Progressive Corporation (The) (PGR) Hits New 12-Month High at $51.63

Shares of Progressive Corporation (The) (NYSE:PGR) reached a new 52-week high on Wednesday . The company traded as high as $51.63 and last traded at $51.28, with a volume of 2894700 shares changing hands. The stock had previously closed at $51.10.

A number of research firms have weighed in on PGR. Wells Fargo & Company set a $50.00 target price on shares of Progressive Corporation (The) and gave the company a “hold” rating in a research report on Wednesday. B. Riley reissued a “neutral” rating on shares of Progressive Corporation (The) in a research report on Monday, November 6th. Citigroup Inc. increased their target price on shares of Progressive Corporation (The) from $50.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 18th. Morgan Stanley increased their target price on shares of Progressive Corporation (The) from $49.00 to $51.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 18th. Finally, FBR & Co restated a “hold” rating on shares of Progressive Corporation (The) in a report on Tuesday, October 17th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. Progressive Corporation (The) currently has a consensus rating of “Hold” and an average price target of $46.63.

The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $29,721.49, a price-to-earnings ratio of 22.31, a PEG ratio of 2.95 and a beta of 0.92.

Progressive Corporation (The) (NYSE:PGR) last issued its earnings results on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.07. Progressive Corporation (The) had a return on equity of 15.40% and a net margin of 5.41%. The company had revenue of $7.14 billion for the quarter, compared to analysts’ expectations of $7.04 billion. During the same period last year, the business earned $0.34 EPS. Progressive Corporation (The)’s quarterly revenue was up 18.1% compared to the same quarter last year. equities analysts expect that Progressive Corporation will post 2.36 earnings per share for the current fiscal year.

In other Progressive Corporation (The) news, insider Susan Patricia Griffith sold 35,000 shares of the firm’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $48.66, for a total transaction of $1,703,100.00. Following the transaction, the insider now directly owns 221,715 shares in the company, valued at approximately $10,788,651.90. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jeffrey W. Basch sold 9,000 shares of the firm’s stock in a transaction on Wednesday, October 18th. The shares were sold at an average price of $48.23, for a total value of $434,070.00. Following the transaction, the insider now owns 70,965 shares in the company, valued at $3,422,641.95. The disclosure for this sale can be found here. Over the last quarter, insiders sold 107,250 shares of company stock worth $5,220,983. 0.56% of the stock is owned by company insiders.

Large investors have recently modified their holdings of the business. Meeder Asset Management Inc. lifted its stake in Progressive Corporation (The) by 126.4% during the 3rd quarter. Meeder Asset Management Inc. now owns 96,585 shares of the insurance provider’s stock valued at $4,677,000 after acquiring an additional 53,917 shares in the last quarter. National Planning Corp lifted its stake in Progressive Corporation (The) by 28.0% during the 2nd quarter. National Planning Corp now owns 9,125 shares of the insurance provider’s stock valued at $404,000 after acquiring an additional 1,995 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Progressive Corporation (The) by 1.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,038,766 shares of the insurance provider’s stock valued at $310,340,000 after acquiring an additional 79,773 shares in the last quarter. Martingale Asset Management L P lifted its stake in Progressive Corporation (The) by 7.4% during the 2nd quarter. Martingale Asset Management L P now owns 678,437 shares of the insurance provider’s stock valued at $29,913,000 after acquiring an additional 47,002 shares in the last quarter. Finally, Westfield Capital Management Co. LP lifted its stake in Progressive Corporation (The) by 62.6% during the 2nd quarter. Westfield Capital Management Co. LP now owns 1,739,335 shares of the insurance provider’s stock valued at $76,687,000 after acquiring an additional 669,428 shares in the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

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Progressive Corporation (The) 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 the Personal Lines, Commercial Lines and Property segments.

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