Progressive (PGR) Raised to “Overweight” at Morgan Stanley

Progressive (NYSE:PGR) was upgraded by analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a report released on Wednesday, Marketbeat reports. The brokerage presently has a $84.00 price objective on the insurance provider’s stock. Morgan Stanley’s price objective suggests a potential upside of 14.63% from the company’s current price.

Other research analysts have also issued reports about the company. Credit Suisse Group set a $79.00 target price on Progressive and gave the company a “buy” rating in a report on Tuesday, October 9th. ValuEngine upgraded Progressive from a “hold” rating to a “buy” rating in a report on Thursday, October 18th. MKM Partners lifted their target price on Progressive to $85.00 and gave the company a “buy” rating in a report on Wednesday, September 26th. B. Riley lifted their target price on Progressive from $68.00 to $71.00 and gave the company a “neutral” rating in a report on Monday, October 8th. Finally, Zacks Investment Research lowered Progressive from a “buy” rating to a “hold” rating in a report on Wednesday, September 19th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Progressive currently has an average rating of “Hold” and a consensus price target of $69.79.

Shares of PGR traded down $0.18 during midday trading on Wednesday, hitting $73.28. 80,558 shares of the stock were exchanged, compared to its average volume of 3,797,840. Progressive has a 52-week low of $50.14 and a 52-week high of $73.69. The firm has a market cap of $40.65 billion, a P/E ratio of 27.88, a P/E/G ratio of 1.99 and a beta of 0.71. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.34.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, October 16th. The insurance provider reported $1.57 EPS for the quarter, topping the 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 business had revenue of $8.60 billion during the quarter, compared to analyst estimates of $8.43 billion. During the same period last year, the business posted $0.38 earnings per share. The company’s quarterly revenue was up 20.5% on a year-over-year basis. Sell-side analysts expect that Progressive will post 4.81 earnings per share for the current year.

In related 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 completion of the transaction, the insider now directly owns 177,368 shares in the company, valued at $12,064,571.36. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $64.25, for a total value of $771,000.00. Following the completion of the transaction, the chief financial officer now owns 390,584 shares of the company’s stock, valued at $25,095,022. The disclosure for this sale can be found here. Over the last quarter, insiders sold 124,600 shares of company stock valued at $8,325,164. 0.70% of the stock is currently owned by company insiders.

A number of institutional investors have recently bought and sold shares of the business. Donaldson Capital Management LLC raised its stake in Progressive by 20.4% in the third quarter. Donaldson Capital Management LLC now owns 4,505 shares of the insurance provider’s stock valued at $320,000 after buying an additional 764 shares in the last quarter. Keybank National Association OH raised its stake in Progressive by 1.0% in the second quarter. Keybank National Association OH now owns 84,577 shares of the insurance provider’s stock valued at $5,003,000 after buying an additional 837 shares in the last quarter. V Wealth Management LLC raised its stake in Progressive by 3.5% in the third quarter. V Wealth Management LLC now owns 25,842 shares of the insurance provider’s stock valued at $1,839,000 after buying an additional 884 shares in the last quarter. State Treasurer State of Michigan raised its stake in Progressive by 0.5% in the second quarter. State Treasurer State of Michigan now owns 172,381 shares of the insurance provider’s stock valued at $10,196,000 after buying an additional 900 shares in the last quarter. Finally, Trust Co. of Vermont raised its stake in Progressive by 82.4% in the second quarter. Trust Co. of Vermont now owns 2,006 shares of the insurance provider’s stock valued at $119,000 after buying an additional 906 shares in the last quarter. 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.

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