Opinions
David Burrows
Progressive Corporation
PGR-N
BUY
Nov 06, 2024
$255.320
Stock price when the opinion was issued
insurance
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TOP PICK
An internet company that happens to sell insurance, goes the joke. They have the lowest costs of execution among P&C insurers, and have a better underwriting record than its peers. They benefit from lower interest rates; competitors charge more fpr insurance to make up for this. (Analysts’ price target is $81.82)
insurance
PAST TOP PICK
(A Top Pick May 27/19, Up 1%) When interest rates rose in Q4, the stock fell down. The stock moves according to rates and not the fundamentals of the insurance industry, which frustrated him. So he exited. PGR has been doing well, because rates plunge and fewer people are driving, hence getting into car accidents, which suggest a good combined ratio. PGR is best in class in insurance.
insurance
PAST TOP PICK
(A Top Pick Aug 02/19, Up 22%) A defensive, not a cyclical, stock. Okay to own now, but as we exit this recession (this shortest ever), it's better to own cyclicals. They're an auto insurer and diversifying into commercial. They have a low cost base, a tailwind, and are diversified nationally in the U.S. But doesn't see this outperform the market in the next 12 months.
insurance
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A number of P&C insurers in the US pulled back post-hurricane. Technically, not broken. Sector probably does pretty well going forward.