Progressive (PGR) Coverage Initiated at Goldman Sachs Group

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.

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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.

Analyst Recommendations for Progressive (NYSE:PGR)

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