Progressive Corporation (The)’s (PGR) “Hold” Rating Reaffirmed at Wells Fargo & Company

Wells Fargo & Company restated their hold rating on shares of Progressive Corporation (The) (NYSE:PGR) in a research report released on Wednesday.

A number of other equities analysts have also issued reports on PGR. Credit Suisse Group reaffirmed a sell rating and issued a $33.00 target price on shares of Progressive Corporation (The) in a research report on Friday, February 17th. Barclays PLC reaffirmed a sell rating and issued a $33.00 target price on shares of Progressive Corporation (The) in a research report on Sunday, February 19th. Bank of America Corporation raised Progressive Corporation (The) from a neutral rating to a buy rating and upped their target price for the company from $40.00 to $46.00 in a research report on Monday, March 20th. Sandler O’Neill raised Progressive Corporation (The) from a hold rating to a buy rating and set a $45.00 target price on the stock in a research report on Tuesday, March 21st. Finally, FBR & Co upped their target price on Progressive Corporation (The) from $30.00 to $35.00 and gave the company a mkt perform rating in a research report on Monday, April 3rd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $40.54.

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

Shares of Progressive Corporation (NYSE PGR) opened at 44.70 on Wednesday. The firm has a market cap of $25.97 billion, a PE ratio of 21.82 and a beta of 0.80. Progressive Corporation has a 12-month low of $30.54 and a 12-month high of $45.03. The firm’s 50-day moving average is $41.93 and its 200-day moving average is $38.83.

Progressive Corporation (The) (NYSE:PGR) last announced its earnings results on Tuesday, April 18th. The insurance provider reported $0.67 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.68 by $0.01. Progressive Corporation (The) had a net margin of 4.95% and a return on equity of 13.99%. The business had revenue of $6.49 billion during the quarter, compared to analyst estimates of $6.49 billion. During the same period in the previous year, the company earned $0.44 earnings per share. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. Equities analysts expect that Progressive Corporation will post $2.38 earnings per share for the current fiscal year.

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In related news, insider Steven Broz sold 1,100 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 8,955 shares of the company’s stock, valued at approximately $372,080.25. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.56% of the company’s stock.

Large investors have recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of 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 valued at $1,406,446,000 after buying an additional 34,666,678 shares in the last quarter. TimesSquare Capital Management LLC raised its stake in shares of Progressive Corporation (The) by 72.5% in the first quarter. TimesSquare Capital Management LLC now owns 4,605,710 shares of the insurance provider’s stock valued at $180,452,000 after buying an additional 1,935,415 shares in the last quarter. Norges Bank bought a new stake in shares of Progressive Corporation (The) during the fourth quarter valued at $62,224,000. Viking Global Investors LP bought a new stake in shares of Progressive Corporation (The) during the fourth quarter valued at $61,235,000. Finally, Osterweis Capital Management Inc. bought a new stake in shares of Progressive Corporation (The) during the fourth quarter valued at $48,338,000. 79.40% of the stock is currently owned by hedge funds and other institutional investors.

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “PGR”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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