Progressive (NYSE:PGR)‘s stock had its “hold” rating reiterated by equities researchers at Credit Suisse Group in a note issued to investors on Friday. They presently have a $48.00 price objective on the insurance provider’s stock. Credit Suisse Group’s target price indicates a potential downside of 12.95% from the stock’s current price.
Several other equities research analysts also recently issued reports on PGR. MKM Partners raised their price objective on shares of Progressive to $65.00 and gave the stock a “buy” rating in a research report on Friday. Wells Fargo & Company set a $55.00 price objective on shares of Progressive and gave the stock a “hold” rating in a research report on Wednesday. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Progressive in a report on Wednesday, December 6th. Goldman Sachs Group started coverage on shares of Progressive in a research note on Monday, December 4th. They set a “buy” rating and a $57.00 target price on the stock. Finally, UBS reissued a “buy” rating and set a $62.00 price target on shares of Progressive in a research report on Friday, December 1st. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $50.41.
Progressive (NYSE:PGR) opened at $55.14 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.50 and a quick ratio of 0.50. The stock has a market capitalization of $32,070.00, a price-to-earnings ratio of 24.40, a price-to-earnings-growth ratio of 3.18 and a beta of 0.94. Progressive has a 52-week low of $35.11 and a 52-week high of $56.23.
Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, October 17th. The insurance provider reported $0.41 EPS for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.07. Progressive had a return on equity of 15.40% and a net margin of 5.41%. The company had revenue of $7.14 billion for the quarter, compared to the consensus estimate of $7.04 billion. During the same quarter in the previous year, the business earned $0.34 EPS. The company’s quarterly revenue was up 18.1% compared to the same quarter last year. equities analysts expect that Progressive will post 2.4 EPS for the current fiscal year.
In other Progressive news, CMO M Jeffrey Charney sold 6,000 shares of the company’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $49.50, for a total value of $297,000.00. Following the sale, the chief marketing officer now owns 102,038 shares of the company’s stock, valued at $5,050,881. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeffrey W. Basch sold 9,000 shares of the firm’s stock in a transaction dated Wednesday, October 18th. The stock was sold at an average price of $48.23, for a total value of $434,070.00. Following the completion of the transaction, the insider now owns 70,965 shares in the company, valued at $3,422,641.95. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,000 shares of company stock valued at $1,024,470. Company insiders own 0.56% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Janus Henderson Group PLC raised its stake in shares of Progressive by 8,999.0% in the 2nd quarter. Janus Henderson Group PLC now owns 6,472,777 shares of the insurance provider’s stock valued at $285,384,000 after purchasing an additional 6,401,640 shares during the period. William Blair Investment Management LLC lifted its position in Progressive by 24,360.1% during the second quarter. William Blair Investment Management LLC now owns 4,799,062 shares of the insurance provider’s stock worth $211,591,000 after acquiring an additional 4,779,442 shares during the last quarter. Artisan Partners Limited Partnership lifted its position in Progressive by 40.4% during the second quarter. Artisan Partners Limited Partnership now owns 11,586,365 shares of the insurance provider’s stock worth $510,843,000 after acquiring an additional 3,332,180 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Progressive by 55.9% during the third quarter. Bank of New York Mellon Corp now owns 7,492,446 shares of the insurance provider’s stock worth $362,783,000 after acquiring an additional 2,687,224 shares during the last quarter. Finally, Wells Fargo & Company MN raised its position in shares of Progressive by 49.2% in the third quarter. Wells Fargo & Company MN now owns 6,780,314 shares of the insurance provider’s stock valued at $328,303,000 after buying an additional 2,234,425 shares in the last quarter. Institutional investors own 79.55% of the company’s stock.
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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