Progressive (PGR) PT Raised to $85.00

Progressive (NYSE:PGR) had its price target upped by Raymond James from $82.00 to $85.00 in a note issued to investors on Wednesday. The firm presently has a “strong-buy” rating on the insurance provider’s stock. Raymond James’ price target indicates a potential upside of 18.38% from the stock’s current price.

A number of other research analysts also recently issued reports on the company. Wells Fargo & Co set a $69.00 price target on Progressive and gave the company a “hold” rating in a report on Tuesday. Credit Suisse Group set a $79.00 price target on Progressive and gave the company a “buy” rating in a report on Monday. Citigroup lifted their price target on Progressive from $70.00 to $73.00 and gave the company a “neutral” rating in a report on Friday, October 12th. B. Riley lifted their price target on Progressive from $68.00 to $71.00 and gave the company a “neutral” rating in a report on Monday, October 8th. Finally, ValuEngine downgraded Progressive from a “buy” rating to a “hold” rating in a report on Tuesday, October 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $68.64.

PGR opened at $71.80 on Wednesday. Progressive has a 52 week low of $47.92 and a 52 week high of $72.72. The firm has a market cap of $41.14 billion, a price-to-earnings ratio of 14.81, a PEG ratio of 2.06 and a beta of 0.67. The company has a current ratio of 0.38, a quick ratio of 0.43 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 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.14 by $0.43. Progressive had a return on equity of 27.25% and a net margin of 9.42%. The business had revenue of $8.60 billion for the quarter, compared to the consensus estimate of $8.43 billion. During the same period last year, the business posted $0.38 EPS. The business’s revenue was up 20.5% compared to the same quarter last year. On average, equities research analysts forecast that Progressive will post 4.67 EPS for the current fiscal year.

In related news, CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $64.25, for a total transaction of $771,000.00. Following the transaction, 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 document filed with the SEC, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 12,600 shares of the business’s stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $64.14, for a total value of $808,164.00. Following the transaction, 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. Over the last 90 days, insiders have sold 74,600 shares of company stock worth $4,924,164. 0.70% of the stock is owned by company insiders.

Hedge funds have recently made changes to their positions in the stock. ELM Advisors LLC purchased a new position in Progressive during the 3rd quarter worth $107,000. Trust Co. of Vermont grew its stake in Progressive by 82.4% during the 2nd quarter. Trust Co. of Vermont now owns 2,006 shares of the insurance provider’s stock worth $119,000 after buying an additional 906 shares during the last quarter. Cerebellum GP LLC acquired a new stake in Progressive during the 2nd quarter worth about $168,000. Migdal Insurance & Financial Holdings Ltd. lifted its position in Progressive by 8,571.8% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,382 shares of the insurance provider’s stock worth $200,000 after acquiring an additional 3,343 shares during the period. Finally, Steward Partners Investment Advisory LLC lifted its position in Progressive by 114.8% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 3,404 shares of the insurance provider’s stock worth $201,000 after acquiring an additional 1,819 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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