Wells Fargo Sticks to Their Hold Rating for Progressive (PGR)

In a report released today, Elyse Greenspan from Wells Fargo maintained a Hold rating on Progressive (PGR), with a price target of $85.00. The company’s shares closed last Wednesday at $77.24.

According to TipRanks.com, Greenspan is a 1-star analyst with an average return of -1.8% and a 50.0% success rate. Greenspan covers the Financial sector, focusing on stocks such as American International Group, Marsh & Mclennan Companies, and United Insurance Holdings.

Currently, the analyst consensus on Progressive is a Strong Buy with an average price target of $87.11.

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Based on Progressive’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $9.32 billion and net profit of $693 million. In comparison, last year the company earned revenue of $9.29 billion and had a net profit of $1.08 billion.

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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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