Latest news with #Ohio-based
Yahoo
13 hours ago
- Business
- Yahoo
Is Cincinnati Financial Stock Outperforming the Nasdaq?
With a market cap of $22.8 billion, Cincinnati Financial Corporation (CINF) is a provider of property and casualty insurance products across the United States. The company operates through five main segments: Commercial Lines Insurance, Personal Lines Insurance, Excess and Surplus Lines Insurance, Life Insurance, and Investments. Companies valued at more than $10 billion are generally considered 'large-cap' stocks, and Cincinnati Financial fits this criterion perfectly. Its operations are supported by multiple subsidiaries, including The Cincinnati Insurance Company and its affiliates, offering a wide range of insurance and investment services. Is Palantir Stock Poised to Surge Amidst the Israel-Iran Conflict? 'It Has No Utility': Warren Buffett Doesn't Care How High Gold Goes, He Isn't a Buyer OpenAI CEO Sam Altman Says 'We Are Heading Towards a World Where AI Will Just Have Unbelievable Context on Your Life' Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. Despite this, shares of the Fairfield, Ohio-based company have declined 9.9% from its 52-week high of $161.74. CINF stock has increased marginally over the past three months, lagging behind the Nasdaq Composite's ($NASX) 11.7% rise over the same time frame. In the longer term, CINF stock is up 1.4% on a YTD basis, slightly outperforming NASX's 1.2% gain. Moreover, shares of the Insurance firm have soared 28.2% over the past 52 weeks, compared to NASX's 9.4% return over the same time frame. The stock has climbed above its 50-day and 200-day moving averages since May. Despite reporting weaker-than-expected Q1 2025 adjusted revenue of $2.6 billion on Apr. 28, shares of CINF rose 2.9% the next day as the company reported a smaller-than-expected adjusted loss of $0.24 per share. Investors were encouraged by strong core performance, with a 13% increase in earned premiums and a 9% growth in its core commercial lines segment. In comparison, rival Loews Corporation (L) has lagged behind CINF stock over the past 52 weeks, gaining 15.9%. However, Loews stock has risen 4.3% on a YTD basis, outpacing CINF's performance. Despite the stock's strong performance over the past year, analysts remain cautiously optimistic on CINF. The stock has a consensus rating of 'Moderate Buy' from nine analysts in coverage, and as of writing, CINF is trading below the mean price target of $152.83. On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
CNBC
16 hours ago
- Business
- CNBC
The flight patterns of private-jet setters are changing, says NetJets CEO
Market volatility and geopolitical tensions haven't slowed demand for private jets, although the travel patterns of the wealthy are changing, according to the president of NetJets. The summer travel season is shaping up to be another strong year for NetJets, with wealthy Americans traveling both within the U.S. and Europe, NetJets President Patrick Gallagher told CNBC. "In terms of what we see in future demand, there's really been no signs of slowdown, even in this period of market volatility and uncertainty and tariff concerns," Gallagher said. "We watch all the leading indicators very closely: How much are our existing customers flying? Are they giving us less notice to book a flight? Or are they still booking with normal travel patterns? Are they going to different places? Is travel to Europe this summer down compared to last year? So far, we have not seen any indicators of our business, at least at NetJets, really slowing down." Gallagher said he is seeing a slowdown in Europeans booking NetJets to come to the U.S. He said the "sales cycles got a little longer," in the spring, as tariff concerns peaked. It's also too early to tell whether the Middle East conflict will impact travel. Yet on the whole, the economic and market turbulences of April and May have quickly subsided and set the stage for a strong summer and fall. While overall private jet demand has cooled slightly since the Covid-era peak, it remains well above 2019 levels. According to Private Jet Card Comparisons , the U.S. saw over 3 million private jet flights in 2024, down from 3.1 in 2023, marking a 1% decline. NetJets, with its unrivaled safety record and successful model of selling fractional shares of planes, remains the overwhelmingly dominant leader. The Columbus, Ohio-based company, owned by Berkshire Hathaway, completed over 500,000 flights last year with 13,600 owners, Gallagher said. The company's 1,100 aircraft would make it one of the nation's largest airlines measured by fleet and it's used by 40% of the Fortune 500 companies. NetJets purchased 90 new planes last year and expects a similar number in 2026, Gallagher said. In an exclusive interview with CNBC, Gallagher mapped out the changing migration patterns of NetJets clients, the surprising menu choices of flyers, and the rare quality the company looks for in pilots. You can watch the