Credit Suisse Group Reiterates “$79.00” Price Target for Progressive (PGR)

Share on StockTwits

Credit Suisse Group set a $79.00 target price on Progressive (NYSE:PGR) in a report issued on Tuesday morning. The brokerage currently has a buy rating on the insurance provider’s stock.

Several other brokerages have also weighed in on PGR. MKM Partners increased their price objective on Progressive to $85.00 and gave the stock a buy rating in a research report on Wednesday, September 26th. B. Riley increased their price objective on Progressive from $68.00 to $71.00 and gave the stock a neutral rating in a research report on Monday, October 8th. ValuEngine lowered Progressive from a buy rating to a hold rating in a research report on Tuesday, October 2nd. Zacks Investment Research lowered Progressive from a buy rating to a hold rating in a research report on Wednesday, September 19th. Finally, UBS Group increased their price objective on Progressive from $70.00 to $78.00 and gave the stock a buy rating in a research report on Wednesday, September 19th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $65.07.

NYSE:PGR opened at $66.86 on Tuesday. Progressive has a one year low of $47.89 and a one year high of $72.02. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $41.38 billion, a P/E ratio of 25.42, a P/E/G ratio of 2.14 and a beta of 0.67.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, July 17th. The insurance provider reported $1.19 EPS for the quarter, beating the consensus estimate of $1.08 by $0.11. The firm had revenue of $8.10 billion during the quarter, compared to analysts’ expectations of $8.01 billion. Progressive had a return on equity of 21.84% and a net margin of 7.57%. The business’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.63 earnings per share. As a group, equities research analysts anticipate that Progressive will post 4.54 earnings per share for the current year.

In other news, insider William M. Cody sold 50,000 shares of the firm’s stock in a transaction on Monday, August 20th. The stock was sold at an average price of $66.90, for a total transaction of $3,345,000.00. Following the completion of the transaction, the insider now directly owns 116,838 shares in the company, valued at $7,816,462.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider John Jo Murphy sold 7,503 shares of the firm’s stock in a transaction on Wednesday, July 18th. The stock was sold at an average price of $60.28, for a total value of $452,280.84. Following the transaction, the insider now owns 41,722 shares of the company’s stock, valued at $2,515,002.16. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 94,103 shares of company stock valued at $6,088,405. Company insiders own 0.70% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in PGR. Principal Financial Group Inc. boosted its position in shares of Progressive by 1.0% during the first quarter. Principal Financial Group Inc. now owns 5,043,129 shares of the insurance provider’s stock worth $307,278,000 after buying an additional 47,656 shares during the period. Baird Financial Group Inc. purchased a new position in shares of Progressive during the first quarter worth $273,000. Commonwealth Equity Services LLC boosted its position in shares of Progressive by 18.0% during the first quarter. Commonwealth Equity Services LLC now owns 30,449 shares of the insurance provider’s stock worth $1,855,000 after buying an additional 4,652 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in shares of Progressive during the first quarter worth $1,706,000. Finally, Natixis boosted its position in shares of Progressive by 259.2% during the first quarter. Natixis now owns 874,732 shares of the insurance provider’s stock worth $53,297,000 after buying an additional 631,192 shares during the period. Institutional investors and hedge funds own 80.26% of the company’s stock.

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.

Featured Article: Earnings Per Share (EPS) Explained

Analyst Recommendations for Progressive (NYSE:PGR)

Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply