Progressive Corporation (The) (NYSE:PGR)‘s stock had its “hold” rating reiterated by analysts at Wells Fargo & Company in a research report issued to clients and investors on Wednesday.
Several other research firms have also weighed in on PGR. UBS AG raised Progressive Corporation (The) from an “outperform” rating to a “strong-buy” rating in a research report on Thursday, July 13th. Zacks Investment Research lowered Progressive Corporation (The) from a “buy” rating to a “hold” rating in a research report on Friday, April 21st. FBR & Co upped their price target on Progressive Corporation (The) from $35.00 to $36.00 and gave the company a “mkt perform” rating in a research report on Wednesday, May 10th. BidaskClub raised Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 11th. Finally, Raymond James Financial, Inc. raised Progressive Corporation (The) from an “outperform” rating to a “strong-buy” rating and upped their price target for the company from $45.00 to $52.00 in a research report on Thursday, July 13th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and three have given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $44.93.
Progressive Corporation (PGR) traded up 2.37% during mid-day trading on Wednesday, reaching $48.72. The company’s stock had a trading volume of 2,012,126 shares. The firm has a market capitalization of $28.31 billion, a price-to-earnings ratio of 20.73 and a beta of 0.86. The firm has a 50-day moving average of $46.13 and a 200 day moving average of $41.76. Progressive Corporation has a 1-year low of $30.54 and a 1-year high of $48.95.
Progressive Corporation (The) (NYSE:PGR) last posted its quarterly earnings results on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.60 by $0.01. The business had revenue of $6.75 billion for the quarter, compared to analyst estimates of $6.78 billion. Progressive Corporation (The) had a net margin of 5.50% and a return on equity of 15.62%. The firm’s quarterly revenue was up 13.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.33 earnings per share. Equities analysts expect that Progressive Corporation will post $2.43 earnings per share for the current year.
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In other news, insider William M. Cody sold 50,000 shares of the stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $44.65, for a total transaction of $2,232,500.00. Following the transaction, the insider now owns 151,051 shares of the company’s stock, valued at approximately $6,744,427.15. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jeffrey D. Kelly sold 20,000 shares of the stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $44.52, for a total value of $890,400.00. Following the transaction, the director now directly owns 59,963 shares in the company, valued at approximately $2,669,552.76. The disclosure for this sale can be found here. In the last three months, insiders have sold 71,100 shares of company stock worth $3,168,605. 0.56% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Colony Group LLC raised its position in shares of Progressive Corporation (The) by 26.1% in the second quarter. Colony Group LLC now owns 7,886 shares of the insurance provider’s stock worth $348,000 after buying an additional 1,631 shares in the last quarter. Sterling Capital Management LLC bought a new position in shares of Progressive Corporation (The) during the second quarter worth approximately $2,718,000. Nomura Holdings Inc. raised its position in shares of Progressive Corporation (The) by 122.9% in the second quarter. Nomura Holdings Inc. now owns 77,037 shares of the insurance provider’s stock worth $3,397,000 after buying an additional 42,474 shares in the last quarter. Bank of Nova Scotia raised its position in shares of Progressive Corporation (The) by 88.3% in the second quarter. Bank of Nova Scotia now owns 717,160 shares of the insurance provider’s stock worth $31,616,000 after buying an additional 336,356 shares in the last quarter. Finally, Assetmark Inc. raised its position in shares of Progressive Corporation (The) by 5.1% in the second quarter. Assetmark Inc. now owns 613,212 shares of the insurance provider’s stock worth $27,037,000 after buying an additional 29,992 shares in the last quarter. 80.32% of the stock is currently owned by institutional investors and hedge funds.
Progressive Corporation (The) Company Profile
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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