Barron’s Finds Progressive (PGR) Appealing
November 02, 2009 5:37 AM
Barron’s is optimistic on the future of The Progressive Corporation (NYSE: PGR). In a recent report, it said that the shares of Progressive Corporation are trading at “a historically low valuation.” Barron’s also reported that it expects revenues and profits are “poised to expand”.
Barron’s felt that Progressive Corporation is a very good long term bet. Progressive’s stock trades at 11 times its projected earnings for 2009. Progressive’s expected EPS is $$1.47 and is currently trading at $ 16 a share. Barron’s quoted Ken Charles Feinberg of Davis New York Venture Fund stating that along with Berkshire Hathaway Inc’s (NYSE: BRK.A) GEICO is one of the long term winners in personal lines insurance industry. Barron's also says that Progressive has emerged as a chief rival for GEICO.
