Progressive's (NYSE:PGR) PT Raised on Improving Insurance Sector

Progressive's (NYSE:PGR) price target was raised by FBR Capital on the overall improvement in the insurance industry.

FBR says, "We believe that the outlook for the auto insurance industry is improving, as many auto insurers are continuing to raise rates. Even the insurers that are cutting prices to gain market share are doing so responsibly, in our opinion. With gasoline prices up again, the frequency of auto accidents is likely to moderate."

FBR Capital maintains an "Outperform" rating on Progressive Corp., which closed Wednesday at $19.23, down $0.04, or 0.21 percent. FBR boosted their price target on them from $24 to $25.