Analysts Set Progressive Co. (PGR) PT at $54.47

Shares of Progressive Co. (NYSE:PGR) have been given a consensus recommendation of “Hold” by the seventeen research firms that are presently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $55.29.

A number of brokerages recently weighed in on PGR. MKM Partners boosted their price objective on shares of Progressive to $70.00 and gave the stock a “buy” rating in a report on Tuesday, March 27th. Wells Fargo set a $57.00 price objective on shares of Progressive and gave the stock a “hold” rating in a report on Thursday, March 1st. Zacks Investment Research upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $69.00 price objective for the company in a report on Friday, April 20th. Morgan Stanley boosted their price objective on shares of Progressive from $59.00 to $64.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 18th. Finally, Keefe, Bruyette & Woods lowered shares of Progressive from an “outperform” rating to a “market perform” rating and set a $45.00 price objective for the company. in a report on Thursday.

In other Progressive news, insider Steven Broz sold 2,000 shares of the business’s stock in a transaction on Wednesday, April 25th. The shares were sold at an average price of $60.62, for a total transaction of $121,240.00. Following the completion of the sale, the insider now directly owns 14,073 shares in the company, valued at approximately $853,105.26. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Jeffrey W. Basch sold 11,000 shares of the business’s stock in a transaction on Thursday, May 17th. The shares were sold at an average price of $60.54, for a total transaction of $665,940.00. Following the sale, the insider now owns 62,311 shares of the company’s stock, valued at $3,772,307.94. The disclosure for this sale can be found here. 0.70% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Exane Derivatives purchased a new stake in Progressive during the 4th quarter valued at $104,000. Signaturefd LLC bought a new stake in shares of Progressive during the 1st quarter valued at $122,000. We Are One Seven LLC bought a new stake in shares of Progressive during the 4th quarter valued at $119,000. First Personal Financial Services grew its position in shares of Progressive by 101.8% during the 4th quarter. First Personal Financial Services now owns 2,202 shares of the insurance provider’s stock valued at $124,000 after acquiring an additional 1,111 shares during the period. Finally, Cetera Advisor Networks LLC bought a new stake in shares of Progressive during the 1st quarter valued at $208,000. Institutional investors and hedge funds own 81.03% of the company’s stock.

Shares of Progressive traded up $0.57, hitting $60.93, during trading hours on Monday, Marketbeat.com reports. 4,816,183 shares of the company’s stock traded hands, compared to its average volume of 2,718,961. Progressive has a 12-month low of $41.04 and a 12-month high of $62.99. The firm has a market capitalization of $35.15 billion, a price-to-earnings ratio of 23.17, a PEG ratio of 2.06 and a beta of 0.66. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.44 and a current ratio of 0.44.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, May 2nd. The insurance provider reported $1.29 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.10. Progressive had a net margin of 6.75% and a return on equity of 18.90%. sell-side analysts forecast that Progressive will post 3.99 earnings per share for the current fiscal year.

About Progressive

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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