Progressive Corporation (The) (PGR) Price Target Lowered to $52.00 at UBS AG

Progressive Corporation (The) (NYSE:PGR) had its price objective lowered by UBS AG from $53.00 to $52.00 in a research report report published on Tuesday morning. The brokerage currently has a buy rating on the insurance provider’s stock.

PGR has been the topic of several other research reports. Morgan Stanley reissued an equal weight rating and set a $47.00 price target (up previously from $43.00) on shares of Progressive Corporation (The) in a research note on Saturday, July 22nd. BidaskClub raised Progressive Corporation (The) from a buy rating to a strong-buy rating in a research note on Saturday, June 17th. Zacks Investment Research raised Progressive Corporation (The) from a hold rating to a buy rating and set a $50.00 target price on the stock in a research note on Monday, June 19th. ValuEngine raised Progressive Corporation (The) from a hold rating to a buy rating in a research note on Friday, September 1st. Finally, Buckingham Research started coverage on Progressive Corporation (The) in a research note on Monday, September 11th. They issued an underperform rating and a $40.00 target price on the stock. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $45.50.

Progressive Corporation (PGR) opened at 47.63 on Tuesday. The firm has a market cap of $27.68 billion, a PE ratio of 20.27 and a beta of 0.88. Progressive Corporation has a one year low of $30.63 and a one year high of $49.01. The firm’s 50 day moving average price is $47.13 and its 200-day moving average price is $43.28.

Progressive Corporation (The) (NYSE:PGR) last announced its quarterly earnings results on Tuesday, July 18th. The insurance provider reported $0.59 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.01). The firm had revenue of $6.75 billion for the quarter, compared to analysts’ expectations of $6.78 billion. Progressive Corporation (The) had a return on equity of 15.62% and a net margin of 5.50%. Progressive Corporation (The)’s revenue was up 13.7% compared to the same quarter last year. During the same period last year, the firm earned $0.33 EPS. Equities analysts predict that Progressive Corporation will post $2.47 EPS for the current fiscal year.

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In related news, insider Steven Broz sold 1,250 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $48.73, for a total value of $60,912.50. Following the completion of the sale, the insider now directly owns 12,181 shares in the company, valued at approximately $593,580.13. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 50,000 shares of the stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $48.65, for a total value of $2,432,500.00. Following the completion of the sale, the chief financial officer now owns 370,364 shares of the company’s stock, valued at $18,018,208.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 106,250 shares of company stock valued at $5,086,913. Insiders own 0.56% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. National Planning Corp increased its holdings in Progressive Corporation (The) by 28.0% in the 2nd quarter. National Planning Corp now owns 9,125 shares of the insurance provider’s stock valued at $404,000 after purchasing an additional 1,995 shares in the last quarter. Blair William & Co. IL increased its holdings in Progressive Corporation (The) by 327.8% in the 1st quarter. Blair William & Co. IL now owns 709,836 shares of the insurance provider’s stock valued at $27,811,000 after purchasing an additional 543,916 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Progressive Corporation (The) by 1.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,038,766 shares of the insurance provider’s stock valued at $310,340,000 after purchasing an additional 79,773 shares in the last quarter. Vanguard Group Inc. increased its holdings in Progressive Corporation (The) by 3.8% in the 1st quarter. Vanguard Group Inc. now owns 37,551,768 shares of the insurance provider’s stock valued at $1,471,278,000 after purchasing an additional 1,357,926 shares in the last quarter. Finally, Great Lakes Advisors LLC increased its holdings in Progressive Corporation (The) by 2.0% in the 2nd quarter. Great Lakes Advisors LLC now owns 15,225 shares of the insurance provider’s stock valued at $671,000 after purchasing an additional 295 shares in the last quarter. Hedge funds and other institutional investors own 79.41% 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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