Citigroup Boosts Progressive (PGR) Price Target to $73.00

Progressive (NYSE:PGR) had its target price raised by equities research analysts at Citigroup from $70.00 to $73.00 in a report released on Friday, Stock Target Advisor reports. The firm presently has a “neutral” rating on the insurance provider’s stock. Citigroup’s price target points to a potential upside of 9.18% from the company’s previous close.

A number of other research analysts have also recently commented on PGR. Argus upgraded Progressive from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a report on Friday, July 27th. Credit Suisse Group set a $79.00 price objective on Progressive and gave the company a “buy” rating in a report on Tuesday. B. Riley upped their price objective on Progressive from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Tuesday, August 7th. ValuEngine cut Progressive from a “buy” rating to a “hold” rating in a report on Tuesday, October 2nd. Finally, Wells Fargo & Co set a $64.00 price objective on Progressive and gave the company a “hold” rating in a report on Tuesday, July 17th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $65.29.

PGR opened at $66.86 on Friday. Progressive has a one year low of $47.89 and a one year high of $72.02. The company has a market capitalization of $41.38 billion, a P/E ratio of 25.42, a price-to-earnings-growth ratio of 2.14 and a beta of 0.67. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.43 and a current ratio of 0.43.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, July 17th. The insurance provider reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.11. Progressive had a return on equity of 21.84% and a net margin of 7.57%. The firm had revenue of $8.10 billion for the quarter, compared to analysts’ expectations of $8.01 billion. During the same period in the prior year, the firm posted $0.63 earnings per share. The firm’s quarterly revenue was up 20.0% on a year-over-year basis. As a group, analysts anticipate that Progressive will post 4.54 EPS for the current year.

In other Progressive news, insider John Jo Murphy sold 7,503 shares of the business’s stock in a transaction that occurred on Wednesday, July 18th. The stock was sold at an average price of $60.28, for a total value of $452,280.84. Following the sale, the insider now owns 41,722 shares of the company’s stock, valued at $2,515,002.16. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider William M. Cody sold 50,000 shares of the business’s stock in a transaction that occurred 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 approximately $7,816,462.20. The disclosure for this sale can be found here. In the last three months, insiders sold 94,103 shares of company stock worth $6,088,405. 0.70% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in PGR. ELM Advisors LLC purchased a new stake in shares of Progressive during the third quarter worth $107,000. Trust Co. of Vermont increased its position in shares of Progressive by 82.4% during 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 during the period. Cerebellum GP LLC purchased a new stake in shares of Progressive during the second quarter worth $168,000. Chesley Taft & Associates LLC purchased a new stake in shares of Progressive during the third quarter worth $222,000. Finally, MAI Capital Management purchased a new stake in shares of Progressive during the third quarter worth $226,000. 80.26% of the stock is currently 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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