Buckingham Research started coverage on shares of Progressive Corporation (The) (NYSE:PGR) in a report published on Monday morning, Marketbeat.com reports. The brokerage issued an underperform rating and a $40.00 price target on the insurance provider’s stock.

A number of other equities analysts have also weighed in on the company. ValuEngine raised Progressive Corporation (The) from a hold rating to a buy rating in a research report on Friday, September 1st. Citigroup Inc. upped their target price on Progressive Corporation (The) from $49.00 to $50.00 and gave the stock a neutral rating in a research report on Thursday, August 17th. Wells Fargo & Company reaffirmed a hold rating on shares of Progressive Corporation (The) in a research report on Wednesday, August 16th. BidaskClub raised Progressive Corporation (The) from a buy rating to a strong-buy rating in a research report on Friday, August 11th. Finally, Barclays PLC upped their target price on Progressive Corporation (The) from $39.00 to $41.00 and gave the stock an underweight rating in a research report on Friday, August 11th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, six have given a buy rating and three have given a strong buy rating to the company. Progressive Corporation (The) currently has a consensus rating of Buy and a consensus price target of $44.87.

Progressive Corporation (NYSE PGR) opened at 46.14 on Monday. The stock’s 50 day moving average is $47.18 and its 200 day moving average is $43.03. Progressive Corporation has a 52 week low of $30.54 and a 52 week high of $49.01. The company has a market capitalization of $26.81 billion, a PE ratio of 19.63 and a beta of 0.88.

Progressive Corporation (The) (NYSE:PGR) last issued its earnings results 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 return on equity of 15.62% and a net margin of 5.50%. The firm had revenue of $6.75 billion for the quarter, compared to analyst estimates of $6.78 billion. During the same period in the previous year, the company earned $0.33 earnings per share. Progressive Corporation (The)’s revenue for the quarter was up 13.7% compared to the same quarter last year. Analysts predict that Progressive Corporation will post $2.51 EPS for the current fiscal year.

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In other news, insider William M. Cody sold 50,000 shares of the company’s stock in a transaction on Friday, June 16th. The stock was sold at an average price of $44.65, for a total transaction of $2,232,500.00. Following the transaction, the insider now owns 151,051 shares of the company’s stock, valued at approximately $6,744,427.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven Broz sold 1,250 shares of the company’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $48.73, for a total value of $60,912.50. Following the transaction, the insider now directly owns 12,181 shares in the company, valued at approximately $593,580.13. The disclosure for this sale can be found here. Insiders have sold a total of 156,250 shares of company stock worth $7,319,413 in the last ninety days. Insiders own 0.56% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. National Planning Corp lifted its position in shares of Progressive Corporation (The) by 28.0% during the 2nd quarter. National Planning Corp now owns 9,125 shares of the insurance provider’s stock valued at $404,000 after buying an additional 1,995 shares during the last quarter. Blair William & Co. IL lifted its position in shares of Progressive Corporation (The) by 327.8% during the 1st quarter. Blair William & Co. IL now owns 709,836 shares of the insurance provider’s stock valued at $27,811,000 after buying an additional 543,916 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Progressive Corporation (The) by 3.8% during the 1st quarter. Vanguard Group Inc. now owns 37,551,768 shares of the insurance provider’s stock valued at $1,471,278,000 after buying an additional 1,357,926 shares during the last quarter. Teza Capital Management LLC purchased a new position in shares of Progressive Corporation (The) during the 1st quarter valued at $2,030,000. Finally, Swiss National Bank lifted its position in shares of Progressive Corporation (The) by 3.2% during the 2nd quarter. Swiss National Bank now owns 2,122,034 shares of the insurance provider’s stock valued at $93,560,000 after buying an additional 65,900 shares during the last quarter. 79.41% of the stock is currently owned by hedge funds and other institutional investors.

About Progressive Corporation (The)

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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