In a report released today, Charles Peters from Raymond James reiterated a Buy rating on Progressive (PGR), with a price target of $115.00. The company’s shares closed last Friday at $96.52, close to its 52-week high of $102.05.
According to TipRanks.com, Peters is a 5-star analyst with an average return of 8.9% and a 68.8% success rate. Peters covers the Financial sector, focusing on stocks such as American Equity Investment Life, Hallmark Financial Services, and Marsh & Mclennan Companies.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Progressive with a $97.91 average price target.
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Based on Progressive’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $3.11 billion and net profit of $231 million. In comparison, last year the company earned revenue of $9.52 billion and had a net profit of $842 million.
Based on the recent corporate insider activity of 84 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.
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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. The Personal Lines segment includes agency and direct businesses. The Commercial Lines segment writes primary liability and physical damage insurance for automobiles and trucks owned and operated predominately by small business in the auto, for-hire transportation, contractor, for-hire specialty, tow, and for-hire livery markets. The Property segment covers residential property insurance for homeowners, other property owners, and renters. The Other Indemnity segment manages run-off businesses. The company was founded in 1965 and is headquartered in Mayfield Village, OH.
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