Keefe, Bruyette & Woods upgraded shares of Progressive Corp. (NYSE:PGR) from an underperform rating to a market perform rating in a research report released on Thursday morning. Keefe, Bruyette & Woods currently has $31.00 price objective on the stock, up from their previous price objective of $29.00.

Analyst Recommendations for Progressive Corp. (NYSE:PGR)

A number of other research analysts also recently commented on PGR. Citigroup Inc. downgraded shares of Progressive Corp. from a neutral rating to a sell rating and dropped their price objective for the company from $36.00 to $31.00 in a research note on Thursday, June 2nd. FBR & Co reaffirmed a hold rating on shares of Progressive Corp. in a research note on Thursday, June 16th. MKM Partners reaffirmed a buy rating and set a $40.00 price objective on shares of Progressive Corp. in a research note on Thursday, June 23rd. Argus reaffirmed a hold rating and set a $33.00 price objective on shares of Progressive Corp. in a research note on Monday, July 18th. Finally, Zacks Investment Research downgraded shares of Progressive Corp. from a hold rating to a sell rating in a research note on Wednesday, August 3rd. Five equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $32.14.

Progressive Corp. (NYSE:PGR) opened at 31.02 on Thursday. The stock has a 50 day moving average of $32.58 and a 200 day moving average of $33.08. The stock has a market cap of $18.05 billion, a price-to-earnings ratio of 17.23 and a beta of 0.75. Progressive Corp. has a 1-year low of $29.32 and a 1-year high of $35.54.

Progressive Corp. (NYSE:PGR) last posted its quarterly earnings data on Thursday, July 14th. The company reported $0.33 EPS for the quarter, missing the Zacks’ consensus estimate of $0.34 by $0.01. Progressive Corp. had a net margin of 4.80% and a return on equity of 13.57%. The company had revenue of $5.93 billion for the quarter. During the same period in the prior year, the company posted $0.62 earnings per share. Progressive Corp.’s revenue was up 13.1% on a year-over-year basis. Equities analysts expect that Progressive Corp. will post $1.61 earnings per share for the current year.

In other news, Director Bradley T. Sheares sold 19,564 shares of the stock in a transaction that occurred on Friday, June 24th. The stock was sold at an average price of $31.96, for a total transaction of $625,265.44. Following the completion of the transaction, the director now directly owns 4,964 shares in the company, valued at approximately $158,649.44. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Steven Broz sold 2,500 shares of the 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 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. Insiders own 0.60% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in PGR. Livingston Group Asset Management CO operating as Southport Capital Management acquired a new position in Progressive Corp. during the second quarter valued at approximately $108,000. Financial Architects Inc boosted its position in Progressive Corp. by 1,471.7% in the second quarter. Financial Architects Inc now owns 3,992 shares of the company’s stock valued at $134,000 after buying an additional 3,738 shares during the period. Creative Planning boosted its position in Progressive Corp. by 88.9% in the second quarter. Creative Planning now owns 4,058 shares of the company’s stock valued at $136,000 after buying an additional 1,910 shares during the period. Van ECK Associates Corp boosted its position in Progressive Corp. by 24.2% in the second quarter. Van ECK Associates Corp now owns 4,833 shares of the company’s stock valued at $162,000 after buying an additional 943 shares during the period. Finally, Global X Management Co. LLC boosted its position in Progressive Corp. by 79.8% in the second quarter. Global X Management Co. LLC now owns 5,326 shares of the company’s stock valued at $178,000 after buying an additional 2,363 shares during the period. Institutional investors own 76.60% of the company’s stock.

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.

5 Day Chart for NYSE:PGR

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