full video here , but here are some highlights: Wealth migration "We've seen a migration to the Sun Belt, not just at NetJets, but across the high-net-worth space. With that, we've seen less seasonality in places like Palm Beach, and Naples, Florida, or Scottsdale, [Arizona], which are becoming very busy year-round. You see less of that, that up and down demand. We've seen increases in places like Austin, Texas; Nashville; Columbus, Ohio. All those cities have grown a lot in recent years and climb the ladder in terms of where they stack rank by demand. Meanwhile, we've seen LA lose ground from a traffic perspective. We've seen San Diego lose traffic." The Bay area is probably "our area of greatest market share measured by the percentage of flights of business jets departing. Particularly out of San Jose." Internationally, Gallagher said he sees continued strong demand for Americans headed to Europe or even flying within Europe. "One of the things people love about NetJets is I can own a share of an airplane here, and maybe I fly over commercially, but then I can use NetJets to hop around between Nice and London and wherever else I want to go while I'm there. And so that's a big advantage of our program, is giving people the ability to do that. We think we'll set new records there this summer." However, he said "we've definitely seen a change in Europeans flying in the U.S.," with slower traffic. "There has been a little bit of a reduction." On the growing demand for 'incognito flights' If you own your own plane, your tail number and location can be tracked and posted to social media by a growing number of online flight trackers. Elon Musk's planes, for instance, are frequently tracked on social media. Taylor Swift was called out last year for taking 98 flights on her Dassault Falcon 7x. With NetJets and charters, however, passengers remain anonymous so their movements can't be tracked. "We have clients that own their own airplanes and choose to use NetJets when they want to be able to fly incognito," Gallagher said. "NetJets provides that, that anonymity, because all anybody is ever going to see is that familiar NetJets striping on the aircraft, and they have no idea, no way to track who's on board." Most popular food order on private jet While some owners get delivery from their favorite restaurants or chefs, serving hot meals or fancy feasts on a private jet can be complicated, given the need to refrigerate and reheat food and keep it at safe temperatures. NetJetters often prefer to bring their own snacks from home or keep it basic. "The most common catering order on our plane is crudite," Gallagher said. "Or it's a charcuterie board, it's sliced fruit trays." With catering, NetJets has moved "towards simplicity and consistency so that we can ensure a consistent experience on board the aircraft," he said. "Catering is not as easy as you might think." The wine pairings, however, are expertly curated, since NetJets has a sommelier partnership with Andy Chabot at Blackberry Farm, the famed Tennessee foodie resort. The special quality NetJets looks for in pilots Gallagher said he think the company's pilots make a difference from a customer service standpoint, noting that "on the majority of our fleet, the smaller aircraft, the two pilots are doing everything for the customer on board that flight, and they're the best ambassadors we have to our brand." "It really starts with finding somebody who's got that service heart along with being a fantastic aviator," he added. "Fortunately, we've been very lucky to be able to find those people, and we enjoy great retention rates of our pilots." On the shortage of private jet hangers Just as the proliferation of mega-yachts has led to a shortage of mega-dock space, the rise of private jet fleets has created a hangar shortage. Just finding hangar space for NetJet's airplanes can be a challenge, Gallagher said. "At some of our busiest locations, we're actually having to deadhead aircraft out of those locations at night, just because there's no place to park them," he said. "And so, so we're actively pursuing a number of different real estate projects all over the country — frankly, all over the world — to ensure that we have the ability to move where we need to move, and can control as much ramp and hangar space as we can through our partners." On sustainability Gallagher also talked about carbon concerns. "NetJets is the largest consumer of sustainable aviation fuel within our industry, and frankly, relative to the overall minute portion of overall jet fuel that we consume," he said. "We also offer carbon offset programs to our customers, so they can choose to buy those if they wish." On jet-setting pets High-net-worth flyers aren't the only passengers on NetJet's planes. "We flew 25,000 or so pets last year, and that's, that's a big driver of why people choose to fly NetJets," Gallagher said. While it's mostly dogs and cats, "we've flown parrots. We've flown pot-bellied pigs," he noted.
