Progressive Corp (PGR) Given New $36.00 Price Target at FBR & Co

Progressive Corp (NYSE:PGR) had its price objective lifted by research analysts at FBR & Co from $35.00 to $36.00 in a research report issued to clients and investors on Wednesday, May 10th. The brokerage presently has a “mkt perform” rating on the insurance provider’s stock. FBR & Co’s price target suggests a potential downside of 13.40% from the stock’s current price.

PGR has been the topic of several other reports. Bank of America Corp upgraded shares of Progressive Corp from a “neutral” rating to a “buy” rating and upped their price target for the company from $40.00 to $46.00 in a research note on Monday, March 20th. Wells Fargo & Co reiterated a “hold” rating on shares of Progressive Corp in a research note on Sunday, March 5th. Barclays PLC reiterated a “sell” rating and set a $33.00 price objective on shares of Progressive Corp in a research note on Sunday, February 19th. Credit Suisse Group AG reiterated a “sell” rating and set a $33.00 price objective on shares of Progressive Corp in a research note on Friday, February 17th. Finally, Zacks Investment Research upgraded shares of Progressive Corp from a “hold” rating to a “buy” rating and set a $41.00 price objective on the stock in a research note on Tuesday, January 17th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. Progressive Corp presently has a consensus rating of “Hold” and a consensus price target of $38.85.

Analyst Recommendations for Progressive Corp (NYSE:PGR)

Progressive Corp (NYSE:PGR) traded down 1.13% during mid-day trading on Wednesday, reaching $41.10. 4,780,466 shares of the company’s stock traded hands. Progressive Corp has a 1-year low of $30.54 and a 1-year high of $41.74. The firm has a 50 day moving average of $39.86 and a 200 day moving average of $37.24. The firm has a market cap of $23.88 billion, a PE ratio of 20.06 and a beta of 0.75.

Progressive Corp (NYSE:PGR) last released its quarterly earnings results on Tuesday, April 18th. The insurance provider reported $0.67 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.68 by $0.01. Progressive Corp had a net margin of 4.40% and a return on equity of 12.59%. The business had revenue of $6.49 billion during the quarter, compared to analyst estimates of $6.49 billion. During the same quarter last year, the company posted $0.44 earnings per share. The company’s revenue was up 11.6% on a year-over-year basis. Analysts forecast that Progressive Corp will post $2.34 EPS for the current year.

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A number of hedge funds and other institutional investors have recently modified their holdings of PGR. Great West Life Assurance Co. Can raised its position in shares of Progressive Corp by 1.8% in the third quarter. Great West Life Assurance Co. Can now owns 458,429 shares of the insurance provider’s stock worth $14,426,000 after buying an additional 8,027 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in shares of Progressive Corp by 3.0% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 89,663 shares of the insurance provider’s stock worth $2,824,000 after buying an additional 2,571 shares during the period. DnB Asset Management AS raised its position in shares of Progressive Corp by 6.4% in the third quarter. DnB Asset Management AS now owns 52,825 shares of the insurance provider’s stock worth $1,664,000 after buying an additional 3,200 shares during the period. Rothschild Asset Management Inc. raised its position in shares of Progressive Corp by 34.1% in the third quarter. Rothschild Asset Management Inc. now owns 17,852 shares of the insurance provider’s stock worth $562,000 after buying an additional 4,538 shares during the period. Finally, World Asset Management Inc raised its position in shares of Progressive Corp by 1.8% in the third quarter. World Asset Management Inc now owns 60,885 shares of the insurance provider’s stock worth $1,918,000 after buying an additional 1,075 shares during the period. Institutional investors and hedge funds own 76.70% of the company’s stock.

About Progressive Corp

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.

12 Month Chart for NYSE:PGR

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