Progressive (NYSE:PGR) had its price objective boosted by Citigroup from $65.00 to $70.00 in a research report sent to investors on Friday morning. The brokerage currently has a neutral rating on the insurance provider’s stock.
A number of other analysts also recently weighed in on the stock. MKM Partners increased their target price on shares of Progressive to $80.00 and gave the company a buy rating in a research report on Friday. Wells Fargo & Co set a $64.00 target price on shares of Progressive and gave the company a hold rating in a research report on Thursday, September 13th. ValuEngine raised shares of Progressive from a hold rating to a buy rating in a research report on Tuesday, September 4th. B. Riley increased their target price on shares of Progressive from $60.00 to $68.00 and gave the company a neutral rating in a research report on Tuesday, August 7th. Finally, Credit Suisse Group assumed coverage on shares of Progressive in a research report on Tuesday, August 7th. They set an outperform rating and a $73.00 target price for the company. Two analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. Progressive currently has a consensus rating of Hold and a consensus price target of $63.07.
NYSE:PGR opened at $68.53 on Friday. The company has a market cap of $39.82 billion, a price-to-earnings ratio of 26.06, a PEG ratio of 2.07 and a beta of 0.70. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.43 and a quick ratio of 0.43. Progressive has a fifty-two week low of $45.90 and a fifty-two week high of $69.01.
Progressive (NYSE:PGR) last released its earnings results on Tuesday, July 17th. The insurance provider reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.11. The business had revenue of $8.10 billion during the quarter, compared to the consensus estimate of $8.01 billion. Progressive had a net margin of 7.57% and a return on equity of 21.84%. The company’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.63 EPS. sell-side analysts expect that Progressive will post 4.5 EPS for the current year.
In related news, insider William M. Cody sold 50,000 shares of the stock in a transaction on Monday, August 20th. The stock was sold at an average price of $66.90, for a total value of $3,345,000.00. Following the transaction, the insider now directly owns 116,838 shares in the company, valued at approximately $7,816,462.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of the stock in a transaction on Wednesday, July 18th. The stock was sold at an average price of $59.33, for a total value of $711,960.00. Following the completion of the transaction, the chief financial officer now owns 455,377 shares in the company, valued at $27,017,517.41. The disclosure for this sale can be found here. Over the last quarter, insiders sold 94,103 shares of company stock worth $6,088,405. 0.70% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. Trexquant Investment LP lifted its holdings in shares of Progressive by 41.2% in the 2nd quarter. Trexquant Investment LP now owns 84,776 shares of the insurance provider’s stock worth $5,015,000 after purchasing an additional 24,722 shares in the last quarter. Natixis lifted its stake in Progressive by 259.2% during the 1st quarter. Natixis now owns 874,732 shares of the insurance provider’s stock valued at $53,297,000 after acquiring an additional 631,192 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its stake in Progressive by 114.8% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 3,404 shares of the insurance provider’s stock valued at $201,000 after acquiring an additional 1,819 shares in the last quarter. Strs Ohio lifted its stake in Progressive by 599.2% during the 2nd quarter. Strs Ohio now owns 321,002 shares of the insurance provider’s stock valued at $18,987,000 after acquiring an additional 275,090 shares in the last quarter. Finally, HL Financial Services LLC lifted its stake in Progressive by 1.0% during the 2nd quarter. HL Financial Services LLC now owns 2,042,107 shares of the insurance provider’s stock valued at $120,791,000 after acquiring an additional 19,571 shares in the last quarter. Institutional investors own 80.24% of the company’s stock.
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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