KBW Believes Progressive (NYSE: PGR) Still Has Room to Grow

By Jason Carr

KBW analyst Meyer Shields reiterated a Buy rating on Progressive (NYSE: PGR) yesterday and set a price target of $48. The company’s shares opened today at $41.39, close to its 52-week high of $41.58.

According to TipRanks.com, Shields is a 4-star analyst with an average return of 5.0% and a 68.5% success rate. Shields covers the Financial sector, focusing on stocks such as Argo Group International Holdings Ltd, American International Group, and Heritage Insurance Holdings.

Progressive has an analyst consensus of Hold, with a price target consensus of $40.

Based on Progressive’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $6.32 billion and quarterly net profit of $424 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. It operates through the following segments: Personal Lines, Commercial Lines, Property, and Other Indemnity. The Personal Lines segment offers 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. The Property segment covers residential property insurance for homeowners, other property owners, and renters. The Other Indemnity segment manages run-off businesses. The company was founded in 1965 and is headquartered in Mayfield Village, OH.