Progressive Corp. (PGR) Upgraded by Citigroup Inc. to Neutral
Citigroup Inc. upgraded shares of Progressive Corp. (NYSE:PGR) from a sell rating to a neutral rating in a report issued on Friday morning. They currently have $34.00 target price on the stock, up from their previous target price of $30.00.
A number of other equities research analysts have also recently weighed in on the company. Credit Suisse Group AG set a $28.00 price target on Progressive Corp. and gave the company a sell rating in a research note on Friday, October 7th. Deutsche Bank AG dropped their price target 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. Zacks Investment Research cut Progressive Corp. from a hold rating to a sell rating in a research note on Monday, September 19th. Keefe, Bruyette & Woods upgraded Progressive Corp. from an underperform rating to a market perform rating and increased their price target for the company from $29.00 to $31.00 in a research note on Thursday, September 15th. Finally, William Blair reaffirmed an outperform rating on shares of Progressive Corp. in a report on Saturday, September 10th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Progressive Corp. presently has a consensus rating of Hold and a consensus target price of $32.41.
Progressive Corp. (NYSE:PGR) traded down 0.15% during midday trading on Friday, reaching $32.68. 295,555 shares of the company’s stock were exchanged. Progressive Corp. has a 12 month low of $29.32 and a 12 month high of $35.54. The company has a 50 day moving average price of $31.61 and a 200 day moving average price of $32.78. The company has a market cap of $19.02 billion, a P/E ratio of 18.16 and a beta of 0.73.
Progressive Corp. (NYSE:PGR) last posted its quarterly earnings results on Thursday, October 13th. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by $0.02. Progressive Corp. had a net margin of 4.31% and a return on equity of 12.30%. The business earned $6.05 billion during the quarter. During the same quarter in the previous year, the business posted $0.47 EPS. The company’s revenue for the quarter was up 11.8% compared to the same quarter last year. On average, equities analysts anticipate that Progressive Corp. will post $1.60 EPS for the current year.
In related news, insider Michael D. Sieger sold 3,200 shares of the firm’s stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $32.93, for a total value of $105,376.00. Following the sale, the insider now directly owns 49,755 shares of the company’s stock, valued at $1,638,432.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider M Jeffrey Charney sold 7,000 shares of the firm’s stock in a transaction dated 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 directly owns 71,961 shares in the company, valued at $2,338,732.50. The disclosure for this sale can be found here. 0.60% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Pictet Asset Management Ltd. raised its stake in Progressive Corp. by 1.6% in the first quarter. Pictet Asset Management Ltd. now owns 312,652 shares of the company’s stock valued at $9,980,000 after buying an additional 4,900 shares during the period. Quadrature Capital Ltd purchased a new position in Progressive Corp. during the first quarter valued at approximately $5,244,000. Primecap Management Co. CA increased its position 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 valued at $413,476,000 after buying an additional 86,200 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in Progressive Corp. during the first quarter valued at approximately $592,000. Finally, Rafferty Asset Management LLC increased its position in Progressive Corp. by 254.5% in the first quarter. Rafferty Asset Management LLC now owns 183,953 shares of the company’s stock valued at $6,464,000 after buying an additional 132,056 shares in the last quarter. 76.01% of the stock is currently owned by institutional investors and hedge funds.
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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