Wells Fargo & Co Reaffirms “Hold” Rating for Progressive (NYSE:PGR)

Wells Fargo & Co restated their hold rating on shares of Progressive (NYSE:PGR) in a research report report published on Thursday, AnalystRatings.com reports. The brokerage currently has a $76.00 target price on the insurance provider’s stock.

A number of other equities research analysts also recently commented on the stock. Buckingham Research increased their price objective on shares of Progressive from $74.00 to $78.00 and gave the company a neutral rating in a research report on Thursday, September 12th. Barclays set a $90.00 price objective on shares of Progressive and gave the company a buy rating in a research report on Friday, September 13th. Credit Suisse Group dropped their price objective on shares of Progressive from $90.00 to $85.00 and set an outperform rating on the stock in a research report on Friday, October 18th. ValuEngine downgraded shares of Progressive from a hold rating to a sell rating in a research report on Tuesday, October 15th. Finally, Raymond James set a $93.00 price objective on shares of Progressive and gave the company a buy rating in a research report on Thursday, September 26th. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $82.64.

PGR traded up $1.11 during trading hours on Thursday, hitting $73.67. 5,105,250 shares of the company’s stock were exchanged, compared to its average volume of 3,089,688. Progressive has a 12-month low of $56.71 and a 12-month high of $84.96. The firm has a 50 day moving average of $73.13 and a 200 day moving average of $77.38. The company has a current ratio of 0.42, a quick ratio of 0.36 and a debt-to-equity ratio of 0.31. The firm has a market cap of $40.28 billion, a P/E ratio of 16.67, a price-to-earnings-growth ratio of 1.75 and a beta of 0.65.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Thursday, November 7th. The insurance provider reported $1.33 EPS for the quarter, beating the Zacks’ consensus estimate of $1.30 by $0.03. Progressive had a net margin of 8.69% and a return on equity of 25.83%. As a group, research analysts expect that Progressive will post 5.37 EPS for the current fiscal year.

In other news, insider Steven Broz sold 5,000 shares of the company’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $70.84, for a total value of $354,200.00. Following the completion of the transaction, the insider now owns 25,295 shares in the company, valued at approximately $1,791,897.80. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $77.58, for a total transaction of $930,960.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 39,500 shares of company stock valued at $3,005,735. Company insiders own 0.39% of the company’s stock.

Several institutional investors have recently modified their holdings of PGR. Weatherly Asset Management L. P. boosted its stake in Progressive by 3.1% during the 2nd quarter. Weatherly Asset Management L. P. now owns 4,361 shares of the insurance provider’s stock worth $349,000 after purchasing an additional 131 shares during the period. Archford Capital Strategies LLC boosted its stake in Progressive by 49.5% during the 2nd quarter. Archford Capital Strategies LLC now owns 408 shares of the insurance provider’s stock worth $33,000 after purchasing an additional 135 shares during the period. Cornerstone Advisors Inc. boosted its stake in Progressive by 5.4% during the 2nd quarter. Cornerstone Advisors Inc. now owns 2,740 shares of the insurance provider’s stock worth $219,000 after purchasing an additional 141 shares during the period. TRUE Private Wealth Advisors boosted its stake in Progressive by 3.5% during the 2nd quarter. TRUE Private Wealth Advisors now owns 4,254 shares of the insurance provider’s stock worth $340,000 after purchasing an additional 144 shares during the period. Finally, Eukles Asset Management boosted its stake in Progressive by 2.2% during the 3rd quarter. Eukles Asset Management now owns 7,253 shares of the insurance provider’s stock worth $560,000 after purchasing an additional 155 shares during the period. Institutional investors and hedge funds own 78.67% 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.

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