Progressive Corporation (The) (PGR) PT Raised to $60.00

Progressive Corporation (The) (NYSE:PGR) had its price target hoisted by equities researchers at MKM Partners to $60.00 in a research report issued to clients and investors on Thursday. The firm presently has a “buy” rating on the insurance provider’s stock. MKM Partners’ price objective would suggest a potential upside of 16.35% from the stock’s previous close.

PGR has been the subject of several other reports. Morgan Stanley raised their price objective on Progressive Corporation (The) from $49.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 18th. Barclays PLC raised their price objective on Progressive Corporation (The) from $41.00 to $43.00 and gave the stock an “underweight” rating in a research note on Monday, October 16th. B. Riley reissued a “neutral” rating on shares of Progressive Corporation (The) in a research note on Monday, November 6th. Zacks Investment Research raised Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $53.00 price objective for the company in a research note on Wednesday, August 2nd. Finally, Credit Suisse Group raised their price objective on Progressive Corporation (The) from $38.00 to $42.00 and gave the stock an “underperform” rating in a research note on Monday, September 18th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $47.18.

Shares of Progressive Corporation (NYSE:PGR) traded down $0.08 during midday trading on Thursday, reaching $51.57. The company’s stock had a trading volume of 2,755,656 shares, compared to its average volume of 3,088,397. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.36. The company has a market cap of $29,826.19, a price-to-earnings ratio of 22.39, a P/E/G ratio of 2.96 and a beta of 0.92. Progressive Corporation has a 52-week low of $32.54 and a 52-week high of $52.08.

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

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In other Progressive Corporation (The) news, insider Jeffrey W. Basch sold 9,000 shares of the firm’s stock in a transaction dated Wednesday, October 18th. The stock was sold at an average price of $48.23, for a total transaction of $434,070.00. Following the transaction, the insider now directly owns 70,965 shares in the company, valued at $3,422,641.95. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Steven Broz sold 1,250 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $48.73, for a total value of $60,912.50. Following the transaction, the insider now owns 12,181 shares in the company, valued at $593,580.13. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,250 shares of company stock valued at $1,085,383. 0.56% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of PGR. Mckinley Capital Management LLC Delaware bought a new position in Progressive Corporation (The) during the second quarter valued at about $101,000. Cypress Capital Management LLC WY acquired a new stake in shares of Progressive Corporation (The) in the second quarter valued at about $106,000. Balentine LLC grew its position in shares of Progressive Corporation (The) by 3,273.0% in the third quarter. Balentine LLC now owns 2,496 shares of the insurance provider’s stock valued at $121,000 after purchasing an additional 2,422 shares during the last quarter. IFP Advisors Inc grew its position in shares of Progressive Corporation (The) by 12.9% in the second quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock valued at $132,000 after purchasing an additional 341 shares during the last quarter. Finally, Fiduciary Trust Co. acquired a new stake in shares of Progressive Corporation (The) in the second quarter valued at about $143,000. Institutional investors own 77.82% of the company’s stock.

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.

Analyst Recommendations for Progressive Corporation (The) (NYSE:PGR)

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