Credit Suisse Reiterates a Sell Rating on ProgressiveBy Carrie Williams
“We would argue that before considerations of new business penalty, results have slipped some since the first few months of the year indicating that the baseline AY loss ratio headed into 2018 may be a half a point or so higher than the 75% underlying loss ratio has been running at YTD.”
According to TipRanks.com, Tunis is a 3-star analyst with an average return of 1.9% and a 57.5% success rate. Tunis covers the Financial sector, focusing on stocks such as American International Group, Marsh & Mclennan Companies, and Arthur J. Gallagher & Co.
Progressive has an analyst consensus of Hold, with a price target consensus of $34.25.
The company has a one year high of $35.54 and a one year low of $29.32. Currently, Progressive has an average volume of 2.87M.
Based on the recent corporate insider activity of 54 insiders, corporate insider sentiment is neutral on the stock. Most recently, in September 2016, Jeffrey Charney, the CMO of PGR sold 7,000 shares for a total of $227,500.
Progressive Corp. is specialized in insurance products primarily related to motor vehicles. It offers insurance solutions for personal and commercial property casualty. The company operates through the following segments: Personal Lines and Commercial Lines. The Personal Lines segment writes insurance for personal autos and recreational vehicles. The Commercial Lines segment writes primary liability and physical damage insurance for automobiles and trucks owned and operated predominately by small business in the business auto, for-hire transportation, contractor, for-hire specialty, and tow market. It also involved in other indemnity business including the run-off of professional liability insurance for community banks. Progressive was founded in 1965 and is headquartered in Mayfield Village, OH.