UBS Reaffirms Buy Rating for Progressive (PGR)

UBS reiterated their buy rating on shares of Progressive (NYSE:PGR) in a report released on Friday morning, The Fly reports. They currently have a $62.00 target price on the insurance provider’s stock.

Several other research firms also recently commented on PGR. B. Riley restated a hold rating and issued a $46.00 price target on shares of Progressive in a research note on Wednesday, November 15th. MKM Partners upped their price objective on shares of Progressive to $60.00 and gave the stock a buy rating in a research report on Thursday, November 16th. Keefe, Bruyette & Woods reaffirmed a buy rating and set a $58.00 price objective on shares of Progressive in a research report on Friday, November 17th. Wells Fargo & Company set a $50.00 price objective on shares of Progressive and gave the stock a hold rating in a research report on Wednesday, November 15th. Finally, ValuEngine cut shares of Progressive from a buy rating to a hold rating in a research report on Tuesday, October 3rd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and three have issued a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $49.71.

Progressive (NYSE:PGR) traded up $0.42 during trading hours on Friday, hitting $53.60. 3,301,900 shares of the company’s stock traded hands, compared to its average volume of 3,089,316. Progressive has a 12-month low of $33.28 and a 12-month high of $54.00. The firm has a market capitalization of $31,173.76, a P/E ratio of 23.41, a P/E/G ratio of 3.06 and a beta of 0.94. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.50 and a current ratio of 0.50.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, October 17th. The insurance provider reported $0.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.07. Progressive had a net margin of 5.41% and a return on equity of 15.40%. The firm had revenue of $7.14 billion for the quarter, compared to the consensus estimate of $7.04 billion. During the same period in the previous year, the company earned $0.34 earnings per share. The company’s quarterly revenue was up 18.1% on a year-over-year basis. equities research analysts expect that Progressive will post 2.39 earnings per share for the current year.

In other news, CMO M Jeffrey Charney sold 6,000 shares of the stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $49.50, for a total value of $297,000.00. Following the completion of the transaction, the chief marketing officer now owns 102,038 shares of the company’s stock, valued at $5,050,881. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jeffrey W. Basch sold 9,000 shares of the stock in a transaction dated Wednesday, October 18th. The stock was sold at an average price of $48.23, for a total transaction of $434,070.00. Following the completion of the transaction, the insider now directly owns 70,965 shares of the company’s stock, valued at approximately $3,422,641.95. The disclosure for this sale can be found here. Insiders sold 21,000 shares of company stock valued at $1,024,470 in the last three months. Company insiders own 0.56% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Mckinley Capital Management LLC Delaware bought a new position in Progressive in the 2nd quarter valued at approximately $101,000. Balentine LLC raised its holdings in Progressive by 3,273.0% in the 3rd quarter. Balentine LLC now owns 2,496 shares of the insurance provider’s stock valued at $121,000 after buying an additional 2,422 shares during the last quarter. IFP Advisors Inc raised its holdings in Progressive by 12.9% in the 2nd quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock valued at $132,000 after buying an additional 341 shares during the last quarter. Fiduciary Trust Co. bought a new position in Progressive in the 2nd quarter valued at approximately $143,000. Finally, YorkBridge Wealth Partners LLC raised its holdings in Progressive by 12.9% in the 2nd quarter. YorkBridge Wealth Partners LLC now owns 3,727 shares of the insurance provider’s stock valued at $165,000 after buying an additional 427 shares during the last quarter. Institutional investors and hedge funds own 79.55% of the company’s stock.

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About Progressive

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.

The Fly

Analyst Recommendations for Progressive (NYSE:PGR)

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