Progressive’s (PGR) Buy Rating Reaffirmed at Keefe, Bruyette & Woods

Progressive (NYSE:PGR)‘s stock had its “buy” rating reaffirmed by Keefe, Bruyette & Woods in a report issued on Wednesday. They presently have a $60.00 price target on the insurance provider’s stock. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 9.91% from the company’s current price.

Several other equities analysts also recently commented on PGR. Barclays boosted their price objective on Progressive from $39.00 to $41.00 and gave the company an “underweight” rating in a research report on Friday, August 11th. BidaskClub upgraded Progressive from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 11th. Wells Fargo & Company restated a “hold” rating on shares of Progressive in a research report on Wednesday, August 16th. Citigroup boosted their price objective on Progressive from $49.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, August 17th. Finally, ValuEngine upgraded Progressive from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $49.82.

Progressive (PGR) traded up $0.34 during midday trading on Wednesday, reaching $54.59. The company had a trading volume of 1,935,070 shares, compared to its average volume of 3,087,155. Progressive has a 12 month low of $33.42 and a 12 month high of $54.75. The stock has a market capitalization of $31,615.78, a P/E ratio of 23.74, a PEG ratio of 3.10 and a beta of 0.94. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.36.

Progressive (NYSE:PGR) last announced its quarterly earnings data 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. Progressive had a return on equity of 15.40% and a net margin of 5.41%. The business had revenue of $7.14 billion for the quarter, compared to the consensus estimate of $7.04 billion. During the same period in the previous year, the business earned $0.34 earnings per share. The business’s revenue was up 18.1% on a year-over-year basis. sell-side analysts anticipate that Progressive will post 2.39 earnings per share for the current fiscal year.

In related news, CMO M Jeffrey Charney sold 6,000 shares of the business’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $49.50, for a total value of $297,000.00. Following the sale, the chief marketing officer now directly owns 102,038 shares in the company, valued at $5,050,881. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jeffrey W. Basch sold 9,000 shares of the business’s stock in a transaction dated Wednesday, October 18th. The stock was sold at an average price of $48.23, for a total value of $434,070.00. Following the completion of the sale, the insider now owns 70,965 shares in the company, valued at $3,422,641.95. The disclosure for this sale can be found here. Insiders sold 21,000 shares of company stock worth $1,024,470 over the last quarter. 0.56% of the stock is owned by company insiders.

Several large investors have recently bought and sold shares of PGR. Janus Henderson Group PLC increased its stake in Progressive by 8,999.0% during the second quarter. Janus Henderson Group PLC now owns 6,472,777 shares of the insurance provider’s stock worth $285,384,000 after acquiring an additional 6,401,640 shares during the last quarter. William Blair Investment Management LLC increased its stake in Progressive by 24,360.1% during the second quarter. William Blair Investment Management LLC now owns 4,799,062 shares of the insurance provider’s stock worth $211,591,000 after acquiring an additional 4,779,442 shares during the last quarter. Artisan Partners Limited Partnership increased its stake in Progressive by 40.4% during the second quarter. Artisan Partners Limited Partnership now owns 11,586,365 shares of the insurance provider’s stock worth $510,843,000 after acquiring an additional 3,332,180 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Progressive by 55.9% during the third quarter. Bank of New York Mellon Corp now owns 7,492,446 shares of the insurance provider’s stock worth $362,783,000 after acquiring an additional 2,687,224 shares during the last quarter. Finally, Wells Fargo & Company MN increased its stake in Progressive by 49.2% during the third quarter. Wells Fargo & Company MN now owns 6,780,314 shares of the insurance provider’s stock worth $328,303,000 after acquiring an additional 2,234,425 shares during the last quarter. Institutional investors own 79.55% of the company’s stock.

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About Progressive

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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