ValuEngine Upgrades Progressive (PGR) to “Buy”

Progressive (NYSE:PGR) was upgraded by stock analysts at ValuEngine from a “hold” rating to a “buy” rating in a report issued on Thursday.

Other equities research analysts also recently issued research reports about the stock. Morgan Stanley lifted their price target on shares of Progressive from $64.00 to $68.00 and gave the stock a “$60.39” rating in a research note on Wednesday, July 18th. MKM Partners lifted their price target on shares of Progressive to $80.00 and gave the stock a “buy” rating in a research note on Friday, September 14th. Argus upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a research note on Friday, July 27th. UBS Group lifted their price target on shares of Progressive from $70.00 to $78.00 and gave the stock a “buy” rating in a research note on Wednesday, September 19th. Finally, Credit Suisse Group set a $79.00 target price on shares of Progressive and gave the company a “buy” rating in a research note on Tuesday, October 9th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $68.64.

PGR traded up $1.17 during trading on Thursday, reaching $71.80. 4,916,700 shares of the company’s stock were exchanged, compared to its average volume of 3,390,262. Progressive has a fifty-two week low of $47.92 and a fifty-two week high of $72.72. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.43 and a quick ratio of 0.43. The company has a market capitalization of $41.38 billion, a P/E ratio of 27.30, a P/E/G ratio of 2.14 and a beta of 0.67.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.43. Progressive had a net margin of 7.57% and a return on equity of 21.84%. The firm had revenue of $8.60 billion for the quarter, compared to the consensus estimate of $8.43 billion. During the same quarter in the previous year, the company earned $0.38 earnings per share. The business’s revenue was up 20.5% compared to the same quarter last year. On average, equities research analysts expect that Progressive will post 4.54 EPS for the current fiscal year.

In related news, CEO Susan Patricia Griffith sold 12,600 shares of Progressive stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $64.14, for a total value of $808,164.00. Following the completion of the transaction, the chief executive officer now directly owns 265,856 shares of the company’s stock, valued at $17,052,003.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $64.25, for a total value of $771,000.00. Following the completion of the transaction, the chief financial officer now directly owns 390,584 shares of the company’s stock, valued at $25,095,022. The disclosure for this sale can be found here. Insiders sold a total of 74,600 shares of company stock worth $4,924,164 in the last 90 days. 0.70% of the stock is owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in the stock. Bowling Portfolio Management LLC bought a new position in shares of Progressive in the third quarter valued at about $4,443,000. Highland Capital Management LLC raised its holdings in shares of Progressive by 34.1% in the third quarter. Highland Capital Management LLC now owns 24,997 shares of the insurance provider’s stock valued at $1,776,000 after buying an additional 6,358 shares during the last quarter. BB&T Corp raised its holdings in shares of Progressive by 22.5% in the third quarter. BB&T Corp now owns 36,457 shares of the insurance provider’s stock valued at $2,589,000 after buying an additional 6,698 shares during the last quarter. GHP Investment Advisors Inc. raised its holdings in shares of Progressive by 4.5% in the third quarter. GHP Investment Advisors Inc. now owns 32,055 shares of the insurance provider’s stock valued at $2,277,000 after buying an additional 1,370 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Progressive by 10.8% in the third quarter. Nisa Investment Advisors LLC now owns 233,855 shares of the insurance provider’s stock valued at $16,613,000 after buying an additional 22,889 shares during the last quarter. 80.26% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for Progressive (NYSE:PGR)

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