Analysts have been eager to weigh in on the Financial sector with new ratings on Progressive (PGR) and One Liberty Properties (OLP).
Progressive (PGR)
In a report released yesterday, Randy Binner from B.Riley FBR reiterated a Buy rating on Progressive, with a price target of $96. The company’s shares closed last Monday at $75.58.
Binner commented:
“Progressive (PGR-Buy, $96 PT) reported July operating EPS of $0.54, versus our estimate of $0.47. PGR’s July loss pick was in line while cat loss and expenses beat. Top-line again grew double digits. Net premiums written (NPW) growth in the month was in line with our +12.0% estimate. The reported underlying loss ratio (ex-cat and PYD) came in line at 68.7% in July, versus our 69.0% estimate. Cat losses were lower than expected at ~$25M versus our $68M and prior-year development (PYD) of $21M was worse than our forecast of no development. The 20.2% expense ratio for the month was better than our estimate at 20.8%. Net investment income for July was in line at $88M. Given these results, we expect a favorable investor reaction. With PGR trading at ~30% of its 3-and 5-year P/E range, we maintain our Buy rating.”
According to TipRanks.com, Binner is a 5-star analyst with an average return of 11.4% and a 61.6% success rate. Binner covers the Financial sector, focusing on stocks such as Colony Credit Real Estate Inc, Health Insurance Innovations, and Victory Capital Holdings Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Progressive with a $86.14 average price target.
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One Liberty Properties (OLP)
B.Riley FBR analyst Craig Kucera maintained a Hold rating on One Liberty Properties today and set a price target of $29. The company’s shares closed last Monday at $27.91.
Kucera commented:
“We are reducing our 2019 and 2020 estimates for OLP post 2Q19 results (8/7/19) which were $0.03 short of our expectations given continued credit challenges at several properties as well as an additional tenant vacancy announced subsequent to quarter end, with our 2019 FFO declining from $1.94 to $1.85 and our 2020 falling from $1.96 to $1.85. OLP continues to recycle capital effectively, typically selling retail-tenanted or office assets and reinvesting proceeds into class-B industrial located in secondary markets; however, overall balance sheet growth remains muted relative to peers while occupancy has declined 250 bps YOY .”
According to TipRanks.com, Kucera is a 4-star analyst with an average return of 5.4% and a 64.6% success rate. Kucera covers the Financial sector, focusing on stocks such as Monmouth Real Estate Investment, NexPoint Residential Trust Inc, and Consolidated-Tomoka Land Co.
The word on The Street in general, suggests a Hold analyst consensus rating for One Liberty Properties with a $29 average price target.
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