Citigroup Inc. Boosts Progressive Corporation (The) (PGR) Price Target to $51.00

Progressive Corporation (The) (NYSE:PGR) had its target price lifted by stock analysts at Citigroup Inc. from $50.00 to $51.00 in a report issued on Wednesday. The firm currently has a “neutral” rating on the insurance provider’s stock. Citigroup Inc.’s price target indicates a potential upside of 5.05% from the stock’s current price.

A number of other equities research analysts have also recently commented on PGR. Barclays PLC increased their price target on shares of Progressive Corporation (The) from $35.00 to $39.00 and gave the company an “underweight” rating in a report on Monday, July 3rd. Morgan Stanley restated an “equal weight” rating and issued a $43.00 target price (up previously from $40.00) on shares of Progressive Corporation (The) in a report on Friday, July 7th. FBR & Co raised their target price on shares of Progressive Corporation (The) from $36.00 to $40.00 and gave the stock a “mkt perform” rating in a report on Tuesday, July 11th. UBS AG upgraded shares of Progressive Corporation (The) from an “outperform” rating to a “strong-buy” rating in a research report on Thursday, July 13th. Finally, Raymond James Financial, Inc. upgraded shares of Progressive Corporation (The) from an “outperform” rating to a “strong-buy” rating and increased their price target for the stock from $45.00 to $52.00 in a research report on Thursday, July 13th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. Progressive Corporation (The) presently has an average rating of “Hold” and an average price target of $46.44.

Progressive Corporation (PGR) opened at 48.55 on Wednesday. The company’s 50-day moving average price is $47.40 and its 200 day moving average price is $44.44. The company has a market capitalization of $28.21 billion, a price-to-earnings ratio of 20.66 and a beta of 0.87. Progressive Corporation has a 12 month low of $30.99 and a 12 month high of $49.75.

Progressive Corporation (The) (NYSE:PGR) last announced its earnings results on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.11. Progressive Corporation (The) had a net margin of 5.50% and a return on equity of 15.62%. The business had revenue of $7.14 billion during the quarter, compared to the consensus estimate of $7.04 billion. During the same quarter last year, the firm earned $0.34 earnings per share. The business’s revenue for the quarter was up 18.1% on a year-over-year basis. Analysts forecast that Progressive Corporation will post $2.27 EPS for the current fiscal year.

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In other news, CFO John P. Sauerland sold 50,000 shares of the business’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $48.65, for a total value of $2,432,500.00. Following the completion of the sale, the chief financial officer now owns 370,364 shares in the company, valued at approximately $18,018,208.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Susan Patricia Griffith sold 35,000 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $48.66, for a total transaction of $1,703,100.00. Following the transaction, the insider now owns 221,715 shares of the company’s stock, valued at approximately $10,788,651.90. The disclosure for this sale can be found here. In the last 90 days, insiders sold 86,250 shares of company stock valued at $4,196,513. Company insiders own 0.56% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mckinley Capital Management LLC Delaware purchased a new stake in Progressive Corporation (The) during the 2nd quarter worth approximately $101,000. Cypress Capital Management LLC WY purchased a new stake in Progressive Corporation (The) during the 2nd quarter worth approximately $106,000. IFP Advisors Inc grew its position in Progressive Corporation (The) by 12.9% during 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 during the last quarter. Fiduciary Trust Co. purchased a new stake in Progressive Corporation (The) during the 2nd quarter worth approximately $143,000. Finally, Cornerstone Advisors Inc. grew its position in Progressive Corporation (The) by 4.1% during 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 during the last quarter. Hedge funds and other institutional investors own 79.38% of the company’s stock.

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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