Progressive (NYSE:PGR) had its price objective boosted by Citigroup from $65.00 to $70.00 in a research note released on Friday, September 14th. Citigroup currently has a neutral rating on the insurance provider’s stock.
PGR has been the subject of several other research reports. Morgan Stanley increased their price objective on shares of Progressive from $64.00 to $68.00 and gave the company a $60.39 rating in a research note on Wednesday, July 18th. Buckingham Research raised their price target on shares of Progressive from $48.00 to $52.00 and gave the company an underperform rating in a research note on Thursday, May 17th. B. Riley raised their price target on shares of Progressive from $60.00 to $68.00 and gave the company a neutral rating in a research note on Tuesday, August 7th. Wells Fargo & Co set a $64.00 price target on shares of Progressive and gave the company a hold rating in a research note on Tuesday, July 17th. Finally, MKM Partners lifted their target price on shares of Progressive to $75.00 and gave the stock a buy rating in a research note on Tuesday, May 22nd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. Progressive presently has an average rating of Hold and an average target price of $64.64.
Shares of NYSE PGR traded up $0.80 during trading hours on Friday, hitting $71.83. 3,640,900 shares of the stock were exchanged, compared to its average volume of 3,340,662. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $41.38 billion, a price-to-earnings ratio of 27.17, a P/E/G ratio of 2.14 and a beta of 0.67. Progressive has a 1-year low of $47.89 and a 1-year high of $72.02.
Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, July 17th. The insurance provider reported $1.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.11. The business had revenue of $8.10 billion during the quarter, compared to the consensus estimate of $8.01 billion. Progressive had a net margin of 7.57% and a return on equity of 21.84%. The firm’s revenue was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.63 EPS. On average, equities research analysts forecast that Progressive will post 4.54 earnings per share for the current year.
In other Progressive news, insider William M. Cody sold 50,000 shares of the firm’s stock in a transaction on Monday, August 20th. The shares were sold at an average price of $66.90, for a total value of $3,345,000.00. Following the completion of the sale, the insider now directly owns 116,838 shares in the company, valued at $7,816,462.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $64.25, for a total transaction of $771,000.00. Following 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. Insiders sold 94,103 shares of company stock valued at $6,088,405 over the last 90 days. Corporate insiders own 0.70% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Summit Trail Advisors LLC boosted its holdings in Progressive by 4,577.8% during the first quarter. Summit Trail Advisors LLC now owns 2,306,527 shares of the insurance provider’s stock worth $2,307,000 after purchasing an additional 2,257,219 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Progressive by 16.2% during the first quarter. JPMorgan Chase & Co. now owns 11,676,418 shares of the insurance provider’s stock worth $711,444,000 after purchasing an additional 1,630,692 shares during the last quarter. Millennium Management LLC boosted its holdings in Progressive by 174.1% during the second quarter. Millennium Management LLC now owns 2,518,308 shares of the insurance provider’s stock worth $148,958,000 after purchasing an additional 1,599,598 shares during the last quarter. Artisan Partners Limited Partnership boosted its holdings in Progressive by 9.6% during the first quarter. Artisan Partners Limited Partnership now owns 17,081,390 shares of the insurance provider’s stock worth $1,040,769,000 after purchasing an additional 1,501,554 shares during the last quarter. Finally, Tremblant Capital Group purchased a new position in Progressive during the first quarter worth about $77,534,000. Hedge funds and other institutional investors own 80.26% of the company’s stock.
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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