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J.P. Morgan Maintains Their Hold Rating on Progressive (PGR)

J.P. Morgan analyst Jimmy Bhullar maintained a Hold rating on Progressive (PGRResearch Report) on July 6 and set a price target of $112.00. The company’s shares closed last Thursday at $120.62, close to its 52-week high of $122.24.

According to TipRanks.com, Bhullar is a 4-star analyst with an average return of 7.9% and a 56.1% success rate. Bhullar covers the Financial sector, focusing on stocks such as Marsh & Mclennan Companies, Ryan Specialty Group, and Travelers Companies.

Currently, the analyst consensus on Progressive is a Hold with an average price target of $110.38, which is a -8.7% downside from current levels. In a report issued on June 23, KBW also upgraded the stock to Hold with a $107.00 price target.

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Based on Progressive’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $11.84 billion and net profit of $314 million. In comparison, last year the company earned revenue of $11.44 billion and had a net profit of $1.48 billion.

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The Progressive Corporation is one of the leading auto insurers in the United States. The company also offers residential property insurance, reinsurance, and other specialty property-casualty insurance and related services. Its Personal Lines business unit covers insurance for personal automobiles, recreational and other vehicles. Under the Commercial Lines division, Progressive writes primary liability and physical damage insurance for automobiles owned by small businesses. Its Property segment offers residential property insurance for homeowners, renters and other property owners.

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