Progressive (PGR) PT Set at $79.00 by Credit Suisse Group

Progressive (NYSE:PGR) has been given a $79.00 price objective by analysts at Credit Suisse Group in a note issued to investors on Friday. The firm currently has a “buy” rating on the insurance provider’s stock. Credit Suisse Group’s price objective would indicate a potential upside of 15.53% from the company’s current price.

A number of other research firms have also commented on PGR. ValuEngine raised Progressive from a “hold” rating to a “buy” rating in a research report on Thursday, October 18th. MKM Partners lifted their target price on Progressive to $85.00 and gave the company a “buy” rating in a research report on Wednesday, September 26th. B. Riley lifted their target price on Progressive from $68.00 to $71.00 and gave the company a “neutral” rating in a research report on Monday, October 8th. Zacks Investment Research lowered Progressive from a “buy” rating to a “hold” rating in a research report on Wednesday, September 19th. Finally, Raymond James lifted their target price on Progressive from $82.00 to $85.00 and gave the company a “strong-buy” rating in a research report on Wednesday, October 17th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $68.64.

NYSE PGR opened at $68.38 on Friday. The stock has a market cap of $39.83 billion, a PE ratio of 26.00, a price-to-earnings-growth ratio of 1.94 and a beta of 0.71. The company has a current ratio of 0.42, a quick ratio of 0.43 and a debt-to-equity ratio of 0.34. Progressive has a one year low of $49.15 and a one year high of $72.72.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, October 16th. The insurance provider reported $1.57 EPS for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.43. The company had revenue of $8.60 billion for the quarter, compared to analyst estimates of $8.43 billion. Progressive had a return on equity of 27.45% and a net margin of 9.42%. Progressive’s revenue was up 20.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.38 earnings per share. Research analysts anticipate that Progressive will post 4.8 earnings per share for the current fiscal year.

In other Progressive news, insider John A. Barbagallo sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, October 26th. The stock was sold at an average price of $68.02, for a total value of $3,401,000.00. Following the completion of the transaction, the insider now directly owns 177,368 shares in the company, valued at $12,064,571.36. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 12,600 shares of the firm’s stock in a transaction that occurred on Thursday, August 16th. The shares were 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 owns 265,856 shares of the company’s stock, valued at $17,052,003.84. The disclosure for this sale can be found here. In the last three months, insiders sold 124,600 shares of company stock worth $8,325,164. 0.70% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of the business. Keybank National Association OH grew its stake in Progressive by 1.0% in the second quarter. Keybank National Association OH now owns 84,577 shares of the insurance provider’s stock valued at $5,003,000 after purchasing an additional 837 shares in the last quarter. V Wealth Management LLC grew its stake in Progressive by 3.5% in the third quarter. V Wealth Management LLC now owns 25,842 shares of the insurance provider’s stock valued at $1,839,000 after purchasing an additional 884 shares in the last quarter. State Treasurer State of Michigan grew its stake in Progressive by 0.5% in the second quarter. State Treasurer State of Michigan now owns 172,381 shares of the insurance provider’s stock valued at $10,196,000 after purchasing an additional 900 shares in the last quarter. Trust Co. of Vermont grew its stake in Progressive by 82.4% in the second quarter. Trust Co. of Vermont now owns 2,006 shares of the insurance provider’s stock valued at $119,000 after purchasing an additional 906 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY grew its stake in Progressive by 0.8% in the second quarter. Metropolitan Life Insurance Co. NY now owns 116,500 shares of the insurance provider’s stock valued at $6,891,000 after purchasing an additional 914 shares in the last quarter. Hedge funds and other institutional investors own 79.85% of the company’s stock.

Progressive Company Profile

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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