGR) Receives a Hold from Barclays

Analyst Joshua Shanker of Bank of America Securities reiterated a Buy rating on Progressive (PGR – Research Report), boosting the price target to $...

Progressive's Strong Policy Growth and Underwriting Margins Justify Buy Rating

Verisk estimates Milton insured losses at up to $50B, exceeding Helen's tally

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Financials and Industrials passed 30% 52-week highs simultaneously

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Press Releases

Progressive Reports June 2024 Results

Progressive Insurance® Celebrates the 'Summer of Dr. Rick' - Releasing New Campaigns for Handling Social Norms and Traveling Faux Pas

Progressive Announces Investor Relations Event

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Progressive Announces Quarterly Common Share Dividend

Progressive Reports July 2024 Results

Progressive Insurance® Introduces Purpose-Driven Strategy and Initiatives to Help People Move Forward and Live Fully

Progressive Insurance®, Hello Alice Award $1 Million to Small Business Owners

Progressive Reports August 2024 Results

U.S. Marine Corp Veteran to Receive 2022 Freightliner Cascadia truck from Progressive Insurance®

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