Progressive Corp (PGR) Receives $70.58 Consensus Target Price from Brokerages

Shares of Progressive Corp (NYSE:PGR) have been given a consensus recommendation of “Hold” by the fifteen analysts that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $71.92.

Several research analysts have recently weighed in on PGR shares. Citigroup dropped their target price on shares of Progressive from $66.00 to $63.00 and set a “neutral” rating on the stock in a research report on Thursday, July 12th. B. Riley lifted their target price on shares of Progressive from $54.00 to $60.00 and gave the stock a “neutral” rating in a research report on Monday, July 16th. Wells Fargo & Co set a $64.00 target price on shares of Progressive and gave the stock a “hold” rating in a research report on Tuesday, July 17th. Morgan Stanley lifted their target price on shares of Progressive from $64.00 to $68.00 and gave the stock a “$60.39” rating in a research report on Wednesday, July 18th. Finally, Buckingham Research raised shares of Progressive to a “sell” rating and set a $52.00 target price on the stock in a research report on Wednesday, July 18th.

Shares of Progressive stock traded up $0.34 during trading on Monday, hitting $73.46. The stock had a trading volume of 233,291 shares, compared to its average volume of 3,797,840. The company has a market cap of $40.65 billion, a P/E ratio of 27.93, a price-to-earnings-growth ratio of 1.99 and a beta of 0.71. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.42 and a quick ratio of 0.42. Progressive has a 1 year low of $50.14 and a 1 year high of $73.69.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.43. The business had revenue of $8.60 billion for the quarter, compared to the consensus estimate of $8.43 billion. Progressive had a net margin of 9.42% and a return on equity of 27.45%. The firm’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same period last year, the firm posted $0.38 earnings per share. On average, analysts expect that Progressive will post 4.78 EPS for the current fiscal year.

In related news, insider John A. Barbagallo sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, October 26th. The shares were sold at an average price of $68.02, for a total transaction of $3,401,000.00. Following the transaction, the insider now directly owns 177,368 shares of the company’s stock, valued at $12,064,571.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 12,600 shares of the business’s stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $64.14, for a total transaction of $808,164.00. Following the transaction, the chief executive officer now directly owns 265,856 shares in the company, valued at $17,052,003.84. The disclosure for this sale can be found here. Insiders have sold 124,600 shares of company stock worth $8,325,164 over the last ninety days. 0.70% of the stock is currently owned by insiders.

A number of hedge funds have recently bought and sold shares of PGR. Capital Advisors Ltd. LLC grew its position in Progressive by 409.1% in the third quarter. Capital Advisors Ltd. LLC now owns 1,400 shares of the insurance provider’s stock worth $105,000 after acquiring an additional 1,125 shares in the last quarter. ELM Advisors LLC bought a new stake in Progressive in the third quarter worth approximately $107,000. Harvest Fund Management Co. Ltd bought a new stake in Progressive in the third quarter worth approximately $112,000. Trust Co. of Vermont grew its position in Progressive by 82.4% in the second quarter. Trust Co. of Vermont now owns 2,006 shares of the insurance provider’s stock worth $119,000 after acquiring an additional 906 shares in the last quarter. Finally, Cerebellum GP LLC bought a new stake in Progressive in the second quarter worth approximately $168,000. 79.89% of the stock is owned by institutional investors.

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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Analyst Recommendations for Progressive (NYSE:PGR)

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