Progressive (NYSE:PGR) Receives Lower Rating From Citigroup. What’s The Reasoning Behind This Move?

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Progressive (NYSE:PGR) Receives a Downgrade

Investment analysts at Citigroup’s research division cut the rating for shares of Progressive (NYSE:PGR) from a “Buy” to a “Neutral” on Tuesday morning.

From a total of 20 analysts covering Progressive (NYSE:PGR) stock, 8 rate it a ”Buy”, 7 a “Sell”, and 10 a ”Hold”. This means that 32% of the ratings are positive. The highest target price is $37 while the lowest target price is $26. The mean of all analyst targets is $31.2 with a -6.30% below today’s ($30.95) stock price. Progressive was the topic of 6 analyst reports since August 6, 2015 according to the firm StockzIntelligence Inc. Goldman Sachs downgraded shares on November 16 to “Sell” rating. Sterne Agee CRT initiated PGR stock in a recent report from September 21 with “Neutral” rating.

Approximately 1.30M shares of stock traded hands. Progressive Corp (NYSE:PGR) has risen 15.26% since April 28, 2015 and is uptrending. It has outperformed by 16.88% the S&P500.

The Progressive Corporation is an insurance holding company. The company has a market cap of $18.27 billion. The Company’s insurance subsidiaries and mutual insurance firm affiliate provide personal auto insurance, commercial auto and truck insurance principally for small businesses, and other specialty property-casualty insurance and related services. It has 13.98 P/E ratio. The Company’s property-casualty insurance products protect its clients against losses due to collision and physical damage to their motor vehicles, uninsured and underinsured bodily injury, and liability to others for personal injury or property damage arising out of the use of those vehicles.

According to Zacks Investment Research, “Progressive Corp. is an auto insurance company and a writer of auto insurance through independent agents. Progressive is committed to providing independent agents with a financially strong company that offers competitive products designed specifically for the agency business; a strong national brand that drives consumers to independent agent’s offices; 24-hour, in-person services for them and their customers; and continued innovations in technology. (Company Press Release)” Get a free copy of the Zacks research report on Progressive Corp (PGR)

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