B. Riley reissued their hold rating on shares of Progressive (NYSE:PGR) in a research note issued to investors on Wednesday, November 15th. They currently have a $46.00 price target on the insurance provider’s stock.
PGR has been the subject of a number of other research reports. Morgan Stanley boosted their price target on Progressive from $49.00 to $51.00 and gave the company an equal weight rating in a report on Wednesday, October 18th. Barclays upped their target price on Progressive from $41.00 to $43.00 and gave the stock an underweight rating in a report on Monday, October 16th. Zacks Investment Research upgraded Progressive from a hold rating to a buy rating and set a $53.00 target price for the company in a report on Wednesday, August 2nd. Buckingham Research assumed coverage on Progressive in a report on Monday, September 11th. They set an underperform rating and a $40.00 target price for the company. Finally, ValuEngine upgraded Progressive from a hold rating to a buy rating in a report on Friday, September 1st. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $49.71.
Progressive (PGR) traded up $0.76 during midday trading on Wednesday, reaching $54.36. The company had a trading volume of 3,373,566 shares, compared to its average volume of 3,090,536. Progressive has a 12 month low of $33.28 and a 12 month high of $54.54. The stock has a market capitalization of $31,173.76, a P/E ratio of 23.41, a PEG ratio of 3.06 and a beta of 0.94. 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 (NYSE:PGR) last announced its quarterly earnings data on Tuesday, October 17th. The insurance provider reported $0.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.07. Progressive had a return on equity of 15.40% and a net margin of 5.41%. The business had revenue of $7.14 billion for the quarter, compared to the consensus estimate of $7.04 billion. During the same period in the previous year, the business earned $0.34 earnings per share. The business’s revenue was up 18.1% on a year-over-year basis. sell-side analysts anticipate that Progressive will post 2.39 earnings per share for the current fiscal year.
In related news, insider Jeffrey W. Basch sold 9,000 shares of Progressive stock in a transaction that occurred 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 sale, the insider now owns 70,965 shares in the company, valued at approximately $3,422,641.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO M Jeffrey Charney sold 6,000 shares of the business’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $49.50, for a total transaction of $297,000.00. Following the completion of the sale, the chief marketing officer now directly owns 102,038 shares of the company’s stock, valued at $5,050,881. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,000 shares of company stock worth $1,024,470. Corporate insiders own 0.56% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in PGR. Mckinley Capital Management LLC Delaware acquired a new position in shares of Progressive during the second quarter worth about $101,000. Cypress Capital Management LLC WY acquired a new position in shares of Progressive during the second quarter worth about $106,000. Balentine LLC increased its stake in shares of Progressive by 3,273.0% during the third quarter. Balentine LLC now owns 2,496 shares of the insurance provider’s stock worth $121,000 after acquiring an additional 2,422 shares during the period. IFP Advisors Inc increased its stake in shares of Progressive by 12.9% during the second quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock worth $132,000 after acquiring an additional 341 shares during the period. Finally, Fiduciary Trust Co. acquired a new position in shares of Progressive during the second quarter worth about $143,000. 79.55% of the stock is owned by hedge funds and other institutional investors.
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Progressive 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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