Progressive Corp. Given “Neutral” Rating at Zacks (PGR)
Progressive Corp. (NYSE:PGR)‘s stock had its “neutral” rating reaffirmed by Zacks in a research report issued to clients and investors on Tuesday, Analyst Ratings News reports. They currently have a $27.00 price objective on the stock. Zacks‘ target price would suggest a potential upside of 5.06% from the company’s current price.
Zacks‘ analyst wrote, “Progressive is poised to benefit from impressive operating performances and its market leading position. October and November results also raises optimism for modestly higher earnings in the fourth quarter. Increased policies in force within the personal auto, special lines and personal lines insurance business continues to drive net premiums earned. Its third quarter earnings of $0.39 per share surpassed the Zacks Consensus Estimate but declined 16% year over year. Progressive’s operating earnings and premiums’ growth as well as debt-to-total capital ratio reflects an overall constant improvement. Policies in force also remained healthy. However, total expenses continue to exhibit an increasing trend. Going forward, growth could be challenging owing to an increase in competition and a soft economic situation. We therefore retain our Neutral recommendation. “
Shares of Progressive Corp. (NYSE:PGR) traded up 1.50% during mid-day trading on Tuesday, hitting $26.085. 2,844,924 shares of the company’s stock traded hands. Progressive Corp. has a 52-week low of $21.92 and a 52-week high of $28.54. The stock has a 50-day moving average of $26.9 and a 200-day moving average of $26.41. The company has a market cap of $15.651 billion and a price-to-earnings ratio of 13.97.
The company also recently declared a special dividend, which is scheduled for Friday, February 7th. Stockholders of record on Wednesday, January 29th will be given a dividend of 1.00 per share. This represents a yield of 1.07%. The ex-dividend date of this dividend is Monday, January 27th.
Other equities research analysts have also recently issued reports about the stock. Analysts at Nomura reiterated a “reduce” rating on shares of Progressive Corp. in a research note to investors on Thursday, December 12th. They now have a $21.00 price target on the stock, up previously from $20.00. Separately, analysts at Goldman Sachs Group Inc. upgraded shares of Progressive Corp. from a “sell” rating to a “neutral” rating in a research note to investors on Monday, December 2nd. Finally, analysts at Deutsche Bank reiterated a “sell” rating on shares of Progressive Corp. in a research note to investors on Wednesday, November 13th. They now have a $22.00 price target on the stock. Six research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company’s stock. Progressive Corp. has an average rating of “Hold” and a consensus target price of $24.60.
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.
To view Zacks’ full report, visit www.zacks.com
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