Recent Research Analysts’ Ratings Updates for Progressive Corporation (The) (PGR)

Several analysts have recently updated their ratings and price targets for Progressive Corporation (The) (NYSE: PGR):

  • 8/3/2017 – Progressive Corporation (The) had its “hold” rating reaffirmed by analysts at Wells Fargo & Company.
  • 8/2/2017 – Progressive Corporation (The) was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $53.00 price target on the stock. According to Zacks, “Shares of Progressive have outperformed the industry year to date. Progressive strives to become a one-stop insurance destination by catering to customers opting for a combination of home and auto.  Its property business has also gained pace. Policies in force and retention ratio will continue to remain healthy. Focus on paying back its shareholders via dividends as well as share repurchases that lower share count and boosts the bottom line. However, the company’s growth could be challenged by intense competition. Exposure to catastrophe events remains headwinds. With respect to quarterly results, Progressive’s bottom line missed expectations, but the same improved year over year on higher premiums.”
  • 7/31/2017 – Progressive Corporation (The) was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Shares of Progressive have outperformed the industry since it reported its second-quarter results. Progressive strives to become a one-stop insurance destination by catering to customers opting for a combination of home and auto.  Its property business has also gained pace. Policies in force and retention ratio will continue to remain healthy. Focus on paying back its shareholders via dividends as well as share repurchases that lower share count and boosts the bottom line. However, the company’s growth could be challenged by intense competition. Exposure to catastrophe events remains headwinds. With respect to quarterly results, Progressive’s bottom line missed expectations, but the same improved year over year on higher premiums.”
  • 7/31/2017 – Progressive Corporation (The) was downgraded by analysts at BidaskClub from a “strong-buy” rating to a “buy” rating.
  • 7/25/2017 – Progressive Corporation (The) had its “buy” rating reaffirmed by analysts at Keefe, Bruyette & Woods. They now have a $48.00 price target on the stock.
  • 7/22/2017 – Progressive Corporation (The) had its “equal weight” rating reaffirmed by analysts at Morgan Stanley. They now have a $47.00 price target on the stock, up previously from $43.00.
  • 7/18/2017 – Progressive Corporation (The) had its “hold” rating reaffirmed by analysts at Wells Fargo & Company. They now have a $45.00 price target on the stock. They wrote, “We are raising our 2017 and 2018 EPS estimates to $2.40 and $2.60 (from $2.30 and $2.50) to reflect the June upside and changes to our margin assumptions. Our initial 2019 EPS estimate is $2.85. Our price target remains $45. PGR shares are flat (but outperforming financials and other insurers) reflecting the better underlying results.””
  • 7/13/2017 – Progressive Corporation (The) was upgraded by analysts at UBS AG from an “outperform” rating to a “strong-buy” rating.
  • 7/13/2017 – Progressive Corporation (The) was upgraded by analysts at Raymond James Financial, Inc. from an “outperform” rating to a “strong-buy” rating. They now have a $52.00 price target on the stock, up previously from $45.00.
  • 7/13/2017 – Progressive Corporation (The) had its price target raised by analysts at Citigroup Inc. from $45.00 to $46.00. They now have a “neutral” rating on the stock.
  • 7/11/2017 – Progressive Corporation (The) had its price target raised by analysts at FBR & Co from $36.00 to $40.00. They now have a “mkt perform” rating on the stock.
  • 7/7/2017 – Progressive Corporation (The) had its “equal weight” rating reaffirmed by analysts at Morgan Stanley. They now have a $43.00 price target on the stock, up previously from $40.00.
  • 7/3/2017 – Progressive Corporation (The) had its price target raised by analysts at Barclays PLC from $35.00 to $39.00. They now have an “underweight” rating on the stock.
  • 6/19/2017 – Progressive Corporation (The) was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $50.00 price target on the stock. According to Zacks, “Shares of Progressive significantly outperformed the Zacks categorized Property and Casualty industry, year to date. Progressive strives to become a one-stop insurance destination by catering to customers opting for a combination of home and auto.  Its property business has also gained pace. Policies in force and retention ratio will continue to remain healthy. Focus on paying back its shareholders via dividends as well as share repurchases that lower share count and boosts the bottom line. However, the company’s growth could be challenged by intense competition. Increasing combined ratio, underperforming commercial auto business are other near-term headwinds.”
  • 6/17/2017 – Progressive Corporation (The) was upgraded by analysts at BidaskClub from a “buy” rating to a “strong-buy” rating.
  • 6/16/2017 – Progressive Corporation (The) had its price target raised by analysts at Bank of America Corporation from $48.00 to $49.00. They now have a “buy” rating on the stock.
  • 6/14/2017 – Progressive Corporation (The) had its “hold” rating reaffirmed by analysts at Wells Fargo & Company.

Progressive Corporation (NYSE PGR) traded down 0.69% during trading on Thursday, hitting $47.71. 2,485,540 shares of the stock were exchanged. The firm has a market cap of $27.72 billion, a PE ratio of 20.30 and a beta of 0.86. Progressive Corporation has a 52 week low of $30.54 and a 52 week high of $48.04. The firm’s 50-day moving average is $45.77 and its 200 day moving average is $41.44.

Progressive Corporation (The) (NYSE:PGR) last issued its quarterly earnings data on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by $0.01. The business had revenue of $6.75 billion for the quarter, compared to analyst estimates of $6.78 billion. Progressive Corporation (The) had a net margin of 5.50% and a return on equity of 15.62%. The firm’s quarterly revenue was up 13.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.33 earnings per share. Analysts expect that Progressive Corporation will post $2.43 earnings per share for the current fiscal year.

In other news, Director Jeffrey D. Kelly sold 20,000 shares of Progressive Corporation (The) stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $44.52, for a total transaction of $890,400.00. Following the completion of the transaction, the director now directly owns 59,963 shares in the company, valued at $2,669,552.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider William M. Cody sold 50,000 shares of Progressive Corporation (The) stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $44.65, for a total transaction 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 disclosure for this sale can be found here. Insiders have sold 71,100 shares of company stock valued at $3,168,605 over the last quarter. Corporate insiders own 0.56% of the company’s stock.

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.

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