Progressive Corporation (The) (PGR) : Analyst Rating Update

Progressive Corporation (The) (PGR) : The consensus on Progressive Corporation (The) (PGR) based on 16 analyst recommendation on the company stock is 2.71, which is interpreted as a Hold recommendation. Zacks Investment Research has issued a rank of 3 which endorses a Hold on the stock. However, 4 brokers have a differing view as they consider the stock to be a Strong Buy at current levels. 1 analyst believes that the stock is a Buy, which can produce decent returns in the future. 8 experts consider that the stocks earnings and the quoted price is in harmony, hence, they give it a Hold rating. 2 analyst sees the stock overvalued at current levels and advises a Strong Sell on the stock. 1 analyst also believes that the downside risk to the stock is higher and suggests a Sell on Progressive Corporation (The) (PGR).

Progressive Corporation (The) (PGR) : The highest level Progressive Corporation (The) (PGR) is projected to reach is $36 for the short term and the lowest estimate is at $27. The consolidated price target from 11 rating analysts who initiate coverage on the stock is $31.64 and the possibility the share price can swing is $3.26.

Progressive Corporation (The) (NYSE:PGR): During Wednesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $32.97 and $32.86 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $33.14. The buying momentum continued till the end and the stock did not give up its gains. It closed at $33.11, notching a gain of 0.24% for the day. The total traded volume was 2,196,009 . The stock had closed at $33.03 on the previous day.

Also, In a research note released to the investors, Citigroup downgrades its rating on Progressive Corporation (The) (NYSE:PGR).The analysts at the brokerage house have a current rating of Sell on the shares. Earlier, the shares were rated a Neutral by the brokerage firm. In a recent information released to the investors, Citigroup lowers the new price target from $36 per share to $31 per share. The rating by the firm was issued on June 2, 2016. The company shares have rallied 15.01% from its 1 Year high price. On Apr 4, 2016, the shares registered one year high at $35.54 and the one year low was seen on Aug 24, 2015. The 50-Day Moving Average price is $32.62 and the 200 Day Moving Average price is recorded at $32.51.

The Progressive Corporation is an insurance holding company. The Companys insurance subsidiaries and mutual insurance company affiliate provide personal auto insurance, commercial auto and truck insurance principally for small businesses, and other specialty property-casualty insurance and related services. The Companys property-casualty insurance products protect its customers against losses due to collision and physical damage to their motor vehicles, uninsured and underinsured bodily injury, and liability to others for personal injury or property damage arising out of the use of those vehicles. Its non-insurance subsidiaries and limited partnership investment affiliate support its insurance and investment operations.

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