TipRanksStock Market NewsPGR NewsProgressive (PGR) Gets a Sell Rating from Wells Fargo

Progressive (PGR) Gets a Sell Rating from Wells Fargo

Wells Fargo analyst Colin Langan maintained a Sell rating on Progressive (PGRResearch Report) today and set a price target of $88.00. The company’s shares closed last Wednesday at $104.58.

According to TipRanks.com, Langan is a 2-star analyst with an average return of 0.4% and a 55.9% success rate. Langan covers the Industrial Goods sector, focusing on stocks such as Magna International, Tenneco Automotive, and Dana Holding.

The word on The Street in general, suggests a Hold analyst consensus rating for Progressive with a $108.67 average price target.

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Based on Progressive’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $12.49 billion and net profit of $962 million. In comparison, last year the company earned revenue of $11.41 billion and had a net profit of $1.68 billion.

Based on the recent corporate insider activity of 93 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.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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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