Progressive (PGR) PT Raised to $73.00

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Progressive (NYSE:PGR) had its target price raised by stock analysts at Citigroup from $70.00 to $73.00 in a research note issued on Friday, Stock Target Advisor reports. The firm presently has a “neutral” rating on the insurance provider’s stock. Citigroup’s target price would suggest a potential upside of 9.18% from the company’s current price.

Several other analysts have also recently issued reports on PGR. B. Riley upped their price objective on Progressive from $54.00 to $60.00 and gave the company a “neutral” rating in a research note on Monday, July 16th. Wells Fargo & Co set a $64.00 price objective on Progressive and gave the company a “hold” rating in a research note on Tuesday, July 17th. Morgan Stanley upped their price objective on Progressive from $64.00 to $68.00 and gave the company a “$60.39” rating in a research note on Wednesday, July 18th. Buckingham Research upgraded Progressive to a “sell” rating and set a $52.00 price objective on the stock in a research note on Wednesday, July 18th. Finally, Argus upgraded Progressive from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a research note on Friday, July 27th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $65.29.

Shares of NYSE PGR opened at $66.86 on Friday. Progressive has a 52-week low of $47.89 and a 52-week high of $72.02. The company has a market cap of $41.38 billion, a price-to-earnings ratio of 25.42, a PEG ratio of 2.14 and a beta of 0.67. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.43 and a current ratio of 0.43.

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

In other news, insider William M. Cody sold 50,000 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at $7,816,462.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Jo Murphy sold 7,503 shares of the company’s stock in a transaction that occurred on Wednesday, July 18th. The shares were sold at an average price of $60.28, for a total value of $452,280.84. Following the transaction, the insider now directly owns 41,722 shares of the company’s stock, valued at $2,515,002.16. The disclosure for this sale can be found here. Insiders have sold 94,103 shares of company stock valued at $6,088,405 over the last ninety days. Corporate insiders own 0.70% of the company’s stock.

Large investors have recently bought and sold shares of the company. Summit Trail Advisors LLC grew its holdings in Progressive by 4,577.8% in the 1st quarter. Summit Trail Advisors LLC now owns 2,306,527 shares of the insurance provider’s stock worth $2,307,000 after buying an additional 2,257,219 shares in the last quarter. Millennium Management LLC grew its holdings in Progressive by 174.1% in the 2nd quarter. Millennium Management LLC now owns 2,518,308 shares of the insurance provider’s stock worth $148,958,000 after buying an additional 1,599,598 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Progressive by 19.6% in the 2nd quarter. Renaissance Technologies LLC now owns 7,094,900 shares of the insurance provider’s stock worth $419,663,000 after buying an additional 1,163,500 shares in the last quarter. Janus Henderson Group PLC grew its holdings in Progressive by 10.2% in the 2nd quarter. Janus Henderson Group PLC now owns 12,095,573 shares of the insurance provider’s stock worth $715,456,000 after buying an additional 1,122,013 shares in the last quarter. Finally, Fred Alger Management Inc. grew its holdings in Progressive by 119.8% in the 2nd quarter. Fred Alger Management Inc. now owns 1,929,297 shares of the insurance provider’s stock worth $114,118,000 after buying an additional 1,051,697 shares in the last quarter. 80.26% of the stock is owned by institutional investors.

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.

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