Progressive (PGR) Price Target Increased to $65.00 by Analysts at MKM Partners
Progressive (NYSE:PGR) had its target price upped by equities researchers at MKM Partners to $65.00 in a research note issued to investors on Friday. The brokerage currently has a “buy” rating on the insurance provider’s stock. MKM Partners’ price objective points to a potential upside of 17.88% from the company’s previous close.
Other analysts have also issued reports about the stock. UBS cut their target price on shares of Progressive from $53.00 to $52.00 and set a “buy” rating on the stock in a research note on Tuesday, September 19th. ValuEngine upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $58.00 price target on shares of Progressive in a research note on Friday, November 17th. Goldman Sachs Group assumed coverage on shares of Progressive in a research note on Monday, December 4th. They issued a “buy” rating and a $57.00 price target on the stock. Finally, Morgan Stanley increased their price target on shares of Progressive from $49.00 to $51.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 18th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $50.41.
Shares of Progressive (NYSE:PGR) opened at $55.14 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.50 and a current ratio of 0.50. Progressive has a one year low of $35.11 and a one year high of $56.23. The firm has a market cap of $32,070.00, a P/E ratio of 24.40, a P/E/G ratio of 3.18 and a beta of 0.94.
Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.07. Progressive had a net margin of 5.41% and a return on equity of 15.40%. The firm had revenue of $7.14 billion for the quarter, compared to analyst estimates of $7.04 billion. During the same period in the prior year, the firm earned $0.34 earnings per share. The business’s quarterly revenue was up 18.1% compared to the same quarter last year. analysts predict that Progressive will post 2.4 EPS for the current fiscal year.
In other news, CMO M Jeffrey Charney sold 6,000 shares of the stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $49.50, for a total value of $297,000.00. Following the completion of the sale, the chief marketing officer now directly owns 102,038 shares of the company’s stock, valued at $5,050,881. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jeffrey W. Basch sold 9,000 shares of the stock in a transaction that occurred on Wednesday, October 18th. The shares were sold at an average price of $48.23, for a total value of $434,070.00. Following the completion of the sale, the insider now directly owns 70,965 shares of the company’s stock, valued at $3,422,641.95. The disclosure for this sale can be found here. Insiders sold 21,000 shares of company stock valued at $1,024,470 over the last three months. Corporate insiders own 0.56% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Elkhorn Investments LLC boosted its holdings in shares of Progressive by 0.5% in the second quarter. Elkhorn Investments LLC now owns 33,515 shares of the insurance provider’s stock valued at $1,599,000 after acquiring an additional 160 shares during the period. Great Lakes Advisors LLC boosted its holdings in shares of Progressive by 2.0% in the second quarter. Great Lakes Advisors LLC now owns 15,225 shares of the insurance provider’s stock valued at $671,000 after acquiring an additional 295 shares during the period. Bradley Foster & Sargent Inc. CT boosted its holdings in shares of Progressive by 1.4% in the second quarter. Bradley Foster & Sargent Inc. CT now owns 21,500 shares of the insurance provider’s stock valued at $948,000 after acquiring an additional 300 shares during the period. Flinton Capital Management LLC boosted its holdings in shares of Progressive by 1.5% in the second quarter. Flinton Capital Management LLC now owns 23,088 shares of the insurance provider’s stock valued at $1,018,000 after acquiring an additional 336 shares during the period. Finally, IFP Advisors Inc boosted its holdings in shares of Progressive by 12.9% in the second quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock valued at $132,000 after acquiring an additional 341 shares during the period. 79.55% of the stock is owned by institutional investors and hedge funds.
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Progressive 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.
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