Progressive Corporation (The) (PGR) PT Raised to $50.00

Progressive Corporation (The) (NYSE:PGR) had its price target boosted by Citigroup Inc. from $49.00 to $50.00 in a report released on Thursday. Citigroup Inc. currently has a neutral rating on the insurance provider’s stock.

Several other research analysts have also commented on the company. Wells Fargo & Company reissued a hold rating and issued a $45.00 price target on shares of Progressive Corporation (The) in a research report on Tuesday, July 18th. BidaskClub raised Progressive Corporation (The) from a buy rating to a strong-buy rating in a research report on Saturday, June 17th. Morgan Stanley reaffirmed an equal weight rating and set a $43.00 target price (up from $40.00) on shares of Progressive Corporation (The) in a research report on Friday, July 7th. Zacks Investment Research lowered Progressive Corporation (The) from a buy rating to a hold rating in a research report on Friday, April 21st. Finally, Keefe, Bruyette & Woods reaffirmed a buy rating and set a $48.00 target price on shares of Progressive Corporation (The) in a research report on Thursday, May 18th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, six have given a buy rating and three have assigned a strong buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $45.21.

Progressive Corporation (PGR) traded up 0.25% during midday trading on Thursday, hitting $48.63. The company had a trading volume of 3,466,061 shares. Progressive Corporation has a 52 week low of $30.54 and a 52 week high of $48.98. The stock has a 50 day moving average price of $46.36 and a 200-day moving average price of $41.86. The stock has a market capitalization of $28.26 billion, a PE ratio of 20.69 and a beta of 0.86.

Progressive Corporation (The) (NYSE:PGR) last released its quarterly earnings results on Tuesday, July 18th. The insurance provider reported $0.59 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by $0.01. The company had revenue of $6.75 billion during the quarter, compared to the consensus estimate of $6.78 billion. Progressive Corporation (The) had a return on equity of 15.62% and a net margin of 5.50%. The company’s 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. On average, equities analysts predict that Progressive Corporation will post $2.48 EPS for the current year.

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In other Progressive Corporation (The) news, Director Jeffrey D. Kelly sold 20,000 shares of the business’s stock in a transaction dated Monday, June 26th. The stock was sold at an average price of $44.52, for a total transaction of $890,400.00. Following the sale, the director now owns 59,963 shares in the company, valued at approximately $2,669,552.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider William M. Cody sold 50,000 shares of the business’s stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $44.65, for a total value of $2,232,500.00. Following the sale, the insider now owns 151,051 shares in the company, valued at approximately $6,744,427.15. The disclosure for this sale can be found here. In the last quarter, insiders have sold 71,100 shares of company stock worth $3,168,605. Company insiders own 0.56% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the stock. Nationwide Fund Advisors increased its stake in Progressive Corporation (The) by 32.9% in the first quarter. Nationwide Fund Advisors now owns 479,377 shares of the insurance provider’s stock valued at $18,782,000 after buying an additional 118,612 shares during the last quarter. CAPROCK Group Inc. bought a new stake in shares of Progressive Corporation (The) during the first quarter worth approximately $223,000. Candriam Luxembourg S.C.A. increased its stake in shares of Progressive Corporation (The) by 79.7% in the first quarter. Candriam Luxembourg S.C.A. now owns 108,332 shares of the insurance provider’s stock worth $4,245,000 after buying an additional 48,049 shares during the last quarter. Westwood Management Corp IL bought a new stake in shares of Progressive Corporation (The) during the first quarter worth approximately $263,000. Finally, Douglas Lane & Associates LLC bought a new stake in shares of Progressive Corporation (The) during the first quarter worth approximately $208,000. Institutional investors and hedge funds own 80.32% of the company’s stock.

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.