Progressive Corporation (The) (PGR) Stock Rating Upgraded by BidaskClub

Progressive Corporation (The) (NYSE:PGR) was upgraded by research analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a report issued on Friday.

A number of other research analysts also recently weighed in on the company. Barclays PLC increased their price target on Progressive Corporation (The) from $39.00 to $41.00 and gave the company an “underweight” rating in a research note on Friday. Wells Fargo & Company reissued a “hold” rating on shares of Progressive Corporation (The) in a research note on Thursday, August 3rd. Zacks Investment Research raised Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $53.00 price target on the stock in a research note on Wednesday, August 2nd. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $48.00 price target on shares of Progressive Corporation (The) in a research note on Tuesday, July 25th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $47.00 price target (up previously from $43.00) on shares of Progressive Corporation (The) in a research note on Saturday, July 22nd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, six have given a buy rating and three have assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $44.93.

Shares of Progressive Corporation (PGR) opened at 47.23 on Friday. The firm has a market capitalization of $27.44 billion, a price-to-earnings ratio of 20.10 and a beta of 0.86. The stock’s 50 day moving average price is $45.95 and its 200-day moving average price is $41.56. Progressive Corporation has a 12 month low of $30.54 and a 12 month high of $48.04.

Progressive Corporation (The) (NYSE:PGR) last posted its quarterly earnings results on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.60 by $0.01. The company had revenue of $6.75 billion during the quarter, compared to analyst estimates of $6.78 billion. Progressive Corporation (The) had a net margin of 5.50% and a return on equity of 15.62%. The business’s revenue for the quarter was up 13.7% compared to the same quarter last year. During the same period last year, the company earned $0.33 EPS. On average, equities research analysts predict that Progressive Corporation will post $2.43 EPS for the current fiscal year.

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In related news, Director Jeffrey D. Kelly sold 20,000 shares of Progressive Corporation (The) stock in a transaction dated Monday, June 26th. The stock was sold at an average price of $44.52, for a total transaction of $890,400.00. Following the completion of the transaction, the director now owns 59,963 shares in the company, valued at $2,669,552.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider William M. Cody sold 50,000 shares of Progressive Corporation (The) stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $44.65, for a total value of $2,232,500.00. Following the transaction, the insider now owns 151,051 shares of the company’s stock, valued at approximately $6,744,427.15. The disclosure for this sale can be found here. Insiders have sold 71,100 shares of company stock valued at $3,168,605 in the last quarter. 0.56% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the company. Creative Planning boosted its position in Progressive Corporation (The) by 109.0% in the first quarter. Creative Planning now owns 5,700 shares of the insurance provider’s stock worth $223,000 after buying an additional 2,973 shares during the last quarter. Gulf International Bank UK Ltd increased its stake in shares of Progressive Corporation (The) by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 177,678 shares of the insurance provider’s stock valued at $6,961,000 after buying an additional 2,500 shares during the period. National Pension Service increased its stake in shares of Progressive Corporation (The) by 2.4% in the first quarter. National Pension Service now owns 490,373 shares of the insurance provider’s stock valued at $19,360,000 after buying an additional 11,627 shares during the period. Capstone Asset Management Co. increased its stake in shares of Progressive Corporation (The) by 9.8% in the first quarter. Capstone Asset Management Co. now owns 63,932 shares of the insurance provider’s stock valued at $2,505,000 after buying an additional 5,680 shares during the period. Finally, Fox Run Management L.L.C. increased its stake in shares of Progressive Corporation (The) by 86.2% in the first quarter. Fox Run Management L.L.C. now owns 24,200 shares of the insurance provider’s stock valued at $948,000 after buying an additional 11,200 shares during the period. Institutional investors and hedge funds own 79.54% of the company’s stock.

About Progressive Corporation (The)

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.

Analyst Recommendations for Progressive Corporation (The) (NYSE:PGR)

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