Progressive Corp. (NYSE:PGR) announced its earnings results on Thursday. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by $0.02. The firm earned $6.05 billion during the quarter, compared to analyst estimates of $6.04 billion. Progressive Corp. had a net margin of 4.80% and a return on equity of 13.57%.

Progressive Corp. (NYSE:PGR) opened at 31.67 on Thursday. Progressive Corp. has a 1-year low of $29.32 and a 1-year high of $35.54. The company has a 50-day moving average price of $31.59 and a 200 day moving average price of $32.79. The stock has a market capitalization of $18.43 billion, a P/E ratio of 17.59 and a beta of 0.73.

Earnings History for Progressive Corp. (NYSE:PGR)

In other Progressive Corp. news, insider M Jeffrey Charney sold 7,000 shares of Progressive Corp. 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 completion of the transaction, the insider now directly owns 71,961 shares in the company, valued at $2,338,732.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 2,500 shares of Progressive Corp. stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $33.17, for a total value of $82,925.00. Following the completion of the transaction, the insider now owns 9,420 shares of the company’s stock, valued at $312,461.40. The disclosure for this sale can be found here. 0.60% of the stock is owned by corporate insiders.

Institutional investors have recently modified their holdings of the stock. Advisor Partners LLC increased its position in shares of Progressive Corp. by 3.0% in the second quarter. Advisor Partners LLC now owns 8,209 shares of the company’s stock worth $275,000 after buying an additional 241 shares during the last quarter. Commonwealth Bank of Australia increased its position in shares of Progressive Corp. by 5.2% in the second quarter. Commonwealth Bank of Australia now owns 66,390 shares of the company’s stock worth $2,224,000 after buying an additional 3,273 shares during the last quarter. Tredje AP fonden increased its position in shares of Progressive Corp. by 28.3% in the second quarter. Tredje AP fonden now owns 72,433 shares of the company’s stock worth $2,427,000 after buying an additional 15,984 shares during the last quarter. Reliance Trust Co. of Delaware increased its position in shares of Progressive Corp. by 16.1% in the second quarter. Reliance Trust Co. of Delaware now owns 20,465 shares of the company’s stock worth $685,000 after buying an additional 2,845 shares during the last quarter. Finally, Advantus Capital Management Inc increased its position in shares of Progressive Corp. by 0.5% in the second quarter. Advantus Capital Management Inc now owns 56,949 shares of the company’s stock worth $1,908,000 after buying an additional 258 shares during the last quarter. Institutional investors own 76.53% of the company’s stock.

PGR has been the subject of several analyst reports. Zacks Investment Research downgraded Progressive Corp. from a “hold” rating to a “sell” rating in a research note on Monday, September 19th. Credit Suisse Group AG set a $28.00 price objective on Progressive Corp. and gave the company a “sell” rating in a research note on Tuesday, August 23rd. Deutsche Bank AG reduced their price objective on Progressive Corp. from $30.00 to $28.00 and set a “sell” rating for the company in a research note on Monday, September 19th. William Blair reaffirmed an “outperform” rating on shares of Progressive Corp. in a research note on Saturday, September 10th. Finally, Keefe, Bruyette & Woods raised Progressive Corp. from an “underperform” rating to a “market perform” rating and upped their price objective for the company from $29.00 to $31.00 in a research note on Thursday, September 15th. Five equities research analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $32.16.

About Progressive Corp.

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.

5 Day Chart for NYSE:PGR

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