Credit Suisse Group upgraded shares of Progressive Corporation (The) (NYSE:PGR) from an underperform rating to a neutral rating in a research report released on Wednesday morning. The brokerage currently has $48.00 price objective on the insurance provider’s stock, up from their prior price objective of $42.00.

Several other analysts also recently weighed in on PGR. MKM Partners reissued a buy rating and issued a $50.00 target price (up from $45.00) on shares of Progressive Corporation (The) in a report on Friday, June 9th. Wells Fargo & Company reissued a hold rating on shares of Progressive Corporation (The) in a report on Wednesday, June 14th. Bank of America Corporation boosted their target price on Progressive Corporation (The) from $48.00 to $49.00 and gave the company a buy rating in a report on Friday, June 16th. BidaskClub raised Progressive Corporation (The) from a buy rating to a strong-buy rating in a report on Saturday, June 17th. Finally, Zacks Investment Research raised Progressive Corporation (The) from a hold rating to a buy rating and set a $50.00 target price for the company in a report on Monday, June 19th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $46.00.

Progressive Corporation (The) (NYSE:PGR) last posted its earnings results on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate 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 period in the previous year, the firm posted $0.33 earnings per share. The firm’s revenue for the quarter was up 13.7% on a year-over-year basis.

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In related news, Director Jeffrey D. Kelly sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, June 26th. The stock was sold at an average price of $44.52, for a total value of $890,400.00. Following the sale, the director now owns 59,963 shares in the company, valued at approximately $2,669,552.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 1,250 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $48.73, for a total value of $60,912.50. Following the completion of the sale, the insider now 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 106,250 shares of company stock worth $5,086,913 in the last quarter. 0.56% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mckinley Capital Management LLC Delaware acquired a new stake in shares of Progressive Corporation (The) in the 2nd quarter worth approximately $101,000. Cypress Capital Management LLC WY acquired a new stake in shares of Progressive Corporation (The) in the 2nd quarter worth approximately $106,000. IFP Advisors Inc grew its holdings in Progressive Corporation (The) by 12.9% during the 2nd quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock valued at $132,000 after buying an additional 341 shares during the last quarter. Fiduciary Trust Co. acquired a new stake in Progressive Corporation (The) during the 2nd quarter valued at $143,000. Finally, Cornerstone Advisors Inc. grew its holdings in Progressive Corporation (The) by 4.1% during the 2nd quarter. Cornerstone Advisors Inc. now owns 3,404 shares of the insurance provider’s stock valued at $150,000 after buying an additional 133 shares during the last quarter. Institutional investors and hedge funds own 79.41% of the company’s stock.

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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