Barclays Maintains an 'Equalweight' on Progressive Corp. (PGR); Investor Day Preview: Market Share Gains Expected to Continue
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Price: $213.48 +0.23%
Rating Summary:
16 Buy, 16 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 15 | Down: 11 | New: 13
Rating Summary:
16 Buy, 16 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 15 | Down: 11 | New: 13
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Barclays maintains an 'Equalweight' on Progressive Corp. (NYSE: PGR), PT $21.
Barclays analyst says, "PGR, one of the largest personal auto insurers, will hold its Investor Day on June 17 in NYC. We expect PGR to gain market share especially in its direct channel, and our focus will be on the outlook for loss cost trends. PGR's valuation appears reasonable at 2.00x BV (2.32x ex AOCI), in our view. An attractive point at which to become more aggressive could be presented if PGR shares pulled back to around the $19 range (1.9x book value)."
"We view PGR as one of the best-run companies in the P&C insurance industry as evidenced by its focused and differentiated auto insurance product offerings, consistent earnings, and peer-leading ROE. Earnings could be impacted by a rise in loss frequency trends as the impact of the recession eases, although rising gas prices could be a partial offset."
For more ratings news on Progressive Corp. click here and for the rating history of Progressive Corp. click here.
Shares of Progressive Corp. closed at $19.91 yesterday.
Barclays analyst says, "PGR, one of the largest personal auto insurers, will hold its Investor Day on June 17 in NYC. We expect PGR to gain market share especially in its direct channel, and our focus will be on the outlook for loss cost trends. PGR's valuation appears reasonable at 2.00x BV (2.32x ex AOCI), in our view. An attractive point at which to become more aggressive could be presented if PGR shares pulled back to around the $19 range (1.9x book value)."
"We view PGR as one of the best-run companies in the P&C insurance industry as evidenced by its focused and differentiated auto insurance product offerings, consistent earnings, and peer-leading ROE. Earnings could be impacted by a rise in loss frequency trends as the impact of the recession eases, although rising gas prices could be a partial offset."
For more ratings news on Progressive Corp. click here and for the rating history of Progressive Corp. click here.
Shares of Progressive Corp. closed at $19.91 yesterday.
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