Morgan Stanley restated their equal weight rating on shares of Progressive Corporation (The) (NYSE:PGR) in a report issued on Friday, July 7th. The brokerage currently has a $43.00 target price on the insurance provider’s stock, up from their prior target price of $40.00.

A number of other equities analysts have also weighed in on the stock. Wells Fargo & Company reiterated a hold rating on shares of Progressive Corporation (The) in a research report on Tuesday, April 18th. Sandler O’Neill upgraded shares of Progressive Corporation (The) from a hold rating to a buy rating and set a $45.00 price objective on the stock in a research report on Tuesday, March 21st. BidaskClub upgraded shares of Progressive Corporation (The) from a buy rating to a strong-buy rating in a research report on Saturday, June 17th. Bank of America Corporation upgraded shares of Progressive Corporation (The) from a neutral rating to a buy rating and boosted their target price for the stock from $40.00 to $46.00 in a research report on Monday, March 20th. Finally, Zacks Investment Research lowered shares of Progressive Corporation (The) from a buy rating to a hold rating in a research report on Friday, April 21st. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. The company currently has an average rating of Buy and an average price target of $44.79.

Shares of Progressive Corporation (NYSE:PGR) traded down 0.08% during mid-day trading on Friday, reaching $47.67. 1,965,098 shares of the company were exchanged. The stock has a market capitalization of $27.70 billion, a P/E ratio of 20.29 and a beta of 0.86. Progressive Corporation has a 12 month low of $30.54 and a 12 month high of $47.75. The stock has a 50 day moving average price of $45.22 and a 200-day moving average price of $41.02.

Progressive Corporation (The) (NYSE:PGR) last posted its quarterly earnings data on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by $0.01. Progressive Corporation (The) had a net margin of 5.50% and a return on equity of 15.62%. The firm had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $6.78 billion. During the same quarter last year, the business earned $0.33 earnings per share. The business’s quarterly revenue was up 13.7% on a year-over-year basis. Analysts predict that Progressive Corporation will post $2.43 earnings per share for the current year.

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In related news, insider Steven Broz sold 1,100 shares of the business’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $41.55, for a total value of $45,705.00. Following the completion of the transaction, the insider now owns 8,955 shares of the company’s stock, valued at approximately $372,080.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jeffrey D. Kelly sold 20,000 shares of the business’s stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $44.52, for a total transaction of $890,400.00. Following the completion of the transaction, the director now directly owns 59,963 shares of the company’s stock, valued at approximately $2,669,552.76. The disclosure for this sale can be found here. Insiders have sold a total of 71,100 shares of company stock valued at $3,168,605 in the last ninety days. Corporate insiders own 0.56% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in PGR. Creative Planning increased its position in shares of Progressive Corporation (The) by 0.4% in the second quarter. Creative Planning now owns 5,723 shares of the insurance provider’s stock valued at $252,000 after buying an additional 23 shares during the last quarter. Buckingham Asset Management LLC increased its position in shares of Progressive Corporation (The) by 0.3% in the first quarter. Buckingham Asset Management LLC now owns 8,937 shares of the insurance provider’s stock valued at $350,000 after buying an additional 25 shares during the last quarter. Financial Architects Inc increased its position in Progressive Corporation (The) by 0.4% in the second quarter. Financial Architects Inc now owns 18,187 shares of the insurance provider’s stock worth $801,000 after buying an additional 65 shares in the last quarter. Cleararc Capital Inc. increased its position in Progressive Corporation (The) by 0.6% in the first quarter. Cleararc Capital Inc. now owns 14,188 shares of the insurance provider’s stock worth $556,000 after buying an additional 90 shares in the last quarter. Finally, ING Groep NV increased its position in Progressive Corporation (The) by 0.3% in the second quarter. ING Groep NV now owns 39,707 shares of the insurance provider’s stock worth $1,751,000 after buying an additional 112 shares in the last quarter. 79.54% of the stock is owned by hedge funds and other institutional investors.

Progressive Corporation (The) 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 the Personal Lines, Commercial Lines and Property segments.

Analyst Recommendations for Progressive Corporation (The) (NYSE:PGR)

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