Progressive (PGR) Rating Increased to Buy at ValuEngine

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Progressive (NYSE:PGR) was upgraded by equities researchers at ValuEngine from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.

Several other analysts have also recently commented on the stock. Zacks Investment Research cut shares of Progressive from a “buy” rating to a “hold” rating in a research note on Wednesday, September 19th. Citigroup boosted their price target on shares of Progressive from $63.00 to $65.00 and gave the stock a “neutral” rating in a research note on Thursday, August 16th. Wells Fargo & Co set a $64.00 price target on shares of Progressive and gave the stock a “hold” rating in a research note on Thursday, September 13th. MKM Partners boosted their price target on shares of Progressive to $80.00 and gave the stock a “buy” rating in a research note on Friday, September 14th. Finally, Credit Suisse Group started coverage on shares of Progressive in a research note on Tuesday, August 7th. They issued an “outperform” rating and a $73.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $68.64.

Shares of Progressive stock opened at $70.55 on Thursday. The firm has a market capitalization of $41.14 billion, a P/E ratio of 26.94, a PEG ratio of 2.06 and a beta of 0.67. Progressive has a fifty-two week low of $48.52 and a fifty-two week high of $72.72. The company has a quick ratio of 0.43, a current ratio of 0.38 and a debt-to-equity ratio of 0.33.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, October 16th. The insurance provider reported $1.57 EPS for the quarter, topping the consensus estimate of $1.14 by $0.43. The business had revenue of $8.60 billion for the quarter, compared to analysts’ expectations of $8.43 billion. Progressive had a net margin of 9.42% and a return on equity of 27.25%. The business’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.38 EPS. On average, sell-side analysts forecast that Progressive will post 4.67 EPS for the current year.

In other news, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $64.25, for a total transaction of $771,000.00. Following the sale, the chief financial officer now directly owns 390,584 shares in the company, valued at approximately $25,095,022. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 12,600 shares of the company’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $64.14, for a total transaction of $808,164.00. Following the sale, the chief executive officer now owns 265,856 shares in the company, valued at $17,052,003.84. The disclosure for this sale can be found here. Insiders have sold a total of 74,600 shares of company stock worth $4,924,164 over the last 90 days. Corporate insiders own 0.70% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Artisan Partners Limited Partnership raised its position in shares of Progressive by 5.1% during the 2nd quarter. Artisan Partners Limited Partnership now owns 17,946,090 shares of the insurance provider’s stock valued at $1,061,511,000 after buying an additional 864,700 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Progressive by 10.2% during the 2nd quarter. Janus Henderson Group PLC now owns 12,095,573 shares of the insurance provider’s stock valued at $715,456,000 after buying an additional 1,122,013 shares in the last quarter. Renaissance Technologies LLC raised its position in Progressive by 19.6% in the 2nd quarter. Renaissance Technologies LLC now owns 7,094,900 shares of the insurance provider’s stock worth $419,663,000 after purchasing an additional 1,163,500 shares during the period. Principal Financial Group Inc. raised its position in Progressive by 1.0% in the 1st quarter. Principal Financial Group Inc. now owns 5,043,129 shares of the insurance provider’s stock worth $307,278,000 after purchasing an additional 47,656 shares during the period. Finally, Bank of America Corp DE raised its position in Progressive by 8.0% in the 2nd quarter. Bank of America Corp DE now owns 4,595,539 shares of the insurance provider’s stock worth $271,827,000 after purchasing an additional 338,879 shares during the period. Hedge funds and other institutional investors own 79.88% of the company’s stock.

About Progressive

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Analyst Recommendations for Progressive (NYSE:PGR)

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