Progressive (PGR) PT Raised to $64.00

Progressive (NYSE:PGR) had its price target increased by research analysts at Morgan Stanley from $59.00 to $64.00 in a research report issued on Wednesday. The firm currently has an “equal weight” rating on the insurance provider’s stock. Morgan Stanley’s price objective suggests a potential upside of 4.69% from the company’s previous close.

Other research analysts also recently issued research reports about the stock. ValuEngine raised shares of Progressive from a “hold” rating to a “buy” rating in a research report on Monday, April 2nd. MKM Partners raised their target price on shares of Progressive to $70.00 and gave the company a “buy” rating in a research report on Tuesday, March 27th. UBS raised their target price on shares of Progressive from $63.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday, January 25th. Wells Fargo set a $64.00 target price on shares of Progressive and gave the company a “hold” rating in a research report on Tuesday. Finally, Zacks Investment Research downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research report on Tuesday, March 6th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $52.56.

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NYSE PGR opened at $61.13 on Wednesday. The company has a current ratio of 0.26, a quick ratio of 0.43 and a debt-to-equity ratio of 0.37. The stock has a market cap of $36,264.14, a price-to-earnings ratio of 23.24, a price-to-earnings-growth ratio of 2.28 and a beta of 0.65. Progressive has a one year low of $38.75 and a one year high of $62.78.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, April 17th. The insurance provider reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. The business had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.79 billion. Progressive had a net margin of 6.75% and a return on equity of 18.66%. The company’s revenue for the quarter was up 22.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.73 EPS. equities research analysts expect that Progressive will post 3.73 EPS for the current year.

Several large investors have recently added to or reduced their stakes in PGR. BlackRock Inc. boosted its holdings in shares of Progressive by 4.7% in the 4th quarter. BlackRock Inc. now owns 38,769,936 shares of the insurance provider’s stock valued at $2,183,522,000 after buying an additional 1,742,936 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Progressive by 44.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,768,812 shares of the insurance provider’s stock valued at $212,259,000 after buying an additional 1,152,538 shares in the last quarter. Viking Global Investors LP bought a new stake in shares of Progressive in the 4th quarter valued at about $55,771,000. Carillon Tower Advisers Inc. bought a new stake in shares of Progressive in the 4th quarter valued at about $49,903,000. Finally, Teacher Retirement System of Texas boosted its holdings in shares of Progressive by 1,685.1% in the 4th quarter. Teacher Retirement System of Texas now owns 838,731 shares of the insurance provider’s stock valued at $47,237,000 after buying an additional 791,747 shares in the last quarter. Institutional investors and hedge funds own 81.04% of the company’s stock.

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Progressive Company Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

Analyst Recommendations for Progressive (NYSE:PGR)

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