Progressive Corp. (PGR) Given “Sell” Rating at Credit Suisse Group AG
A number of other brokerages have also recently weighed in on PGR. Zacks Investment Research cut Progressive Corp. from a hold rating to a sell rating in a research note on Wednesday, August 3rd. Citigroup Inc. raised Progressive Corp. from a sell rating to a neutral rating and lifted their target price for the company from $30.00 to $34.00 in a research note on Friday, October 14th. William Blair reaffirmed an outperform rating on shares of Progressive Corp. in a research note on Saturday, September 10th. Keefe, Bruyette & Woods raised Progressive Corp. from an underperform rating to a market perform rating and lifted their target price for the company from $29.00 to $31.00 in a research note on Thursday, September 15th. Finally, Deutsche Bank AG lowered their target price on Progressive Corp. from $30.00 to $28.00 and set a sell rating on the stock in a research note on Monday, September 19th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $32.41.
Progressive Corp. (NYSE:PGR) traded up 0.82% on Thursday, reaching $33.20. 510,407 shares of the company traded hands. The firm has a 50 day moving average price of $31.88 and a 200 day moving average price of $32.46. The stock has a market capitalization of $19.28 billion, a price-to-earnings ratio of 19.87 and a beta of 0.75. Progressive Corp. has a 52-week low of $29.32 and a 52-week high of $35.54.
Progressive Corp. (NYSE:PGR) last issued its quarterly earnings results on Thursday, October 13th. The company reported $0.34 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.36 by $0.02. The company earned $6.05 billion during the quarter. Progressive Corp. had a return on equity of 12.30% and a net margin of 4.31%. The company’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.47 earnings per share. Equities research analysts predict that Progressive Corp. will post $1.52 EPS for the current year.
In other news, 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 transaction of $227,500.00. Following the sale, the insider now directly owns 71,961 shares in the company, valued at $2,338,732.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.60% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Progressive Corp. by 1.6% in the second quarter. Vanguard Group Inc. now owns 33,554,178 shares of the company’s stock worth $1,124,064,000 after buying an additional 518,305 shares in the last quarter. Longview Partners Guernsey LTD boosted its stake in Progressive Corp. by 1.2% in the third quarter. Longview Partners Guernsey LTD now owns 20,409,866 shares of the company’s stock worth $642,911,000 after buying an additional 232,279 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in Progressive Corp. by 0.6% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 15,982,076 shares of the company’s stock worth $503,435,000 after buying an additional 90,612 shares in the last quarter. BlackRock Fund Advisors boosted its stake in Progressive Corp. by 5.6% in the third quarter. BlackRock Fund Advisors now owns 10,153,939 shares of the company’s stock worth $319,849,000 after buying an additional 542,831 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Progressive Corp. by 2.9% in the second quarter. JPMorgan Chase & Co. now owns 7,590,351 shares of the company’s stock worth $254,277,000 after buying an additional 211,111 shares in the last quarter. Institutional investors and hedge funds own 76.80% of the company’s stock.
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.
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