Progressive Corporation (The) (NYSE:PGR) had its price target boosted by research analysts at Citigroup Inc. from $50.00 to $51.00 in a research report issued on Wednesday, October 18th. The brokerage presently has a “neutral” rating on the insurance provider’s stock. Citigroup Inc.’s target price suggests a potential upside of 3.76% from the company’s current price.
A number of other analysts have also recently weighed in on the company. Morgan Stanley raised their price target on Progressive Corporation (The) from $49.00 to $51.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 18th. Barclays PLC raised their price target on Progressive Corporation (The) from $41.00 to $43.00 and gave the company an “underweight” rating in a research note on Monday, October 16th. Zacks Investment Research raised Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $53.00 price objective on the stock in a report on Wednesday, August 2nd. ValuEngine raised Progressive Corporation (The) from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Finally, Buckingham Research assumed coverage on Progressive Corporation (The) in a report on Monday, September 11th. They set an “underperform” rating and a $40.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $46.44.
Progressive Corporation (NYSE:PGR) opened at 49.15 on Wednesday. The stock’s 50 day moving average price is $47.88 and its 200 day moving average price is $44.95. The stock has a market cap of $28.56 billion, a price-to-earnings ratio of 20.91 and a beta of 0.87. Progressive Corporation has a one year low of $30.99 and a one year high of $49.75.
Progressive Corporation (The) (NYSE:PGR) last released its quarterly earnings results on Tuesday, October 17th. The insurance provider reported $0.41 EPS for the quarter, topping the consensus estimate of $0.34 by $0.07. Progressive Corporation (The) had a return on equity of 15.40% and a net margin of 5.41%. The business had revenue of $7.14 billion during the quarter, compared to analyst estimates of $7.04 billion. During the same period last year, the business posted $0.34 earnings per share. The company’s quarterly revenue was up 18.1% on a year-over-year basis. Equities analysts predict that Progressive Corporation will post $2.34 earnings per share for the current fiscal year.
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In other Progressive Corporation (The) news, CFO John P. Sauerland sold 50,000 shares of the business’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $48.65, for a total value of $2,432,500.00. Following the completion of the transaction, the chief financial officer now directly owns 370,364 shares in the company, valued at approximately $18,018,208.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven Broz sold 1,250 shares of the business’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $48.73, for a total transaction of $60,912.50. Following the sale, the insider now directly owns 12,181 shares of the company’s stock, valued at $593,580.13. The disclosure for this sale can be found here. Insiders sold a total of 101,250 shares of company stock valued at $4,923,983 over the last quarter. 0.56% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of PGR. Mckinley Capital Management LLC Delaware acquired a new position in Progressive Corporation (The) in the 2nd quarter worth $101,000. Cypress Capital Management LLC WY acquired a new position in Progressive Corporation (The) in the 2nd quarter worth $106,000. IFP Advisors Inc lifted its holdings in Progressive Corporation (The) by 12.9% in the 2nd quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock worth $132,000 after buying an additional 341 shares in the last quarter. Fiduciary Trust Co. acquired a new position in Progressive Corporation (The) in the 2nd quarter worth $143,000. Finally, Cornerstone Advisors Inc. lifted its holdings in Progressive Corporation (The) by 4.1% in the 2nd quarter. Cornerstone Advisors Inc. now owns 3,404 shares of the insurance provider’s stock worth $150,000 after buying an additional 133 shares in the last quarter. Hedge funds and other institutional investors own 79.51% of the company’s stock.
Progressive Corporation (The) Company Profile
The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.
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