Wells Fargo analyst Elyse Greenspan maintained a Hold rating on Progressive (PGR) today and set a price target of $73. The company’s shares opened today at $70.
Greenspan wrote:
“We are seeing a slowing of rate increases in the personal auto sector and others are joining PGR in the push for growth. As PGR pushes for growth and less rate, and as favorable frequency trends reverse (and severity rises), PGR should see some margin volatility and see the shares fairly valued at current levels. $ 2018A 2019E 2020E EPS Curr. Curr.”
According to TipRanks.com, Greenspan is a 3-star analyst with an average return of 2.9% and a 58.5% success rate. Greenspan covers the Financial sector, focusing on stocks such as American International Group, Marsh & Mclennan Companies, and AXA Equitable Holdings Inc.
Currently, the analyst consensus on Progressive is a Moderate Buy with an average price target of $72.86, a 4.1% upside from current levels. In a report released today, Citigroup also maintained a Hold rating on the stock with a $71 price target.
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Progressive’s market cap is currently $40.41B and has a P/E ratio of 13.97. The company has a Price to Book ratio of 3.56.
Based on the recent corporate insider activity of 93 insiders, corporate insider sentiment is neutral 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.
