Progressive Corp. Rating Reiterated by Deutsche Bank (PGR)
Progressive Corp. (NYSE:PGR)‘s stock had its “sell” rating reiterated by analysts at Deutsche Bank in a research report issued to clients and investors on Friday, Stock Ratings Network.com reports. They currently have a $22.00 price objective on the stock, up from their previous price objective of $21.00. Deutsche Bank’s price objective indicates a potential downside of 18.34% from the stock’s previous close.
The analysts wrote, “Progressive reported September 2013 EPS of 10cts, albeit including -4cts of after-tax catastrophe losses per share. In total 3Q13 saw approximately 13cts per month of EPS before catastrophes, running below the 15-16cts run-rate enjoyed for the past year. We believe the lower returns are not an anomaly, but rather represent the beginning of a period of margin compression at Progressive. We maintain our Sell rating on shares of its stock.”
PGR has been the subject of a number of other recent research reports. Analysts at Credit Suisse raised their price target on shares of Progressive Corp. from $20.50 to $23.00 in a research note to investors on Thursday. They now have a “hold” rating on the stock. Separately, analysts at Raymond James downgraded shares of Progressive Corp. from a “strong-buy” rating to a “market perform” rating in a research note to investors on Monday. Finally, analysts at Barclays Capital downgraded shares of Progressive Corp. from an “equal weight” rating to an “underweight” rating in a research note to investors on Wednesday, October 2nd. Nine investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. Progressive Corp. presently has a consensus rating of “Hold” and an average target price of $23.91.
Shares of Progressive Corp. (NYSE:PGR) traded down 0.78% on Friday, hitting $26.73. The stock had a trading volume of 1,547,076 shares. Progressive Corp. has a 1-year low of $20.69 and a 1-year high of $27.55. The stock has a 50-day moving average of $26.31 and a 200-day moving average of $25.66. The company has a market cap of $16.048 billion and a price-to-earnings ratio of 14.10.
Progressive Corp. (NYSE:PGR) last announced its earnings results on Wednesday, October 9th. The company reported $0.39 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.36 by $0.03. During the same quarter in the prior year, the company posted $0.27 earnings per share. On average, analysts predict that Progressive Corp. will post $1.59 earnings per share for the current fiscal year.
The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and mutual insurance company affiliate provide personal and commercial automobile insurance and other specialty property-casualty insurance and related services.
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