Progressive Corporation (The) (PGR) Receives New Coverage from Analysts at Buckingham Research

Buckingham Research began coverage on shares of Progressive Corporation (The) (NYSE:PGR) in a report published on Monday. The brokerage issued an underperform rating and a $40.00 price target on the insurance provider’s stock.

A number of other brokerages have also recently commented on PGR. UBS AG raised shares of Progressive Corporation (The) from an outperform rating to a strong-buy rating in a research report on Thursday, July 13th. BidaskClub raised shares of Progressive Corporation (The) from a buy rating to a strong-buy rating in a research report on Friday, August 11th. Raymond James Financial, Inc. raised shares of Progressive Corporation (The) from an outperform rating to a strong-buy rating and upped their price target for the company from $45.00 to $52.00 in a research report on Thursday, July 13th. FBR & Co upped their price target on shares of Progressive Corporation (The) from $36.00 to $40.00 and gave the company a mkt perform rating in a research report on Tuesday, July 11th. Finally, Zacks Investment Research cut shares of Progressive Corporation (The) from a buy rating to a hold rating in a research report on Monday, July 31st. Three analysts have rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and three have assigned a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $44.87.

Progressive Corporation (PGR) opened at 46.42 on Monday. The stock has a 50 day moving average price of $47.21 and a 200-day moving average price of $42.95. Progressive Corporation has a 1-year low of $30.54 and a 1-year high of $49.01. The firm has a market cap of $26.97 billion, a P/E ratio of 19.75 and a beta of 0.88.

Progressive Corporation (The) (NYSE:PGR) last issued its quarterly earnings results on Tuesday, July 18th. The insurance provider reported $0.59 EPS for the quarter, missing the Zacks’ consensus estimate of $0.60 by $0.01. The firm 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 revenue was up 13.7% compared to the same quarter last year. During the same period last year, the company posted $0.33 EPS. Equities research analysts forecast that Progressive Corporation will post $2.51 EPS for the current year.

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In other Progressive Corporation (The) news, insider William M. Cody sold 50,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 151,051 shares of the company’s stock, valued at approximately $6,744,427.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven Broz sold 1,250 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $48.73, for a total transaction of $60,912.50. Following the completion of the sale, the insider now directly owns 12,181 shares of the company’s stock, valued at $593,580.13. The disclosure for this sale can be found here. Insiders sold a total of 156,250 shares of company stock worth $7,319,413 in the last 90 days. 0.56% of the stock is currently owned by company insiders.

Hedge funds have recently modified their holdings of the business. Mckinley Capital Management LLC Delaware bought a new stake in Progressive Corporation (The) in the 2nd quarter worth about $101,000. Cypress Capital Management LLC WY bought a new stake in Progressive Corporation (The) in the 2nd quarter worth about $106,000. IFP Advisors Inc grew its position in Progressive Corporation (The) by 12.9% in the 2nd quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock worth $132,000 after purchasing an additional 341 shares in the last quarter. Fiduciary Trust Co. bought a new stake in Progressive Corporation (The) in the 2nd quarter worth about $143,000. Finally, Cornerstone Advisors Inc. grew its position in Progressive Corporation (The) by 4.1% in the 2nd quarter. Cornerstone Advisors Inc. now owns 3,404 shares of the insurance provider’s stock worth $150,000 after purchasing an additional 133 shares in the last quarter. 79.41% of the stock is owned by institutional investors and hedge funds.

Progressive Corporation (The) Company Profile

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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