Credit Suisse Group Boosts Progressive Corporation (The) (PGR) Price Target to $42.00

Progressive Corporation (The) (NYSE:PGR) had its price target hoisted by Credit Suisse Group from $38.00 to $42.00 in a report issued on Monday morning. They currently have an underperform rating on the insurance provider’s stock.

Several other equities analysts have also weighed in on the stock. ValuEngine upgraded shares of Progressive Corporation (The) from a hold rating to a buy rating in a report on Friday, September 1st. Wells Fargo & Company restated a hold rating and issued a $45.00 price objective on shares of Progressive Corporation (The) in a report on Tuesday, July 18th. Morgan Stanley restated an equal weight rating and issued a $43.00 price objective (up from $40.00) on shares of Progressive Corporation (The) in a report on Friday, July 7th. BidaskClub upgraded shares of Progressive Corporation (The) from a buy rating to a strong-buy rating in a report on Saturday, June 17th. Finally, Barclays PLC increased their price objective on shares of Progressive Corporation (The) from $35.00 to $39.00 and gave the company an underweight rating in a report on Monday, July 3rd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. Progressive Corporation (The) currently has a consensus rating of Buy and an average target price of $46.00.

Shares of Progressive Corporation (PGR) opened at 47.70 on Monday. The company’s 50-day moving average price is $47.13 and its 200 day moving average price is $43.28. The company has a market cap of $27.72 billion, a PE ratio of 20.30 and a beta of 0.88. Progressive Corporation has a one year low of $30.63 and a one year high of $49.01.

Progressive Corporation (The) (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.01). Progressive Corporation (The) had a net margin of 5.50% and a return on equity of 15.62%. The business had revenue of $6.75 billion during the quarter, compared to analyst estimates of $6.78 billion. During the same quarter in the prior year, the company earned $0.33 earnings per share. The company’s quarterly revenue was up 13.7% on a year-over-year basis. Equities analysts forecast that Progressive Corporation will post $2.40 EPS for the current fiscal year.

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In other Progressive Corporation (The) news, Director Jeffrey D. Kelly sold 20,000 shares of the stock in a transaction on Monday, June 26th. The shares were sold at an average price of $44.52, for a total value of $890,400.00. Following the completion of the sale, the director now owns 59,963 shares in the company, valued at $2,669,552.76. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 1,250 shares of the stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $48.73, for a total transaction of $60,912.50. Following the completion of the sale, the insider now owns 12,181 shares of the company’s stock, valued at approximately $593,580.13. The disclosure for this sale can be found here. In the last quarter, insiders sold 106,250 shares of company stock valued at $5,086,913. Corporate insiders own 0.56% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. Mckinley Capital Management LLC Delaware acquired a new stake in Progressive Corporation (The) in the second quarter valued at $101,000. Cypress Capital Management LLC WY acquired a new stake in shares of Progressive Corporation (The) during the 2nd quarter worth about $106,000. IFP Advisors Inc lifted its stake in shares of Progressive Corporation (The) by 12.9% during the 2nd quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock worth $132,000 after buying an additional 341 shares during the last quarter. Fiduciary Trust Co. acquired a new stake in shares of Progressive Corporation (The) during the 2nd quarter worth about $143,000. Finally, Cornerstone Advisors Inc. lifted its stake in shares of Progressive Corporation (The) by 4.1% during the 2nd quarter. Cornerstone Advisors Inc. now owns 3,404 shares of the insurance provider’s stock worth $150,000 after buying an additional 133 shares during the last quarter. Hedge funds and other institutional investors own 79.41% of the company’s stock.

About Progressive Corporation (The)

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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