Progressive Corporation (The) (PGR) Given New $51.00 Price Target at Morgan Stanley

Progressive Corporation (The) (NYSE:PGR) had its target price boosted by Morgan Stanley from $49.00 to $51.00 in a research note published on Wednesday, October 18th. They currently have an equal weight rating on the insurance provider’s stock.

PGR has been the topic of several other research reports. Wells Fargo & Company restated a hold rating on shares of Progressive Corporation (The) in a research note on Thursday, August 3rd. Citigroup Inc. raised their price objective on shares of Progressive Corporation (The) from $49.00 to $50.00 and gave the stock a neutral rating in a research note on Thursday, August 17th. Credit Suisse Group raised shares of Progressive Corporation (The) from an underperform rating to a neutral rating and lifted their target price for the company from $42.00 to $48.00 in a research note on Wednesday, September 20th. Barclays PLC lifted their target price on shares of Progressive Corporation (The) from $35.00 to $39.00 and gave the company an underweight rating in a research note on Monday, July 3rd. Finally, ValuEngine upgraded shares of Progressive Corporation (The) from a hold rating to a buy rating in a research report on Friday, September 1st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $46.44.

Progressive Corporation (NYSE PGR) traded down 0.51% on Wednesday, hitting $48.90. The stock had a trading volume of 2,683,153 shares. The company’s 50 day moving average is $48.14 and its 200-day moving average is $45.04. The stock has a market cap of $28.41 billion, a P/E ratio of 20.81 and a beta of 0.87. Progressive Corporation has a 12 month low of $30.99 and a 12 month high of $49.75.

Progressive Corporation (The) (NYSE:PGR) last posted its quarterly earnings data on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.07. The company had revenue of $7.14 billion during the quarter, compared to analysts’ expectations of $7.04 billion. Progressive Corporation (The) had a net margin of 5.41% and a return on equity of 15.40%. The firm’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.34 EPS. Analysts forecast that Progressive Corporation will post $2.35 EPS for the current year.

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In other Progressive Corporation (The) news, CFO John P. Sauerland sold 50,000 shares of the company’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $48.65, for a total transaction of $2,432,500.00. Following the sale, the chief financial officer now directly owns 370,364 shares of the company’s stock, valued at $18,018,208.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Susan Patricia Griffith sold 35,000 shares of the company’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $48.66, for a total transaction of $1,703,100.00. Following the sale, the insider now directly owns 221,715 shares in the company, valued at $10,788,651.90. The disclosure for this sale can be found here. Insiders have sold 101,250 shares of company stock worth $4,923,983 over the last ninety days. Insiders own 0.56% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of PGR. Mckinley Capital Management LLC Delaware bought a new position in shares of Progressive Corporation (The) in the second quarter valued at about $101,000. Cypress Capital Management LLC WY bought a new position in shares of Progressive Corporation (The) in the second quarter valued at about $106,000. IFP Advisors Inc raised its position in shares of Progressive Corporation (The) by 12.9% in the second quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock valued at $132,000 after purchasing an additional 341 shares during the period. Fiduciary Trust Co. bought a new position in shares of Progressive Corporation (The) in the second quarter valued at about $143,000. Finally, Cornerstone Advisors Inc. raised its position in shares of Progressive Corporation (The) by 4.1% in the second quarter. Cornerstone Advisors Inc. now owns 3,404 shares of the insurance provider’s stock valued at $150,000 after purchasing an additional 133 shares during the period. 79.51% of the stock is currently owned by institutional investors.

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.

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

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