BofA raised the firm’s price target on Progressive (PGR) to $339 from $335 and keeps a Buy rating on the shares. The firm adjusted its prior forecast for a $3.50 share special dividend payable in January to the actual $4.50 per share declared yesterday, the analyst noted. With the company closing in on 22% written premium growth, 21% personal auto policycount growth and an 11-12% underwriting margin this year, it is “difficult to imagine a year in which it has hit its targets better,” the analyst added.
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Read More on PGR:
- Progressive declares $4.50 per share annual dividend, 10c quarterly dividend
- Progressive downgraded to Hold from Buy at HSBC
- Progressive price target raised to $335 from $331 at BofA
- Progressive price target raised to $299 from $297 at Wells Fargo
- Progressive reports October EPS 69c vs. 68c last year