Progressive Price Target Cut to $23.00 by Analysts at KBW (PGR)
Progressive (NYSE: PGR) traded down 0.99% on Friday, hitting $25.13. Progressive has a 52-week low of $19.17 and a 52-week high of $25.38. The stock’s 50-day moving average is currently $23.91. The company has a market cap of $15.176 billion and a price-to-earnings ratio of 17.15.
Progressive (NYSE: PGR) last announced its earnings results on Friday, January 18th. The company reported $0.41 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.34 by $0.07. The company had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.79 billion. During the same quarter in the prior year, the company posted $0.42 earnings per share. The company’s quarterly revenue was up 8.5% on a year-over-year basis. On average, analysts predict that Progressive will post $1.51 earnings per share for the current fiscal year.
A number of other firms have also recently commented on PGR. Analysts at Keefe, Bruyette & Woods downgraded shares of Progressive from a “market perform” rating to an “underperform” rating in a research note to investors on Friday. Separately, analysts at RBC Capital downgraded shares of Progressive from an “outperform” rating to a “sector perform” rating in a research note to investors on Thursday. They now have a $25.00 price target on the stock, up previously from $24.00. Finally, analysts at FBR Capital raised their price target on shares of Progressive from $19.00 to $22.00 in a research note to investors on Thursday. They now have a “market perform” rating on the stock.
Two investment analysts have rated the stock with a buy rating, one has assigned an overweight rating, thirteen have assigned a hold rating, and six have given a sell rating to the company. The stock currently has an average rating of “hold” and a consensus price target of $23.63.
The Progressive Corporation is an insurance holding company. The Company’s Personal Lines business includes insurance for personal autos and special lines products (such as motorcycles, all terrain vehicles (ATVs), recreational vehicles (RVs), mobile homes, watercraft and snowmobiles).
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