Analysts at Goldman Sachs Group started coverage on shares of Progressive (NYSE:PGR) in a research report issued on Monday. The brokerage set a “buy” rating and a $57.00 price target on the insurance provider’s stock. Goldman Sachs Group’s price objective points to a potential upside of 5.07% from the company’s current price.
Other equities analysts have also recently issued reports about the company. Barclays increased their target price on Progressive from $39.00 to $41.00 and gave the company an “underweight” rating in a research note on Friday, August 11th. BidaskClub upgraded Progressive from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 11th. FBR & Co reiterated a “hold” rating on shares of Progressive in a research note on Tuesday, October 17th. Wells Fargo & Company reiterated a “hold” rating on shares of Progressive in a research note on Wednesday, August 16th. Finally, MKM Partners increased their target price on Progressive to $60.00 and gave the company a “buy” rating in a research note on Thursday, November 16th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. Progressive currently has a consensus rating of “Hold” and an average target price of $49.71.
Progressive (PGR) opened at $54.25 on Monday. The firm has a market capitalization of $31,173.76, a P/E ratio of 23.41, a price-to-earnings-growth ratio of 3.06 and a beta of 0.94. Progressive has a fifty-two week low of $33.33 and a fifty-two week high of $54.75. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.50 and a quick ratio of 0.50.
Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 17th. The insurance provider reported $0.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.07. The company had revenue of $7.14 billion during the quarter, compared to analysts’ expectations of $7.04 billion. Progressive had a return on equity of 15.40% and a net margin of 5.41%. The business’s revenue was up 18.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.34 EPS. equities analysts forecast that Progressive will post 2.39 earnings per share for the current year.
In related news, insider Jeffrey W. Basch sold 9,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 18th. The stock was sold at an average price of $48.23, for a total transaction of $434,070.00. Following the sale, the insider now directly owns 70,965 shares of the company’s stock, valued at approximately $3,422,641.95. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider M Jeffrey Charney sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, October 20th. The shares were sold at an average price of $48.90, for a total value of $293,400.00. Following the sale, the insider now directly owns 108,038 shares in the company, valued at $5,283,058.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,000 shares of company stock worth $1,024,470. Corporate insiders own 0.56% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the business. Lockheed Martin Investment Management Co. acquired a new stake in Progressive in the third quarter worth $872,000. Meeder Asset Management Inc. increased its position in Progressive by 126.4% in the third quarter. Meeder Asset Management Inc. now owns 96,585 shares of the insurance provider’s stock worth $4,677,000 after buying an additional 53,917 shares during the period. National Planning Corp increased its position in Progressive by 28.0% in the second quarter. National Planning Corp now owns 9,125 shares of the insurance provider’s stock worth $404,000 after buying an additional 1,995 shares during the period. JPMorgan Chase & Co. increased its position in Progressive by 1.1% in the second quarter. JPMorgan Chase & Co. now owns 7,038,766 shares of the insurance provider’s stock worth $310,340,000 after buying an additional 79,773 shares during the period. Finally, Martingale Asset Management L P increased its position in Progressive by 7.4% in the second quarter. Martingale Asset Management L P now owns 678,437 shares of the insurance provider’s stock worth $29,913,000 after buying an additional 47,002 shares during the period. 79.55% of the stock is currently owned by hedge funds and other institutional investors.
Progressive 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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