In a report released today, Elyse Greenspan from Wells Fargo assigned a Hold rating to Progressive (NYSE: PGR), with a price target of $64. The company’s shares opened today at $59.
Greenspan noted:
“We are seeing a slowing of rate increases in the personal auto sector and we believe others will join PGR in the push for growth. As PGR pushes for growth and less rate, and as favorable frequency trends reverse, we believe PGR should see some margin volatility and see the shares fairly valued at current levels $ 2017A 2018E 2019E EPS Curr. Curr.”
According to TipRanks.com, Greenspan is a 3-star analyst with an average return of 5.3% and a 65.1% success rate. Greenspan covers the Financial sector, focusing on stocks such as American International Group, Marsh & Mclennan Companies, and Renaissancere Holdings Ltd.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Progressive with a $66.50 average price target, representing a 12.7% upside. In a report issued on July 12, Citigroup also maintained a Hold rating on the stock with a $63 price target.
.
See today’s analyst top recommended stocks >>
The company has a one-year high of $64.77 and a one-year low of $43.59. Currently, Progressive has an average volume of 3.08M.
Based on the recent corporate insider activity of 85 insiders, corporate insider sentiment is negative on the stock.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, Property, and Other Indemnity.
