Progressive Corp. (PGR) Given a $28.00 Price Target at Credit Suisse Group AG
Several other research firms also recently weighed in on PGR. Argus reiterated a hold rating and set a $33.00 target price on shares of Progressive Corp. in a research report on Monday, July 18th. Zacks Investment Research downgraded Progressive Corp. from a hold rating to a sell rating in a report on Wednesday, August 3rd. MKM Partners restated a buy rating and issued a $40.00 price objective on shares of Progressive Corp. in a report on Thursday, June 23rd. FBR & Co restated a hold rating on shares of Progressive Corp. in a report on Thursday, June 16th. Finally, William Blair restated an outperform rating on shares of Progressive Corp. in a report on Saturday, September 10th. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of Hold and an average target price of $32.16.
Progressive Corp. (NYSE:PGR) traded up 0.111% during trading on Friday, reaching $31.475. 600,565 shares of the company’s stock traded hands. The firm has a market cap of $18.32 billion, a price-to-earnings ratio of 17.486 and a beta of 0.73. The company has a 50 day moving average of $31.70 and a 200 day moving average of $32.87. Progressive Corp. has a one year low of $29.32 and a one year high of $35.54.
Progressive Corp. (NYSE:PGR) last released its earnings results on Thursday, July 14th. The company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.34 by $0.01. Progressive Corp. had a return on equity of 13.57% and a net margin of 4.80%. The business had revenue of $5.93 billion for the quarter. During the same period last year, the business posted $0.62 EPS. The company’s revenue was up 13.1% on a year-over-year basis. Equities research analysts predict that Progressive Corp. will post $1.60 EPS for the current year.
In related news, insider Steven Broz sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $33.17, for a total transaction of $82,925.00. Following the completion of the sale, the insider now directly owns 9,420 shares in the company, valued at $312,461.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider M Jeffrey Charney sold 7,000 shares of the business’s stock in a transaction that occurred on Friday, September 2nd. The stock was sold at an average price of $32.50, for a total value of $227,500.00. Following the sale, the insider now owns 71,961 shares of the company’s stock, valued at $2,338,732.50. The disclosure for this sale can be found here. Insiders own 0.60% of the company’s stock.
Several hedge funds have recently modified their holdings of PGR. ING Groep NV boosted its stake in shares of Progressive Corp. by 7,288.2% in the first quarter. ING Groep NV now owns 533,132 shares of the company’s stock valued at $18,729,000 after buying an additional 525,916 shares during the last quarter. M&T Bank Corp boosted its stake in shares of Progressive Corp. by 16.6% in the first quarter. M&T Bank Corp now owns 76,904 shares of the company’s stock valued at $2,702,000 after buying an additional 10,976 shares during the last quarter. C M Bidwell & Associates Ltd. purchased a new stake in shares of Progressive Corp. during the first quarter valued at approximately $325,000. Landscape Capital Management L.L.C. purchased a new stake in shares of Progressive Corp. during the first quarter valued at approximately $515,000. Finally, Advisor Partners LLC boosted its stake in shares of Progressive Corp. by 2.7% in the first quarter. Advisor Partners LLC now owns 7,968 shares of the company’s stock valued at $280,000 after buying an additional 206 shares during the last quarter. Hedge funds and other institutional investors own 76.53% of the company’s stock.
Progressive Corp. Company Profile
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 Personal Lines, Commercial Lines and Property segments.
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