Progressive (PGR) Price Target Increased to $62.00 by Analysts at Deutsche Bank

Progressive (NYSE:PGR) had its target price upped by Deutsche Bank from $60.00 to $62.00 in a report released on Monday morning. The firm currently has a hold rating on the insurance provider’s stock.

Other analysts have also issued reports about the company. Wells Fargo set a $64.00 target price on Progressive and gave the company a hold rating in a research note on Thursday, May 3rd. UBS raised their target price on Progressive from $63.00 to $64.00 and gave the company a buy rating in a research note on Thursday, January 25th. ValuEngine lowered Progressive from a buy rating to a hold rating in a research note on Thursday, May 17th. MKM Partners raised their target price on Progressive from $55.00 to $65.00 and gave the company a buy rating in a research note on Thursday, January 25th. Finally, Zacks Investment Research lowered Progressive from a buy rating to a hold rating in a research note on Tuesday, March 6th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $54.75.

Shares of NYSE:PGR opened at $61.66 on Monday. Progressive has a twelve month low of $41.26 and a twelve month high of $62.99. The firm has a market capitalization of $35.48 billion, a PE ratio of 23.44, a price-to-earnings-growth ratio of 2.08 and a beta of 0.66. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.44 and a quick ratio of 0.44.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, May 2nd. The insurance provider reported $1.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.10. Progressive had a return on equity of 18.90% and a net margin of 6.75%. equities analysts anticipate that Progressive will post 4 earnings per share for the current year.

In related news, insider Jeffrey W. Basch sold 11,000 shares of Progressive stock in a transaction dated Thursday, May 17th. The stock was sold at an average price of $60.54, for a total value of $665,940.00. Following the completion of the sale, the insider now directly owns 62,311 shares in the company, valued at $3,772,307.94. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Steven Broz sold 2,000 shares of Progressive stock in a transaction dated Wednesday, April 25th. The stock was sold at an average price of $60.62, for a total value of $121,240.00. Following the completion of the sale, the insider now owns 14,073 shares of the company’s stock, valued at $853,105.26. The disclosure for this sale can be found here. 0.70% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Impax Asset Management LLC boosted its holdings in Progressive by 14.9% during the first quarter. Impax Asset Management LLC now owns 6,195 shares of the insurance provider’s stock worth $377,000 after buying an additional 803 shares during the last quarter. First Allied Advisory Services Inc. boosted its holdings in Progressive by 7.8% during the first quarter. First Allied Advisory Services Inc. now owns 11,886 shares of the insurance provider’s stock worth $722,000 after buying an additional 862 shares during the last quarter. State Treasurer State of Michigan boosted its holdings in Progressive by 0.6% during the first quarter. State Treasurer State of Michigan now owns 171,481 shares of the insurance provider’s stock worth $10,448,000 after buying an additional 1,000 shares during the last quarter. Global X Management Co. LLC boosted its holdings in Progressive by 5.6% during the fourth quarter. Global X Management Co. LLC now owns 19,021 shares of the insurance provider’s stock worth $1,071,000 after buying an additional 1,003 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. boosted its holdings in Progressive by 1.2% during the first quarter. Mn Services Vermogensbeheer B.V. now owns 91,494 shares of the insurance provider’s stock worth $5,575,000 after buying an additional 1,100 shares during the last quarter. Hedge funds and other institutional investors own 79.89% of the company’s stock.

About Progressive

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.

Analyst Recommendations for Progressive (NYSE:PGR)

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