Barclays PLC Raises Progressive Corporation (The) (PGR) Price Target to $43.00

Progressive Corporation (The) (NYSE:PGR) had its price target lifted by analysts at Barclays PLC from $41.00 to $43.00 in a research report issued on Monday, October 16th. The brokerage presently has an “underweight” rating on the insurance provider’s stock. Barclays PLC’s target price indicates a potential downside of 12.07% from the company’s current price.

Several other research analysts have also commented on PGR. ValuEngine raised shares of Progressive Corporation (The) from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Wells Fargo & Company reissued a “hold” rating and issued a $45.00 price objective on shares of Progressive Corporation (The) in a research note on Tuesday, July 18th. Morgan Stanley reissued an “equal weight” rating and issued a $43.00 price objective (up previously from $40.00) on shares of Progressive Corporation (The) in a research note on Friday, July 7th. Credit Suisse Group raised shares of Progressive Corporation (The) from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $42.00 to $48.00 in a research note on Wednesday, September 20th. Finally, FBR & Co raised their price objective on shares of Progressive Corporation (The) from $36.00 to $40.00 and gave the company a “mkt perform” rating in a research note on Tuesday, July 11th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $46.44.



Progressive Corporation (NYSE:PGR) traded down 0.51% on Monday, hitting $48.90. 2,683,153 shares of the stock traded hands. The company’s 50 day moving average price is $47.88 and its 200-day moving average price is $44.95. Progressive Corporation has a 52-week low of $30.99 and a 52-week high of $49.75. The stock has a market cap of $28.41 billion, a price-to-earnings ratio of 20.81 and a beta of 0.87.

Progressive Corporation (The) (NYSE:PGR) last announced its earnings results on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.07. The company had revenue of $7.14 billion during the quarter, compared to analyst estimates of $7.04 billion. Progressive Corporation (The) had a net margin of 5.41% and a return on equity of 15.40%. Progressive Corporation (The)’s revenue was up 18.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.34 earnings per share. On average, analysts forecast that Progressive Corporation will post $2.34 earnings per share for the current fiscal year.

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In related news, insider Jeffrey W. Basch sold 9,000 shares of Progressive Corporation (The) stock in a transaction on Wednesday, October 18th. The shares were sold at an average price of $48.23, for a total value of $434,070.00. Following the transaction, the insider now directly owns 70,965 shares in the company, valued at approximately $3,422,641.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider M Jeffrey Charney sold 6,000 shares of Progressive Corporation (The) stock in a transaction on Friday, October 20th. The shares were sold at an average price of $48.90, for a total transaction of $293,400.00. Following the completion of the transaction, the insider now owns 108,038 shares in the company, valued at $5,283,058.20. The disclosure for this sale can be found here. Insiders sold a total of 101,250 shares of company stock worth $4,923,983 over the last ninety days. Corporate insiders own 0.56% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. National Planning Corp boosted its position in shares of Progressive Corporation (The) by 28.0% during the 2nd quarter. National Planning Corp now owns 9,125 shares of the insurance provider’s stock worth $404,000 after purchasing an additional 1,995 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Progressive Corporation (The) by 1.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,038,766 shares of the insurance provider’s stock worth $310,340,000 after purchasing an additional 79,773 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Progressive Corporation (The) by 3.8% during the 1st quarter. Vanguard Group Inc. now owns 37,551,768 shares of the insurance provider’s stock worth $1,471,278,000 after purchasing an additional 1,357,926 shares in the last quarter. Martingale Asset Management L P boosted its position in shares of Progressive Corporation (The) by 7.4% during the 2nd quarter. Martingale Asset Management L P now owns 678,437 shares of the insurance provider’s stock worth $29,913,000 after purchasing an additional 47,002 shares in the last quarter. Finally, Great Lakes Advisors LLC boosted its position in shares of Progressive Corporation (The) by 2.0% during the 2nd quarter. Great Lakes Advisors LLC now owns 15,225 shares of the insurance provider’s stock worth $671,000 after purchasing an additional 295 shares in the last quarter. Institutional investors own 79.51% of the company’s stock.

About Progressive Corporation (The)

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.

Analyst Recommendations for Progressive Corporation (The) (NYSE:PGR)

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