Progressive Corp. (NYSE:PGR) received a $28.00 price target from stock analysts at Credit Suisse Group AG in a note issued to investors on Friday. The firm currently has a a “sell” rating on the stock. Credit Suisse Group AG’s target price would suggest a potential downside of 10.86% from the stock’s current price.
Other analysts also recently issued research reports about the stock. MKM Partners reissued a “buy” rating and set a $40.00 price objective on shares of Progressive Corp. in a report on Thursday, June 23rd. FBR & Co reissued a “hold” rating on shares of Progressive Corp. in a report on Thursday, June 16th. Zacks Investment Research raised shares of Progressive Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, September 13th. Argus reissued a “hold” rating and set a $33.00 price objective on shares of Progressive Corp. in a report on Monday, July 18th. Finally, Keefe, Bruyette & Woods raised shares of Progressive Corp. from an “underperform” rating to a “market perform” rating and boosted their price objective for the stock from $29.00 to $31.00 in a report on Thursday, September 15th. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Progressive Corp. presently has an average rating of “Hold” and an average price target of $32.16.
Shares of Progressive Corp. (NYSE:PGR) opened at 31.41 on Friday. Progressive Corp. has a 12-month low of $29.32 and a 12-month high of $35.54. The firm has a 50-day moving average of $31.65 and a 200-day moving average of $32.81. The firm has a market cap of $18.28 billion, a P/E ratio of 17.45 and a beta of 0.73.
Progressive Corp. (NYSE:PGR) last issued its earnings results on Thursday, July 14th. The company reported $0.33 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by $0.01. The firm earned $5.93 billion during the quarter. Progressive Corp. had a net margin of 4.80% and a return on equity of 13.57%. The firm’s quarterly revenue was up 13.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.62 earnings per share. On average, equities analysts forecast that Progressive Corp. will post $1.60 earnings per share for the current fiscal year.
In related news, insider M Jeffrey Charney sold 7,000 shares of the business’s stock in a transaction that occurred on Friday, September 2nd. The shares were sold at an average price of $32.50, for a total value of $227,500.00. Following the completion of the sale, the insider now directly owns 71,961 shares in the company, valued at $2,338,732.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider John A. Barbagallo sold 24,000 shares of the business’s stock in a transaction that occurred on Monday, July 18th. The shares were sold at an average price of $33.01, for a total transaction of $792,240.00. Following the completion of the sale, the insider now owns 148,139 shares of the company’s stock, valued at $4,890,068.39. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. ING Groep NV increased its stake in Progressive Corp. by 7,288.2% in the first quarter. ING Groep NV now owns 533,132 shares of the company’s stock worth $18,729,000 after buying an additional 525,916 shares during the last quarter. M&T Bank Corp increased its stake in Progressive Corp. by 16.6% in the first quarter. M&T Bank Corp now owns 76,904 shares of the company’s stock worth $2,702,000 after buying an additional 10,976 shares during the last quarter. C M Bidwell & Associates Ltd. bought a new stake in Progressive Corp. during the first quarter worth about $325,000. Landscape Capital Management L.L.C. bought a new stake in Progressive Corp. during the first quarter worth about $515,000. Finally, Advisor Partners LLC increased its stake in Progressive Corp. by 2.7% in the first quarter. Advisor Partners LLC now owns 7,968 shares of the company’s stock worth $280,000 after buying an additional 206 shares during the last quarter. Hedge funds and other institutional investors own 76.53% of the company’s stock.
Progressive Corp. 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 Personal Lines, Commercial Lines and Property segments.
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