Raymond James Raises Progressive (PGR) Price Target to $85.00

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Progressive (NYSE:PGR) had its target price boosted by Raymond James from $82.00 to $85.00 in a report issued on Wednesday. They currently have a strong-buy rating on the insurance provider’s stock.

Several other equities analysts have also commented on PGR. Citigroup reduced their price target on Progressive from $66.00 to $63.00 and set a neutral rating on the stock in a research report on Thursday, July 12th. B. Riley boosted their price target on Progressive from $54.00 to $60.00 and gave the stock a neutral rating in a research report on Monday, July 16th. Wells Fargo & Co set a $64.00 price target on Progressive and gave the stock a hold rating in a research report on Tuesday, July 17th. Morgan Stanley boosted their price target on Progressive from $64.00 to $68.00 and gave the stock a $60.39 rating in a research report on Wednesday, July 18th. Finally, Buckingham Research raised Progressive to a sell rating and set a $52.00 target price on the stock in a research report on Wednesday, July 18th. One investment 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 company. Progressive presently has a consensus rating of Buy and a consensus price target of $68.64.

Progressive stock traded down $1.25 during midday trading on Wednesday, hitting $70.55. 4,438,056 shares of the company were exchanged, compared to its average volume of 3,390,044. The firm has a market capitalization of $41.82 billion, a PE ratio of 26.83, a price-to-earnings-growth ratio of 2.05 and a beta of 0.67. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.43 and a current ratio of 0.38. Progressive has a fifty-two week low of $48.52 and a fifty-two week high of $72.72.

Progressive (NYSE:PGR) last released 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 firm had revenue of $8.60 billion for the quarter, compared to analyst estimates of $8.43 billion. Progressive had a return on equity of 27.25% and a net margin of 9.42%. Progressive’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.38 EPS. On average, analysts forecast that Progressive will post 4.79 earnings per share for the current fiscal year.

In other news, insider William M. Cody sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $66.90, for a total value of $3,345,000.00. Following the completion of the sale, the insider now directly owns 116,838 shares in the company, valued at approximately $7,816,462.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Susan Patricia Griffith sold 12,600 shares of the business’s stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $64.14, for a total value of $808,164.00. Following the completion of the sale, the chief executive officer now owns 265,856 shares of the company’s stock, valued at $17,052,003.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 74,600 shares of company stock worth $4,924,164. 0.70% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. ELM Advisors LLC bought a new stake in shares of Progressive in the 3rd quarter valued at approximately $107,000. Trust Co. of Vermont increased its holdings in shares of Progressive by 82.4% in the 2nd quarter. Trust Co. of Vermont now owns 2,006 shares of the insurance provider’s stock valued at $119,000 after acquiring an additional 906 shares during the last quarter. Cerebellum GP LLC bought a new stake in shares of Progressive in the 2nd quarter valued at approximately $168,000. Migdal Insurance & Financial Holdings Ltd. increased its holdings in shares of Progressive by 8,571.8% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,382 shares of the insurance provider’s stock valued at $200,000 after acquiring an additional 3,343 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC increased its holdings in shares of Progressive by 114.8% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 3,404 shares of the insurance provider’s stock valued at $201,000 after acquiring an additional 1,819 shares during the last quarter. Institutional investors and hedge funds own 79.88% of the company’s stock.

Progressive Company Profile

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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