Shares of Progressive Corp (NYSE:PGR) have been given a consensus recommendation of “Hold” by the sixteen ratings firms that are covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and seven have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $64.46.

Several equities analysts have recently weighed in on the company. B. Riley lifted their price objective on Progressive from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Tuesday, August 7th. Argus upgraded Progressive from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a report on Friday, July 27th. Credit Suisse Group assumed coverage on Progressive in a report on Tuesday, August 7th. They set an “outperform” rating and a $73.00 price objective on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating on shares of Progressive in a report on Thursday, May 31st. Finally, MKM Partners lifted their price objective on Progressive to $75.00 and gave the company a “buy” rating in a report on Tuesday, May 22nd.

NYSE:PGR opened at $68.24 on Friday. Progressive has a fifty-two week low of $45.90 and a fifty-two week high of $69.01. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.37. The stock has a market cap of $39.82 billion, a PE ratio of 25.95, a price-to-earnings-growth ratio of 2.07 and a beta of 0.70.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, July 17th. The insurance provider reported $1.19 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.11. Progressive had a return on equity of 21.84% and a net margin of 7.57%. The business had revenue of $8.10 billion for the quarter, compared to analysts’ expectations of $8.01 billion. During the same quarter in the previous year, the business posted $0.63 EPS. Progressive’s revenue for the quarter was up 20.0% on a year-over-year basis. equities analysts expect that Progressive will post 4.5 EPS for the current fiscal year.

In other Progressive news, insider William M. Cody sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $66.90, for a total value of $3,345,000.00. Following the sale, the insider now owns 116,838 shares in the company, valued at approximately $7,816,462.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 18th. The shares were sold at an average price of $59.33, for a total value of $711,960.00. Following the completion of the sale, the chief financial officer now owns 455,377 shares in the company, valued at approximately $27,017,517.41. The disclosure for this sale can be found here. Insiders sold a total of 94,103 shares of company stock worth $6,088,405 in the last 90 days. Company insiders own 0.70% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in shares of Progressive by 1.7% during the 1st quarter. BlackRock Inc. now owns 39,414,036 shares of the insurance provider’s stock worth $2,401,497,000 after purchasing an additional 644,100 shares during the last quarter. Artisan Partners Limited Partnership increased its position in shares of Progressive by 5.1% during the 2nd quarter. Artisan Partners Limited Partnership now owns 17,946,090 shares of the insurance provider’s stock worth $1,061,511,000 after purchasing an additional 864,700 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of Progressive by 10.2% during the 2nd quarter. Janus Henderson Group PLC now owns 12,095,573 shares of the insurance provider’s stock worth $715,456,000 after purchasing an additional 1,122,013 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Progressive by 16.2% during the 1st quarter. JPMorgan Chase & Co. now owns 11,676,418 shares of the insurance provider’s stock worth $711,444,000 after purchasing an additional 1,630,692 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of Progressive by 19.6% during the 2nd quarter. Renaissance Technologies LLC now owns 7,094,900 shares of the insurance provider’s stock worth $419,663,000 after purchasing an additional 1,163,500 shares during the last quarter. Hedge funds and other institutional investors own 80.24% of the company’s stock.

About Progressive

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Analyst Recommendations for Progressive (NYSE:PGR)

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