Why Progressive Stock Was a Winner on Wednesday

Progressive (NYSE: PGR), the insurance company perhaps best known for its quirky TV ads, had a fine Wednesday on the stock market. On news of an analyst's latest bullish take on its prospects, the insurer's stock enjoyed a more than 4% rise across the Hump Day trading session. That gain outpaced that of the S&P 500 index, which had a relatively bullish day with a 2.5% rise.The entity waxing positive about Progressive was Goldman Sachs. It reiterated its existing buy recommendation on the company's shares and slightly increased its price target on them. Goldman now feels they are worth $294 apiece, up from his preceding $292. According to reports, Goldman's slight price target lift was mainly due to an upward adjustment in the loss ratio for Progressive's personal insurance line. The loss ratio is an important figure in the insurance industry, as it tracks how much a company's policies are paid out in claims. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool