Progressive Gets a Hold Rating from Wells Fargo

In a report released today, Elyse Greenspan from Wells Fargo maintained a Hold rating on Progressive (NYSE: PGR), with a price target of $64. The company’s shares opened today at $62.10, close to its 52-week high of $62.99.

Greenspan observed:

“We believe we are seeing a plateauing of rate increases across the personal auto sector and we believe others will join PGR in the push for growth. As PGR pushes for more growth and less rate, we believe PGR should see some margin volatility and believe the shares are fairly valued at current levels. $ 2017A 2018E 2019E EPS Curr. Curr.”

According to TipRanks.com, Greenspan is a 3-star analyst with an average return of 4.6% and a 52.1% success rate. Greenspan covers the Financial sector, focusing on stocks such as American International Group, Renaissancere Holdings Ltd, and Marsh & Mclennan Companies.

Progressive has an analyst consensus of Moderate Buy, with a price target consensus of $63.33.

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The company has a one-year high of $62.99 and a one-year low of $38.75. Currently, Progressive has an average volume of 2.92M.

Based on the recent corporate insider activity of 74 insiders, corporate insider sentiment is negative on the stock.

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.

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