In a report released today, Elyse Greenspan from Wells Fargo maintained a Hold rating on Progressive (PGR), with a price target of $70. The company’s shares opened today at $62.90.
Greenspan commented:
“We are raising our price target to $70 from $67. PGR shares are trading up reflecting a better than expected underlying loss ratio and a pick-up in premium growth.”
According to TipRanks.com, Greenspan is a 3-star analyst with an average return of 1.5% and a 51.3% 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 $73.
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Progressive’s market cap is currently $36.9B and has a P/E ratio of 12.76. The company has a Price to Book ratio of 3.25.
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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.