Axios
2 days ago
- Business
- Axios
Tampa Bay Rays in talks to sell team
The Tampa Bay Rays are in discussions to sell the team, officials confirmed in a statement Wednesday. Why it matters: The potential sale raises more questions about the future of the team just a few months after plans to build a new stadium in downtown St. Petersburg fell apart. State of play: The discussions, first reported by Sportico, are with a group led by Patrick Zalupski, a Jacksonville home builder; Ken Babby, who owns the Jacksonville Jumbo Shrimp minor league baseball team; and Bill Cosgrove, the CEO of an Ohio-based mortgage firm. Unnamed "prominent Tampa Bay investors" are also part of the group, per the Rays' statement. "Neither the Rays nor the group will have further comment during the discussions," it goes on to say. The intrigue: The potential deal values the team at $1.7 billion, per the Sportico report. The sports business news outlet also reported that Zalupski had signed a letter of intent to buy the team. Current owner Stuart Sternberg bought the team in 2004 for $200 million. Between the lines: The stadium plan's unraveling put Sternberg at odds with local elected officials, making the odds of a deal revival appear slim to none.
Yahoo
3 days ago
- Automotive
- Yahoo
Progressive Reports May 2025 Results
MAYFIELD VILLAGE, OHIO, June 18, 2025 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended May 31, 2025: May (millions, except per share amounts and ratios; unaudited) 2025 2024 Change Net premiums written $ 6,634 $ 5,975 11 % Net premiums earned $ 6,715 $ 5,857 15 % Net income $ 1,065 $ 235 353 % Per share available to common shareholders $ 1.81 $ 0.40 352 % Total pretax net realized gains (losses) on securities $ 211 $ 118 79 % Combined ratio 86.9 100.4 (13.5 ) pts. Average diluted equivalent common shares 587.7 587.4 0 % May 31, (thousands; unaudited) 2025 2024 % Change Policies in Force Personal Lines Agency – auto 10,341 8,869 17 Direct – auto 15,089 12,383 22 Special lines 6,787 6,248 9 Property 3,601 3,305 9 Total Personal Lines 35,818 30,805 16 Commercial Lines 1,184 1,114 6 Companywide 37,002 31,919 16 See Progressive's complete monthly earnings release, including the 'Monthly Commentary,' for additional information. About Progressive Progressive Insurance® makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. Progressive offers choices so consumers can reach us however it's most convenient for them — online at by phone at 1-800-PROGRESSIVE, via the Progressive mobile app, or in-person with a local agent. Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the second largest personal auto insurer in the country, a leading seller of commercial auto, motorcycle, and boat insurance, and one of the top 15 homeowners insurance carriers. Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®. The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE: PGR. Company Contact: Douglas S. Constantine(440) 395-3707investor_relations@ The Progressive Corporation 300 North Commons Village, Ohio 44143http:// Download PDF: Progressive May 2025 Complete Earnings ReleaseError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Fort Washington Increases Stake in The Procter & Gamble Company (PG)
The Procter & Gamble Company (NYSE:PG) is among the best bear market stocks to buy according to analysts. Fort Washington Investment Advisors Inc. OH has increased its stake in The Procter & Gamble Company (NYSE:PG) by 1% during the first quarter. As disclosed to the Securities and Exchange Commission (SEC), the institutional investor acquired an additional 4,493 shares, bringing the total to 464,529 shares of PG. The strength of The Procter & Gamble Company (NYSE:PG) was also highlighted in a recent interview of Nik Modi, Managing Director and Global Co-Head of Consumer Research at RBC Capital Markets, with BNN Bloomberg to analyse defensive stocks. As he says, 'PG stock is best in class management.' Copyright: jetcityimage / 123RF Stock Photo In a recent development, the two popular brands of The Procter & Gamble Company (NYSE:PG), Olay and Secret, are launching what these summers call for the most: the Summer Fizz Scent collection. This limited-edition range covers serum-infused body washes from Olay and clinical-strength antiperspirants from Secret. Together, they refresh and nourish, and are known to be the 'daily dose of paradise.' We are already aware that strict measures call for increasing pressure to cut costs. Amid the economic uncertainty during Trump's tenure, Procter & Gamble Company (NYSE:PG) has announced plans to lay off as many as 7,000 workers over the next two years in response to its broad cost-reduction strategy. The Procter & Gamble Company (NYSE:PG) is an Ohio-based consumer goods company with five main segments: Beauty, Grooming, Health Care, Fabric & Home Care, and Baby, Feminine & Family Care. Founded in 1837, the company has a significant market presence in around 180 countries. While we acknowledge the potential of PG as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None. Sign in to access your portfolio
