Elyse Greenspan, an analyst from Wells Fargo, maintained the Buy rating on Progressive (PGR – Research Report). The associated price target remains the same with $313.00.
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Elyse Greenspan’s rating is based on a robust start to 2025 by Progressive, highlighted by significant outperformance in several key financial metrics. The company’s earnings per share surpassed expectations, driven by a favorable combination of lower than anticipated catastrophe losses and effective reserve releases. Additionally, Progressive demonstrated strong policy growth, particularly in personal auto policies, which exceeded forecasts for both direct and agency additions.
Despite some areas not meeting projections, such as net premium growth and investment income, Progressive’s overall performance in January 2025 was solid. The combined ratio and various expense metrics outperformed expectations, underscoring the company’s operational efficiency. This combination of a strong start in financial results and operational metrics likely influenced Greenspan’s Buy rating for Progressive’s stock.
In another report released yesterday, Bank of America Securities also reiterated a Buy rating on the stock with a $333.00 price target.
Based on the recent corporate insider activity of 102 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PGR in relation to earlier this year.