Barclays Reiterates an 'Overweight' on Progressive (PGR); November Results Strong; Valuation Attractive
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Price: $209.12 --0%
Rating Summary:
16 Buy, 16 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 15 | Down: 13 | New: 16
Rating Summary:
16 Buy, 16 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 15 | Down: 13 | New: 16
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Barclays reiterates an 'Overweight' on Progressive Corp. (NYSE: PGR) price target of $23.00.
Barclays analyst says, "Progressive's November results were robust, which reinforces our view that the company continues to gain profitable market share, particularly in its direct sales channel. PGR is one of the largest automobile insurers in the U.S. with a superior ROE, and its valuation is attractive in our view at 1.85x book value, which is near the low end of its valuation range since the financial crisis...PGR's results so far in 4Q11 appear on track to achieve our outlook but exceed consensus estimates due to strong profitability...No change to our EPS estimates. We expect PGR's annual dividend to be $0.411 in 2011 (2.3% yield)."
Laterals: PGR's strong profitability distinguishes it from other auto insurers, including Allstate (NYSE: ALL) and The Hanover Insurance Group (NYSE: THG).
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 $18.57 yesterday.
Barclays analyst says, "Progressive's November results were robust, which reinforces our view that the company continues to gain profitable market share, particularly in its direct sales channel. PGR is one of the largest automobile insurers in the U.S. with a superior ROE, and its valuation is attractive in our view at 1.85x book value, which is near the low end of its valuation range since the financial crisis...PGR's results so far in 4Q11 appear on track to achieve our outlook but exceed consensus estimates due to strong profitability...No change to our EPS estimates. We expect PGR's annual dividend to be $0.411 in 2011 (2.3% yield)."
Laterals: PGR's strong profitability distinguishes it from other auto insurers, including Allstate (NYSE: ALL) and The Hanover Insurance Group (NYSE: THG).
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 $18.57 yesterday.
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