Bank of America Securities Reaffirms Their Buy Rating on Progressive (PGR)

Bank of America Securities analyst Joshua Shanker maintained a Buy rating on Progressive (PGR – Research Report) today. The company’s shares opened today at $203.95.

According to TipRanks, Shanker is a 5-star analyst with an average return of 9.5% and a 62.89% success rate. Shanker covers the Financial sector, focusing on stocks such as Progressive, Allstate, and American International Group.

Currently, the analyst consensus on Progressive is a Moderate Buy with an average price target of $211.47, which is a 3.69% upside from current levels. In a report released on April 8, J.P. Morgan also maintained a Buy rating on the stock with a $202.00 price target.

Based on Progressive’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $16.89 billion and a net profit of $1.99 billion. In comparison, last year the company earned a revenue of $13.47 billion and had a net profit of $826.4 million

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Progressive (PGR) Company Description:

The Progressive Corporation is one of the leading auto insurers in the United States. The company also offers residential property insurance, reinsurance, and other specialty property-casualty insurance and related services. Its Personal Lines business unit covers insurance for personal automobiles, recreational and other vehicles. Under the Commercial Lines division, Progressive writes primary liability and physical damage insurance for automobiles owned by small businesses. Its Property segment offers residential property insurance for homeowners, renters and other property owners.