Wells Fargo Maintains a Hold Rating on Progressive (PGR)


Wells Fargo analyst Elyse Greenspan maintained a Hold rating on Progressive (PGR) today and set a price target of $81. The company’s shares opened today at $82, close to its 52-week high of $84.96.

Greenspan wrote:

“We are lowering our 2019 EPS estimate to $5.45 from $5.50, reflecting the earnings miss, and we are maintaining our 2020 and 2021 EPS estimates of $5.75 and $6.10, respectively. Our price target is unchanged at $81. The shares should underperform today due to the earnings miss and lower premium and PIF growth.”

According to TipRanks.com, Greenspan is a 4-star analyst with an average return of 7.0% and a 67.4% success rate. Greenspan covers the Financial sector, focusing on stocks such as American International Group, Marsh & Mclennan Companies, and Renaissancere Holdings Ltd.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Progressive with a $81.43 average price target.

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Based on Progressive’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $1.08 billion. In comparison, last year the company had a net profit of $704 million.

Based on the recent corporate insider activity of 104 insiders, corporate insider sentiment is negative 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.

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