Progressive (PGR) PT Raised to $80.00 at MKM Partners

Progressive (NYSE:PGR) had its price objective raised by research analysts at MKM Partners to $80.00 in a note issued to investors on Friday, The Fly reports. The firm presently has a “buy” rating on the insurance provider’s stock. MKM Partners’ target price would suggest a potential upside of 17.23% from the stock’s current price.

Several other brokerages have also recently commented on PGR. Wells Fargo & Co reiterated a “hold” rating and issued a $64.00 price objective on shares of Progressive in a research note on Wednesday, August 15th. Deutsche Bank raised their price objective on shares of Progressive from $60.00 to $62.00 and gave the company a “hold” rating in a research note on Monday, May 21st. Citigroup reduced their price objective on shares of Progressive from $66.00 to $63.00 and set a “neutral” rating for the company in a research note on Thursday, July 12th. ValuEngine upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, September 4th. Finally, Argus upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a research note on Friday, July 27th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $63.07.

Shares of NYSE PGR opened at $68.24 on Friday. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.37. Progressive has a 52 week low of $45.90 and a 52 week high of $69.01. The stock has a market capitalization of $39.82 billion, a P/E ratio of 25.95, a P/E/G ratio of 2.07 and a beta of 0.70.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 17th. The insurance provider reported $1.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.11. Progressive had a net margin of 7.57% and a return on equity of 21.84%. The firm had revenue of $8.10 billion during the quarter, compared to analysts’ expectations of $8.01 billion. During the same quarter last year, the business earned $0.63 earnings per share. The business’s revenue for the quarter was up 20.0% compared to the same quarter last year. research analysts anticipate that Progressive will post 4.5 EPS for the current fiscal year.

In other Progressive news, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction dated Wednesday, July 18th. The shares were sold at an average price of $59.33, for a total transaction of $711,960.00. Following the completion of the transaction, the chief financial officer now owns 455,377 shares in the company, valued at $27,017,517.41. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider William M. Cody sold 50,000 shares of Progressive stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $66.90, for a total transaction of $3,345,000.00. Following the transaction, the insider now owns 116,838 shares of the company’s stock, valued at approximately $7,816,462.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 94,103 shares of company stock valued at $6,088,405. 0.70% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in PGR. Massachusetts Financial Services Co. MA acquired a new position in Progressive during the first quarter worth about $359,000. Aperio Group LLC grew its holdings in shares of Progressive by 13.5% during the first quarter. Aperio Group LLC now owns 332,160 shares of the insurance provider’s stock worth $20,239,000 after buying an additional 39,392 shares in the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Progressive by 528.9% during the first quarter. Thrivent Financial for Lutherans now owns 173,223 shares of the insurance provider’s stock worth $10,554,000 after buying an additional 145,679 shares in the last quarter. Signaturefd LLC purchased a new stake in shares of Progressive during the first quarter worth about $122,000. Finally, US Bancorp DE grew its holdings in shares of Progressive by 11.1% during the first quarter. US Bancorp DE now owns 78,652 shares of the insurance provider’s stock worth $4,793,000 after buying an additional 7,842 shares in the last quarter. Institutional investors own 80.24% of the company’s stock.

About Progressive

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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