In a report released today, Elyse Greenspan from Wells Fargo maintained a Hold rating on Progressive (PGR), with a price target of $78. The company’s shares closed last Monday at $72.70.
Greenspan commented:
“We lower our 2019 EPS estimate to $5.45 from $5.50 to reflect the EPS miss and less favorable underlying estimates. We also lower our 2020 and 2021 EPS estimates to $5.60 and $6.00 from $5.70 and $6.10, respectively, which reflects lower underlying margin estimates. We are lowering our price target to $78 from $81. The shares should underperform today given PGR’s EPS miss and weaker underlying margin.”
According to TipRanks.com, Greenspan is a 4-star analyst with an average return of 5.9% and a 63.9% 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 Strong Buy with an average price target of $88.29.
See today’s analyst top recommended stocks >>
Based on Progressive’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $979 million. In comparison, last year the company had a net profit of $704 million.
Based on the recent corporate insider activity of 108 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PGR in relation to earlier this year.
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.
