Progressive Corporation (The) (PGR) Receives Average Rating of “Buy” from Analysts

Shares of Progressive Corporation (The) (NYSE:PGR) have received a consensus rating of “Buy” from the seventeen research firms that are covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $44.77.

Several analysts recently issued reports on PGR shares. MKM Partners restated a “buy” rating and set a $50.00 target price (up from $45.00) on shares of Progressive Corporation (The) in a research report on Friday, June 9th. Keefe, Bruyette & Woods restated a “buy” rating and set a $48.00 target price on shares of Progressive Corporation (The) in a research report on Thursday, May 18th. Bank of America Corporation boosted their target price on shares of Progressive Corporation (The) from $48.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, June 16th. Zacks Investment Research upgraded shares of Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Monday, June 19th. Finally, BidaskClub lowered shares of Progressive Corporation (The) from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st.

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In other news, insider William M. Cody sold 50,000 shares of the business’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $44.65, for a total value of $2,232,500.00. Following the transaction, the insider now owns 151,051 shares of the company’s stock, valued at $6,744,427.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Steven Broz sold 1,100 shares of the business’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $41.55, for a total transaction of $45,705.00. Following the completion of the transaction, the insider now directly owns 8,955 shares in the company, valued at approximately $372,080.25. The disclosure for this sale can be found here. Insiders sold 71,100 shares of company stock worth $3,168,605 in the last three months. Insiders own 0.56% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Progressive Corporation (The) by 3.8% in the first quarter. Vanguard Group Inc. now owns 37,551,768 shares of the insurance provider’s stock valued at $1,471,278,000 after buying an additional 1,357,926 shares during the period. BlackRock Inc. increased its stake in Progressive Corporation (The) by 2,817.6% in the first quarter. BlackRock Inc. now owns 35,897,019 shares of the insurance provider’s stock worth $1,406,446,000 after buying an additional 34,666,678 shares during the last quarter. State Street Corp increased its stake in Progressive Corporation (The) by 1.4% in the first quarter. State Street Corp now owns 26,996,546 shares of the insurance provider’s stock worth $1,057,724,000 after buying an additional 372,478 shares during the last quarter. Longview Partners Guernsey LTD increased its stake in Progressive Corporation (The) by 5.6% in the second quarter. Longview Partners Guernsey LTD now owns 19,547,018 shares of the insurance provider’s stock worth $861,828,000 after buying an additional 1,035,246 shares during the last quarter. Finally, Artisan Partners Limited Partnership increased its stake in Progressive Corporation (The) by 1.2% in the first quarter. Artisan Partners Limited Partnership now owns 8,254,185 shares of the insurance provider’s stock worth $323,399,000 after buying an additional 98,952 shares during the last quarter. 79.54% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Progressive Corporation (PGR) opened at 48.04 on Tuesday. The stock has a market capitalization of $27.91 billion, a PE ratio of 20.44 and a beta of 0.86. The company’s 50 day moving average is $45.77 and its 200-day moving average is $41.44. Progressive Corporation has a 52 week low of $30.54 and a 52 week high of $48.04.

Progressive Corporation (The) (NYSE:PGR) last announced its earnings results on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by $0.01. The business had revenue of $6.75 billion for the quarter, compared to the consensus estimate of $6.78 billion. Progressive Corporation (The) had a net margin of 5.50% and a return on equity of 15.62%. The business’s quarterly revenue was up 13.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.33 earnings per share. On average, equities analysts predict that Progressive Corporation will post $2.43 earnings per share for the current year.

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.

Analyst Recommendations for Progressive Corporation (The) (NYSE:PGR)

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