Progressive Corp. (NYSE: PGR)‘s stock had its “neutral” rating reaffirmed by Zacks in a report released on Friday, ARN reports. They currently have a $27.00 price target on the stock. Zacks‘ target price suggests a potential upside of 3.97% from the stock’s previous close.
Zacks‘ analyst wrote, “Progressive’s second quarter earnings of $0.54 per share surpassed the Zacks Consensus Estimate as well as year ago earnings on higher premiums. Net premium written as well as earned improved year over year. Progressive’s operating earnings and premiums’ growth as well as debt-to-total capital ratio reflect overall constant improvement. Policies in force also remained healthy with only June Agency Auto declining slightly sequentially. Total expenses continue to exhibit increasing trend. The company is poised to benefit from impressive operating performances and its market leading position. Although, the Commercial Auto business is recording year-over-year growth during the past few months, growth could be challenging owing to increasing competition and a soft economic situation. We retain our Neutral recommendation. “
Progressive Corp. (NYSE: PGR) opened at 25.97 on Friday. Progressive Corp. has a 1-year low of $19.17 and a 1-year high of $26.54. The stock’s 50-day moving average is currently $25.21. The company has a market cap of $15.592 billion and a price-to-earnings ratio of 13.60.
Progressive Corp. (NYSE: PGR) last released its earnings data on Thursday, July 11th. The company reported $0.54 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.40 by $0.14. The company had revenue of $4.39 billion for the quarter, compared to the consensus estimate of $4.38 billion. During the same quarter in the previous year, the company posted $0.19 earnings per share. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. On average, analysts predict that Progressive Corp. will post $1.56 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at RBC Capital reiterated a “sector perform” rating on shares of Progressive Corp. in a research note to investors on Thursday. They now have a $26.00 price target on the stock. Separately, analysts at Sanford C. Bernstein reiterated an “outperform” rating on shares of Progressive Corp. in a research note to investors on Tuesday, July 9th. They now have a $27.00 price target on the stock. Finally, analysts at Nomura initiated coverage on shares of Progressive Corp. in a research note to investors on Wednesday, June 5th. They set a “reduce” rating and a $20.00 price target on the stock.
Eight investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $23.79.
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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