Progressive Corp. (PGR) Raised to Neutral at Citigroup Inc.
Progressive Corp. (NYSE:PGR) was upgraded by analysts at Citigroup Inc. from a “sell” rating to a “neutral” rating in a research note issued on Friday. The firm presently has a $34.00 price objective on the stock. Citigroup Inc.’s price objective would suggest a potential upside of 4.68% from the stock’s current price.
Several other research analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Progressive Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, August 3rd. William Blair restated an “outperform” rating on shares of Progressive Corp. in a report on Saturday, September 10th. Deutsche Bank AG cut their price target on shares of Progressive Corp. from $30.00 to $28.00 and set a “sell” rating on the stock in a report on Monday, September 19th. Credit Suisse Group AG set a $28.00 price target on shares of Progressive Corp. and gave the stock a “sell” rating in a report on Friday, October 7th. Finally, MKM Partners restated a “buy” rating and set a $40.00 price target on shares of Progressive Corp. in a report on Thursday, June 23rd. Four analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $32.41.
Shares of Progressive Corp. (NYSE:PGR) traded up 1.23% on Friday, hitting $32.88. 874,015 shares of the company’s stock were exchanged. The firm has a market cap of $19.13 billion, a P/E ratio of 18.27 and a beta of 0.73. Progressive Corp. has a 12 month low of $29.32 and a 12 month high of $35.54. The stock’s 50 day moving average is $31.59 and its 200 day moving average is $32.79.
Progressive Corp. (NYSE:PGR) last released its quarterly earnings results on Thursday, October 13th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.36 by $0.02. Progressive Corp. had a return on equity of 13.57% and a net margin of 4.80%. The firm had revenue of $6.05 billion for the quarter. During the same quarter in the previous year, the business posted $0.47 EPS. The business’s revenue was up 11.8% compared to the same quarter last year. On average, equities analysts predict that Progressive Corp. will post $1.60 earnings per share for the current year.
In other news, insider M Jeffrey Charney sold 7,000 shares of the company’s stock in a transaction on Friday, September 2nd. The shares were sold at an average price of $32.50, for a total value of $227,500.00. Following the completion of the sale, the insider now owns 71,961 shares of the company’s stock, valued at approximately $2,338,732.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael D. Sieger sold 3,200 shares of the company’s stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $32.93, for a total transaction of $105,376.00. Following the completion of the sale, the insider now directly owns 49,755 shares of the company’s stock, valued at approximately $1,638,432.15. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the stock. Pictet Asset Management Ltd. boosted its stake in shares of Progressive Corp. by 1.6% in the first quarter. Pictet Asset Management Ltd. now owns 312,652 shares of the company’s stock worth $9,980,000 after buying an additional 4,900 shares during the period. Quadrature Capital Ltd purchased a new stake in Progressive Corp. during the first quarter worth approximately $5,244,000. Primecap Management Co. CA raised its stake in Progressive Corp. by 0.7% in the first quarter. Primecap Management Co. CA now owns 11,766,525 shares of the company’s stock worth $413,476,000 after buying an additional 86,200 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in Progressive Corp. during the first quarter worth approximately $592,000. Finally, Rafferty Asset Management LLC raised its stake in Progressive Corp. by 254.5% in the first quarter. Rafferty Asset Management LLC now owns 183,953 shares of the company’s stock worth $6,464,000 after buying an additional 132,056 shares in the last quarter. 76.53% of the stock is owned by institutional investors.
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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