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PGR

Progressive

$62.11

0.41 (0.66%)

13:30
05/15/18
05/15
13:30
05/15/18
13:30

Put buyers in Progressive

Put buyers in Progressive. The stock up 44c to $62.16 and Jun 60 puts trade in small lots for 70c before 4.5K trade for 72.5c when bid-ask was 60 to 75c. More than 5K changed hands and the bearish flow will create the largest open interest in the name, surpassing the 4.1K OI and the Jun 57.5 put strike (mostly opened 5/3). The interest expresses concerns that the stock will give back some its recent gains after notching new highs of $62.43 at the end of last week. Earnings last reported mid-April.

PGR Progressive
$62.11

0.41 (0.66%)

01/25/18
JANY
01/25/18
NO CHANGE
JANY
Buy
Janney surprised by severity of negative reaction after Progressive report
Janney Capital analyst Robert Glasspiegel recognizes that investors have concerns about the personal auto space, but he was still surprised by the severity of the negative reaction in Progressive shares yesterday as he views the December results favorably. The analyst, who said he remains confident that Progressive will continue to deliver superior growth and profitability, keeps a Buy rating on the stock, which fell 3% yesterday to close at $55.33.
01/25/18
WBLR
01/25/18
NO CHANGE
WBLR
Progressive current worries likely overblown, says William Blair
William Blair analyst Adam Klauber attributes the recent weakness in shares of Progressive to cyclical concerns, the California Commissioner's comments on taxes, and also a "blip" in the loss ratio. However, recent data suggest rate increases remain high, and the potential for California to reduce rates materially is small, Klauber tells investors in a research note. The analyst sees limited downside risk in the shares and believes the current worries are likely overblown. Klauber points out that a multiple of 18 times his 2018 operating earnings estimate suggests a stock price of $71, which is nearly 30% above the current price. He keeps an Outperform rating on Progressive.
03/27/18
MKMP
03/27/18
NO CHANGE
Target $70
MKMP
Buy
Progressive price target raised to $70 from $65 at MKM Partners
MKM Partners analyst Harry Fong raised his price target on Progressive to $70 after the company's February earnings, noting continued increase in the personal auto policies count and a strong growth in its direct channel of over 14%. Fong adds that the company's auto insurance growth rate is "very impressive" and that the company's underwriting performance is also "excellent". The analyst keeps his Buy rating on Progressive.
05/15/18
WBLR
05/15/18
NO CHANGE
WBLR
Outperform
Progressive shares could top $100 in next 12 months, says William Blair
William Blair analyst Adam Klauber says "rising secular tailwinds" should push Progressive's earnings "materially higher" than expectations. The impact of accelerating bundling should result in the company's earnings per share more than doubling from $2.50 in 2017 to the $5.50 to $6.00 range in 2019, Klauber tells investors in a research note. He notes that the consensus earnings estimate for 2019 is only at $3.97. The benefits of bundling expanding, like higher premium levels and growing invested assets, are just beginning to manifest and do not appear to be reflected in the stock price, the analyst contends. He thinks Progressive shares could reach $100-plus in the next 12 months. The stock closed yesterday at $61.72.

TODAY'S FREE FLY STORIES

SAIC

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0.5 (0.59%)

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CJ

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SVRA

Savara

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0.02 (0.23%)

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AZN

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ACBFF

Aurora Cannabis

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SPLK

Splunk

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-0.2 (-0.17%)

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  • 10

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SPX

S&P 500

$0.00

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ROST

Ross Stores

$82.95

0.35 (0.42%)

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GDX

Market Vector Gold Miners

$22.64

0.28 (1.25%)

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PYPL

PayPal

$81.55

0.48 (0.59%)

, EBAY

eBay

$37.79

-0.25 (-0.66%)

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PYPL

PayPal

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EBAY

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GLD

SPDR Gold Trust

$123.61

1.07 (0.87%)

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EGL

Engility

$30.17

0.33 (1.11%)

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NUGT

Direxion Gold Miners Bull

$26.22

1.04 (4.13%)

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JNUG

Direxion Daily Jr Gld Mnrs Bull 3X Shrs

$14.87

0.54 (3.77%)

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DUST

Direxion Daily Gold Miners Bear 3X ETF

$23.22

-0.99 (-4.09%)

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JDST

Direxion Daily Junior Gold Miners Index Bear 3x Shares

$47.36

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FB

Facebook

$185.96

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VXX

iPath S&P 500 VIX Short-Term Futures

$33.82

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CNI

Canadian National

$83.75

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  • 30

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ARLP

Alliance Resource Partners

$18.25

-0.45 (-2.41%)

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Conference/Events
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  • 29

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SPLK

Splunk

$116.35

-0.2 (-0.17%)

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  • 10

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TVIX

VelocityShares Daily 2x VIX Short-Term ETN

$4.74

-0.02 (-0.42%)

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SVXY

ProShares Short VIX Short-Term Futures

$13.59

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