Wells Fargo & Co Analysts Give Progressive (PGR) a $57.00 Price Target

Wells Fargo & Co set a $57.00 target price on Progressive (NYSE:PGR) in a research report report published on Wednesday. The firm currently has a hold rating on the insurance provider’s stock.

A number of other equities research analysts also recently issued reports on PGR. UBS Group upped their price target on shares of Progressive from $63.00 to $64.00 and gave the company a buy rating in a research note on Thursday, January 25th. FBR & Co reaffirmed a hold rating on shares of Progressive in a research note on Tuesday, October 17th. MKM Partners upped their price target on shares of Progressive from $55.00 to $65.00 and gave the company a buy rating in a research note on Thursday, January 25th. Morgan Stanley upped their price target on shares of Progressive from $49.00 to $51.00 and gave the company an equal weight rating in a research note on Wednesday, October 18th. Finally, B. Riley reaffirmed a neutral rating on shares of Progressive in a research note on Monday, November 6th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $50.65.

Shares of Progressive (PGR) opened at $57.35 on Wednesday. The stock has a market cap of $33,063.00, a price-to-earnings ratio of 21.08, a P/E/G ratio of 2.20 and a beta of 0.82. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.50 and a current ratio of 0.37. Progressive has a 12 month low of $38.27 and a 12 month high of $58.25.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.02. The company had revenue of $6.75 billion for the quarter, compared to the consensus estimate of $6.62 billion. Progressive had a net margin of 5.93% and a return on equity of 15.96%. Progressive’s revenue was up 21.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.66 earnings per share. equities analysts forecast that Progressive will post 3.52 EPS for the current year.

The company also recently announced an annual dividend, which was paid on Friday, February 9th. Stockholders of record on Friday, February 2nd were paid a $1.125 dividend. This represents a dividend yield of 0.0203325501536237%. The ex-dividend date of this dividend was Thursday, February 1st. Progressive’s dividend payout ratio is currently 41.18%.

In other news, insider William M. Cody sold 25,000 shares of the stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $56.10, for a total value of $1,402,500.00. Following the sale, the insider now owns 137,722 shares of the company’s stock, valued at $7,726,204.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.56% of the company’s stock.

A number of hedge funds have recently bought and sold shares of PGR. Artisan Partners Limited Partnership increased its stake in Progressive by 23.8% in the 3rd quarter. Artisan Partners Limited Partnership now owns 14,349,299 shares of the insurance provider’s stock worth $694,793,000 after buying an additional 2,762,934 shares during the period. Bank of New York Mellon Corp increased its stake in Progressive by 55.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,492,446 shares of the insurance provider’s stock worth $362,783,000 after buying an additional 2,687,224 shares during the period. Janus Henderson Group PLC increased its stake in Progressive by 40.0% in the 3rd quarter. Janus Henderson Group PLC now owns 9,061,299 shares of the insurance provider’s stock worth $438,742,000 after buying an additional 2,588,522 shares during the period. Wells Fargo & Company MN increased its stake in Progressive by 49.2% in the 3rd quarter. Wells Fargo & Company MN now owns 6,780,314 shares of the insurance provider’s stock worth $328,303,000 after buying an additional 2,234,425 shares during the period. Finally, BlackRock Inc. increased its stake in Progressive by 4.7% in the 4th quarter. BlackRock Inc. now owns 38,769,936 shares of the insurance provider’s stock worth $2,183,522,000 after buying an additional 1,742,936 shares during the period. 78.27% of the stock is currently owned by institutional investors.

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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.

Analyst Recommendations for Progressive (NYSE:PGR)

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