PGR has been the subject of a number of other research reports. Buckingham Research upgraded shares of Progressive to a sell rating and set a $52.00 price objective for the company in a report on Wednesday, July 18th. Wells Fargo & Co reiterated a hold rating and set a $64.00 price objective on shares of Progressive in a report on Wednesday, August 15th. Morgan Stanley lifted their price objective on shares of Progressive from $64.00 to $68.00 and gave the company a $60.39 rating in a report on Wednesday, July 18th. MKM Partners lifted their price objective on shares of Progressive to $85.00 and gave the company a buy rating in a report on Wednesday, September 26th. Finally, ValuEngine upgraded shares of Progressive from a hold rating to a buy rating in a report on Tuesday, September 4th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. Progressive has a consensus rating of Hold and a consensus price target of $65.29.
PGR traded down $0.11 on Friday, reaching $66.86. 4,787,345 shares of the company traded hands, compared to its average volume of 3,374,720. Progressive has a one year low of $47.89 and a one year high of $72.02. The firm has a market capitalization 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 current ratio of 0.43 and a quick 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 for the quarter, beating analysts’ consensus estimates of $1.08 by $0.11. Progressive had a net margin of 7.57% and a return on equity of 21.84%. The company had revenue of $8.10 billion during the quarter, compared to analyst estimates of $8.01 billion. During the same quarter last year, the business posted $0.63 EPS. The firm’s revenue for the quarter was up 20.0% on a year-over-year basis. On average, equities analysts anticipate that Progressive will post 4.54 earnings per share for the current fiscal year.
In other Progressive news, insider William M. Cody sold 50,000 shares of the firm’s stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $66.90, for a total transaction of $3,345,000.00. Following the transaction, the insider now owns 116,838 shares of the company’s stock, valued at approximately $7,816,462.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of the firm’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $64.25, for a total transaction of $771,000.00. Following the transaction, the chief financial officer now directly owns 390,584 shares in the company, valued at approximately $25,095,022. The disclosure for this sale can be found here. Insiders have sold a total of 94,103 shares of company stock worth $6,088,405 in the last three months. Insiders own 0.70% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the business. ELM Advisors LLC purchased a new position in shares of Progressive in the 3rd quarter worth approximately $107,000. Trust Co. of Vermont grew its position in shares of Progressive by 82.4% in the 2nd quarter. Trust Co. of Vermont now owns 2,006 shares of the insurance provider’s stock worth $119,000 after buying an additional 906 shares during the last quarter. Cerebellum GP LLC purchased a new position in shares of Progressive in the 2nd quarter worth approximately $168,000. Chesley Taft & Associates LLC purchased a new position in shares of Progressive in the 3rd quarter worth approximately $222,000. Finally, MAI Capital Management purchased a new position in shares of Progressive in the 3rd quarter worth approximately $226,000. 80.26% of the stock is currently owned by institutional investors and hedge funds.
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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