Progressive Corporation (The) (PGR) PT Raised to $60.00 at MKM Partners

Progressive Corporation (The) (NYSE:PGR) had its target price hoisted by investment analysts at MKM Partners to $60.00 in a research report issued to clients and investors on Thursday. The brokerage currently has a “buy” rating on the insurance provider’s stock. MKM Partners’ target price points to a potential upside of 16.39% from the company’s current price.

PGR has been the subject of several other reports. Wells Fargo & Company reiterated a “hold” rating on shares of Progressive Corporation (The) in a research note on Thursday, August 3rd. Citigroup Inc. lifted 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 upgraded shares of Progressive Corporation (The) from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $42.00 to $48.00 in a research note on Wednesday, September 20th. ValuEngine upgraded shares of Progressive Corporation (The) from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $47.00 price objective (up from $43.00) on shares of Progressive Corporation (The) in a research note on Saturday, July 22nd. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. Progressive Corporation (The) currently has an average rating of “Hold” and an average target price of $47.76.

Shares of Progressive Corporation (NYSE PGR) opened at $51.55 on Thursday. The firm has a market cap of $29,826.19, a P/E ratio of 22.39, a price-to-earnings-growth ratio of 2.96 and a beta of 0.92. Progressive Corporation has a one year low of $32.77 and a one year high of $52.08. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.36.

Progressive Corporation (The) (NYSE:PGR) last posted its quarterly earnings data on Tuesday, October 17th. The insurance provider reported $0.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.07. Progressive Corporation (The) had a net margin of 5.41% and a return on equity of 15.40%. The business had revenue of $7.14 billion during the quarter, compared to the consensus estimate of $7.04 billion. During the same period in the previous year, the firm posted $0.34 earnings per share. The business’s revenue for the quarter was up 18.1% compared to the same quarter last year. equities research analysts anticipate that Progressive Corporation will post 2.36 EPS for the current year.

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In other Progressive Corporation (The) 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 completion of the transaction, the insider now owns 70,965 shares of the company’s stock, valued at $3,422,641.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 directly owns 108,038 shares of the company’s stock, valued at approximately $5,283,058.20. The disclosure for this sale can be found here. Insiders sold 22,250 shares of company stock valued at $1,085,383 in the last ninety days. 0.56% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PGR. Mckinley Capital Management LLC Delaware purchased a new position in Progressive Corporation (The) in the second quarter valued at $101,000. Cypress Capital Management LLC WY purchased a new position in Progressive Corporation (The) in the second quarter valued at $106,000. Balentine LLC increased its holdings in Progressive Corporation (The) by 3,273.0% in the third quarter. Balentine LLC now owns 2,496 shares of the insurance provider’s stock valued at $121,000 after buying an additional 2,422 shares in the last quarter. IFP Advisors Inc increased its holdings in 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 buying an additional 341 shares in the last quarter. Finally, Fiduciary Trust Co. purchased a new position in Progressive Corporation (The) in the second quarter valued at $143,000. 77.82% of the stock is owned by institutional investors.

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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