Progressive (NYSE:PGR) has been given a $61.00 price target by equities researchers at Wells Fargo in a research note issued to investors on Wednesday, March 14th. The firm presently has a “hold” rating on the insurance provider’s stock. Wells Fargo’s target price suggests a potential upside of 1.60% from the company’s current price.
Several other research analysts also recently issued reports on the stock. Keefe, Bruyette & Woods restated a “buy” rating and set a $60.00 price objective on shares of Progressive in a report on Wednesday, December 6th. MKM Partners boosted their price objective on shares of Progressive to $60.00 and gave the stock a “buy” rating in a report on Thursday, November 16th. UBS boosted their price objective on shares of Progressive from $63.00 to $64.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. Zacks Investment Research downgraded shares of Progressive from a “buy” rating to a “hold” rating in a report on Tuesday, March 6th. Finally, Credit Suisse Group restated a “hold” rating and set a $48.00 price objective on shares of Progressive in a report on Friday, December 15th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. Progressive presently has an average rating of “Hold” and a consensus price target of $51.56.
Progressive stock traded down $1.21 on Wednesday, reaching $60.04. 3,661,435 shares of the stock were exchanged, compared to its average volume of 2,938,707. The firm has a market cap of $34,959.85, a price-to-earnings ratio of 22.83, a P/E/G ratio of 2.21 and a beta of 0.65. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.43 and a quick ratio of 0.43. Progressive has a twelve month low of $38.61 and a twelve month high of $62.74.
Progressive (NYSE:PGR) last released its earnings results on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.02. The firm had revenue of $6.75 billion during the quarter, compared to analyst estimates of $6.62 billion. Progressive had a net margin of 5.93% and a return on equity of 15.96%. The business’s revenue was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.66 EPS. sell-side analysts expect that Progressive will post 3.7 earnings per share for the current year.
A number of large investors have recently added to or reduced their stakes in PGR. Alps Advisors Inc. boosted its position in Progressive by 20.8% in the third quarter. Alps Advisors Inc. now owns 12,311 shares of the insurance provider’s stock valued at $596,000 after buying an additional 2,123 shares in the last quarter. Sei Investments Co. lifted its holdings in Progressive by 52.7% in the third quarter. Sei Investments Co. now owns 308,329 shares of the insurance provider’s stock valued at $14,928,000 after buying an additional 106,428 shares during the period. CIBC Asset Management Inc lifted its holdings in Progressive by 2.0% in the third quarter. CIBC Asset Management Inc now owns 55,014 shares of the insurance provider’s stock valued at $2,664,000 after buying an additional 1,058 shares during the period. New York State Common Retirement Fund lifted its holdings in Progressive by 1.3% in the third quarter. New York State Common Retirement Fund now owns 1,556,400 shares of the insurance provider’s stock valued at $75,361,000 after buying an additional 19,500 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Progressive by 55.9% in the third quarter. Bank of New York Mellon Corp now owns 7,492,446 shares of the insurance provider’s stock valued at $362,783,000 after buying an additional 2,687,224 shares during the period. Hedge funds and other institutional investors own 81.08% of the company’s stock.
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Progressive Company Profile
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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