Progressive (PGR) Upgraded by Morgan Stanley to Overweight

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Morgan Stanley upgraded shares of Progressive (NYSE:PGR) from an equal weight rating to an overweight rating in a research report report published on Wednesday morning, MarketBeat reports. The brokerage currently has $84.00 price target on the insurance provider’s stock.

Several other equities research analysts also recently weighed in on PGR. ValuEngine downgraded Progressive from a buy rating to a hold rating in a research report on Thursday, November 1st. Argus upgraded Progressive from a hold rating to a buy rating and set a $68.00 price target on the stock in a research note on Friday, July 27th. B. Riley boosted their price target on Progressive from $60.00 to $68.00 and gave the stock a neutral rating in a research note on Tuesday, August 7th. Credit Suisse Group set a $79.00 price target on Progressive and gave the stock a buy rating in a research note on Friday, November 2nd. Finally, Citigroup boosted their price target on Progressive from $65.00 to $70.00 and gave the stock a neutral rating in a research note on Friday, September 14th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $69.79.

Shares of NYSE PGR traded down $0.27 on Wednesday, hitting $73.19. The company had a trading volume of 2,305,182 shares, compared to its average volume of 3,719,934. Progressive has a 12-month low of $50.18 and a 12-month high of $73.69. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.42 and a quick ratio of 0.42. The company has a market capitalization of $42.59 billion, a price-to-earnings ratio of 15.33, a PEG ratio of 2.07 and a beta of 0.71.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.43. Progressive had a return on equity of 27.45% and a net margin of 9.42%. The company had revenue of $8.60 billion during the quarter, compared to the consensus estimate of $8.43 billion. During the same quarter in the prior year, the business earned $0.38 earnings per share. The company’s revenue was up 20.5% compared to the same quarter last year. Research analysts expect that Progressive will post 4.79 EPS for the current fiscal year.

In other Progressive news, insider John A. Barbagallo sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, October 26th. The stock was sold at an average price of $68.02, for a total transaction of $3,401,000.00. Following the sale, the insider now owns 177,368 shares in the company, valued at $12,064,571.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Susan Patricia Griffith sold 12,600 shares of the company’s stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $64.14, for a total value of $808,164.00. Following the sale, the chief executive officer now owns 265,856 shares in the company, valued at approximately $17,052,003.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 124,600 shares of company stock worth $8,325,164. Insiders own 0.70% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. raised its stake in Progressive by 5.2% during the third quarter. BlackRock Inc. now owns 41,533,608 shares of the insurance provider’s stock valued at $2,950,547,000 after buying an additional 2,048,705 shares in the last quarter. Artisan Partners Limited Partnership raised its stake in Progressive by 5.1% during the second quarter. Artisan Partners Limited Partnership now owns 17,946,090 shares of the insurance provider’s stock valued at $1,061,511,000 after buying an additional 864,700 shares in the last quarter. Janus Henderson Group PLC raised its stake in Progressive by 3.0% during the third quarter. Janus Henderson Group PLC now owns 12,457,383 shares of the insurance provider’s stock valued at $884,970,000 after buying an additional 361,810 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Progressive by 4.5% during the third quarter. JPMorgan Chase & Co. now owns 10,976,715 shares of the insurance provider’s stock valued at $779,788,000 after buying an additional 476,696 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in Progressive by 19.6% during the second quarter. Renaissance Technologies LLC now owns 7,094,900 shares of the insurance provider’s stock valued at $419,663,000 after buying an additional 1,163,500 shares in the last quarter. Hedge funds and other institutional investors own 79.89% 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.

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Analyst Recommendations for Progressive (NYSE:PGR)

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