Wells Fargo Reiterates a Hold Rating on Progressive

By Austin Angelo

In a report released today, Elyse Greenspan from Wells Fargo reiterated a Hold rating on Progressive (NYSE: PGR). The company’s shares opened today at $39.20.

According to TipRanks.com, Greenspan is a 2-star analyst with an average return of 3.4% and a 41.7% success rate. Greenspan covers the Financial sector, focusing on stocks such as American International Group, Marsh & Mclennan Companies, and Renaissancere Holdings Ltd.

Currently, the analyst consensus on Progressive is Hold and the average price target is $34.67, representing a -11.6% downside.

In a report issued on April 3, FBR Capital also reiterated a Hold rating on the stock with a $35 price target.

Based on Progressive’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $6.15 billion and quarterly net profit of $383 million. In comparison, last year the company earned revenue of $5.55 billion and had a net profit of $258 million.

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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.