In a report released today, Elyse Greenspan from Wells Fargo maintained a Hold rating on Progressive (NYSE: PGR), with a price target of $64. The company’s shares opened today at $62.36, close to its 52-week high of $64.77.
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 60.4% success rate. Greenspan covers the Financial sector, focusing on stocks such as American International Group, Marsh & Mclennan Companies, and Renaissancere Holdings Ltd.
Currently, the analyst consensus on Progressive is a Moderate Buy with an average price target of $65.90, which is a 5.7% upside from current levels. In a report issued on August 7, B.Riley FBR also maintained a Hold rating on the stock with a $68 price target.
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Based on Progressive’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $704 million. In comparison, last year the company had a net profit of $368 million.
Based on the recent corporate insider activity of 88 insiders, corporate insider sentiment is negative on the stock.
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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.
