Progressive Corp (PGR) Given Consensus Rating of “Hold” by Brokerages

Shares of Progressive Corp (NYSE:PGR) have received a consensus rating of “Hold” from the fifteen ratings firms that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $73.25.

A number of equities analysts have commented on the company. UBS Group raised their price objective on Progressive from $70.00 to $78.00 and gave the stock a “buy” rating in a research note on Wednesday, September 19th. Zacks Investment Research lowered Progressive from a “buy” rating to a “hold” rating in a research note on Wednesday, September 19th. B. Riley raised their price objective on Progressive from $68.00 to $71.00 and gave the stock a “neutral” rating in a research note on Monday, October 8th. Wells Fargo & Co set a $69.00 price objective on Progressive and gave the stock a “hold” rating in a research note on Tuesday, October 16th. Finally, ValuEngine upgraded Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, September 4th.

In other news, insider John A. Barbagallo sold 50,000 shares of Progressive stock in a transaction on Friday, October 26th. The stock was sold at an average price of $68.02, for a total value of $3,401,000.00. Following the transaction, the insider now owns 177,368 shares in the company, valued at approximately $12,064,571.36. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Susan Patricia Griffith sold 12,600 shares of Progressive stock in a transaction on Thursday, November 15th. The shares were sold at an average price of $64.87, for a total value of $817,362.00. Following the completion of the transaction, the insider now owns 253,256 shares in the company, valued at approximately $16,428,716.72. The disclosure for this sale can be found here. Company insiders own 0.70% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Rehmann Capital Advisory Group boosted its holdings in shares of Progressive by 88.5% during the 3rd quarter. Rehmann Capital Advisory Group now owns 722 shares of the insurance provider’s stock valued at $51,000 after acquiring an additional 339 shares in the last quarter. Strategic Wealth Partners Ltd. boosted its holdings in shares of Progressive by 10,413.1% during the 3rd quarter. Strategic Wealth Partners Ltd. now owns 8,831 shares of the insurance provider’s stock valued at $627,000 after acquiring an additional 8,747 shares in the last quarter. Carnegie Capital Asset Management LLC boosted its holdings in shares of Progressive by 46.1% during the 3rd quarter. Carnegie Capital Asset Management LLC now owns 16,700 shares of the insurance provider’s stock valued at $1,107,000 after acquiring an additional 5,268 shares in the last quarter. Belpointe Asset Management LLC boosted its holdings in shares of Progressive by 10.3% during the 3rd quarter. Belpointe Asset Management LLC now owns 10,183 shares of the insurance provider’s stock valued at $723,000 after acquiring an additional 947 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Progressive by 1.4% during the 3rd quarter. Vanguard Group Inc. now owns 42,481,196 shares of the insurance provider’s stock valued at $3,017,865,000 after acquiring an additional 582,761 shares in the last quarter. Institutional investors own 80.24% of the company’s stock.

Progressive stock traded down $1.41 during mid-day trading on Friday, reaching $63.42. 3,435,795 shares of the company were exchanged, compared to its average volume of 3,456,426. Progressive has a 12 month low of $50.79 and a 12 month high of $73.69. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.42 and a quick ratio of 0.42. The firm has a market cap of $37.65 billion, a PE ratio of 24.11, a price-to-earnings-growth ratio of 1.86 and a beta of 0.68.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, October 16th. The insurance provider reported $1.57 EPS for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.43. Progressive had a return on equity of 27.45% and a net margin of 9.42%. The firm had revenue of $8.60 billion for the quarter, compared to analyst estimates of $8.43 billion. During the same quarter last year, the company earned $0.38 EPS. The company’s revenue was up 20.5% on a year-over-year basis. Sell-side analysts expect that Progressive will post 4.75 earnings per share for the current fiscal year.

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.

Featured Story: Asset Allocation Models, Which is Right For You?

Analyst Recommendations for Progressive (NYSE:PGR)

Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply