Barclays Maintains an 'Overweight' on Progressive Corp (PGR); 3Q11 Conference Call Takeaways
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Price: $219.28 -0.48%
Rating Summary:
14 Buy, 21 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
14 Buy, 21 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barclays maintains an 'Overweight' on Progressive Corp. (NYSE: PGR) price target of $23.00.
Barclays analyst says, "PGR expects auto insurance rates to continue to rise as the benefit from benign loss cost trends appears to be slowing. Loss frequency trends, which have been declining over time, appear to be flattening driven by bodily injury. Severity loss cost trends also appear to be modestly increasing. Physical damage and collision severity trends are increasing 2.5%-5% and bodily injury severity is increasing about 3%. On a positive note, PGR is seeing improved profitability in FL, NY and NJ, which were previously challenging states."
"Our sense is elevated gas prices and less miles driven in a sluggish economic recovery could prevent meaningful increases in frequency trends. Miles driven declined slightly so far in 2011 reflecting a sluggish economic recovery. Also, demand for gasoline, which is an indicator for miles driven, fell 2.8% so far in 2011."
For an analyst ratings summary and ratings history on Progressive Corp. click here. For more ratings news on Progressive Corp. click here.
Shares of Progressive Corp. closed at $19.24 yesterday.
Barclays analyst says, "PGR expects auto insurance rates to continue to rise as the benefit from benign loss cost trends appears to be slowing. Loss frequency trends, which have been declining over time, appear to be flattening driven by bodily injury. Severity loss cost trends also appear to be modestly increasing. Physical damage and collision severity trends are increasing 2.5%-5% and bodily injury severity is increasing about 3%. On a positive note, PGR is seeing improved profitability in FL, NY and NJ, which were previously challenging states."
"Our sense is elevated gas prices and less miles driven in a sluggish economic recovery could prevent meaningful increases in frequency trends. Miles driven declined slightly so far in 2011 reflecting a sluggish economic recovery. Also, demand for gasoline, which is an indicator for miles driven, fell 2.8% so far in 2011."
For an analyst ratings summary and ratings history on Progressive Corp. click here. For more ratings news on Progressive Corp. click here.
Shares of Progressive Corp. closed at $19.24 yesterday.
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