Progressive (PGR) Gets a Hold Rating from Wells Fargo

In a report released today, Elyse Greenspan from Wells Fargo maintained a Hold rating on Progressive (PGRResearch Report), with a price target of $81. The company’s shares opened today at $81.13, close to its 52-week high of $84.30.

Greenspan commented:

“We are maintaining our 2019 and 2020 EPS estimates of $5.50 and $5.75 and raising our 2021 estimate modestly to $6.10 from $6.00. Our price target is unchanged at $81. The shares underperformed today, which was likely driven by lower premium and PIF growth.”

According to TipRanks.com, Greenspan is a 4-star analyst with an average return of 6.0% and a 65.9% success rate. Greenspan covers the Financial sector, focusing on stocks such as American International Group, Marsh & Mclennan Companies, and Renaissancere Holdings Ltd.

Progressive has an analyst consensus of Moderate Buy, with a price target consensus of $81.80.

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The company has a one-year high of $84.30 and a one-year low of $56.71. Currently, Progressive has an average volume of 2.91M.

Based on the recent corporate insider activity of 103 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.