Progressive (NYSE:PGR) has been assigned a $55.00 price target by analysts at Wells Fargo & Company in a research report issued on Wednesday. The firm currently has a “hold” rating on the insurance provider’s stock. Wells Fargo & Company’s price target would indicate a potential downside of 0.27% from the company’s current price.
The analysts wrote, “We are in a hard auto market, which should benefit PGR and other writers in the space, as auto is the only segment of the insurance market getting price. As PGR pushes for more growth and less rate we believe PGR should see some margin volatility and believe the shares are fairly valued at current levels. $ 2016A 2017E 2018E EPS Curr. Curr.””
Several other research firms also recently weighed in on PGR. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $60.00 target price on shares of Progressive in a research report on Wednesday, December 6th. Goldman Sachs Group began coverage on shares of Progressive in a research report on Monday, December 4th. They issued a “buy” rating and a $57.00 target price on the stock. UBS reissued a “buy” rating and issued a $62.00 target price on shares of Progressive in a research report on Friday, December 1st. B. Riley reissued a “hold” rating and issued a $46.00 target price on shares of Progressive in a research report on Wednesday, November 15th. Finally, MKM Partners lifted their target price on shares of Progressive to $60.00 and gave the stock a “buy” rating in a research report on Thursday, November 16th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. Progressive presently has a consensus rating of “Hold” and an average target price of $50.12.
Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.07. The company had revenue of $7.14 billion for the quarter, compared to analysts’ expectations of $7.04 billion. Progressive had a net margin of 5.41% and a return on equity of 15.40%. The business’s revenue was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.34 EPS. equities research analysts forecast that Progressive will post 2.4 earnings per share for the current fiscal year.
In related news, insider Jeffrey W. Basch sold 9,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 18th. The shares were sold at an average price of $48.23, for a total transaction of $434,070.00. Following the completion of the sale, the insider now directly owns 70,965 shares in the company, valued at $3,422,641.95. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider M Jeffrey Charney sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $48.90, for a total transaction of $293,400.00. Following the sale, the insider now owns 108,038 shares of the company’s stock, valued at $5,283,058.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,000 shares of company stock valued at $1,024,470. 0.56% of the stock is currently owned by corporate insiders.
Several hedge funds have recently bought and sold shares of the stock. Elkhorn Investments LLC lifted its stake in Progressive by 0.5% in the second quarter. Elkhorn Investments LLC now owns 33,515 shares of the insurance provider’s stock valued at $1,599,000 after acquiring an additional 160 shares during the last quarter. Great Lakes Advisors LLC lifted its stake in Progressive by 2.0% in the second quarter. Great Lakes Advisors LLC now owns 15,225 shares of the insurance provider’s stock valued at $671,000 after acquiring an additional 295 shares during the last quarter. Bradley Foster & Sargent Inc. CT lifted its stake in Progressive by 1.4% in the second quarter. Bradley Foster & Sargent Inc. CT now owns 21,500 shares of the insurance provider’s stock valued at $948,000 after acquiring an additional 300 shares during the last quarter. Flinton Capital Management LLC lifted its stake in Progressive by 1.5% in the second quarter. Flinton Capital Management LLC now owns 23,088 shares of the insurance provider’s stock valued at $1,018,000 after acquiring an additional 336 shares during the last quarter. Finally, IFP Advisors Inc lifted its stake in Progressive by 12.9% in the second quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock valued at $132,000 after acquiring an additional 341 shares during the last quarter. Institutional investors and hedge funds own 79.55% of the company’s stock.
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Progressive 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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