Progressive Corporation (The) (PGR) Lifted to “Strong-Buy” at BidaskClub

BidaskClub upgraded shares of Progressive Corporation (The) (NYSE:PGR) from a buy rating to a strong-buy rating in a report issued on Saturday morning.

A number of other equities analysts also recently weighed in on the stock. Wells Fargo & Company reaffirmed a hold rating on shares of Progressive Corporation (The) in a research note on Tuesday, April 18th. Sandler O’Neill raised shares of Progressive Corporation (The) from a hold rating to a buy rating and set a $45.00 target price for the company in a research note on Tuesday, March 21st. Bank of America Corporation raised shares of Progressive Corporation (The) from a neutral rating to a buy rating and raised their target price for the company from $40.00 to $46.00 in a research note on Monday, March 20th. Zacks Investment Research downgraded shares of Progressive Corporation (The) from a buy rating to a hold rating in a research note on Friday, April 21st. Finally, Keefe, Bruyette & Woods raised shares of Progressive Corporation (The) from a market perform rating to an outperform rating and raised their target price for the company from $39.00 to $45.00 in a research note on Monday, April 10th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $39.85.

Progressive Corporation (NYSE:PGR) traded up 0.20% during trading on Friday, reaching $44.83. The company’s stock had a trading volume of 3,083,921 shares. The company has a 50-day moving average of $41.79 and a 200 day moving average of $38.67. The firm has a market cap of $26.04 billion, a PE ratio of 21.88 and a beta of 0.80. Progressive Corporation has a one year low of $30.54 and a one year high of $44.88.

Progressive Corporation (The) (NYSE:PGR) last announced its earnings results on Tuesday, April 18th. The insurance provider reported $0.67 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.68 by $0.01. Progressive Corporation (The) had a net margin of 4.95% and a return on equity of 13.99%. The business had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.49 billion. During the same period in the prior year, the business posted $0.44 EPS. Progressive Corporation (The)’s revenue for the quarter was up 11.6% on a year-over-year basis. Analysts expect that Progressive Corporation will post $2.37 EPS for the current fiscal year.

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In related news, insider Steven Broz sold 1,100 shares of the firm’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $41.55, for a total transaction of $45,705.00. Following the completion of the sale, the insider now owns 8,955 shares of the company’s stock, valued at $372,080.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.56% of the stock is owned by company insiders.

Large investors have recently made changes to their positions in the stock. Howard Hughes Medical Institute purchased a new stake in shares of Progressive Corporation (The) during the first quarter valued at $110,000. Ibex Wealth Advisors purchased a new stake in shares of Progressive Corporation (The) during the fourth quarter valued at $189,000. Wendell David Associates Inc. purchased a new stake in shares of Progressive Corporation (The) during the first quarter valued at $204,000. Intrust Bank NA purchased a new stake in shares of Progressive Corporation (The) during the first quarter valued at $205,000. Finally, Pinnacle Associates Ltd. purchased a new stake in shares of Progressive Corporation (The) during the fourth quarter valued at $208,000. 79.45% of the stock is owned by institutional investors.

About Progressive Corporation (The)

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.

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