Progressive (NYSE:PGR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

According to Zacks, “Shares of Progressive have outperformed the industry in a year and the company witnessed its 2018 and 2019 estimates move north in the last 60 days. The company strives to become a one-stop insurance destination catering to customers, opting for a combination of home and auto. Policies in force and retention ratio will continue to remain healthy. The company’s Snapshot, Robinson and Home Quote Explorer programs should continue to drive the business. It focuses on paying back its shareholders via dividends as well as share repurchases that lower the share count and boost the bottom line. However, the company’s growth could be challenged by intense competition. Exposure to catastrophe events and escalating expenses remains headwinds.”

Several other equities research analysts have also commented on PGR. MKM Partners upped their price target on shares of Progressive to $75.00 and gave the company a “buy” rating in a research report on Tuesday, May 22nd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating on shares of Progressive in a research report on Thursday, May 31st. Citigroup reduced their price target on shares of Progressive from $66.00 to $63.00 and set a “neutral” rating for the company in a research report on Thursday, July 12th. B. Riley upped their price target on shares of Progressive from $54.00 to $60.00 and gave the company a “neutral” rating in a research report on Monday, July 16th. Finally, Wells Fargo & Co set a $64.00 price target on shares of Progressive and gave the company a “hold” rating in a research report on Tuesday, July 17th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $64.07.

Shares of NYSE PGR traded up $0.55 during midday trading on Wednesday, hitting $70.23. 121,207 shares of the company’s stock traded hands, compared to its average volume of 3,398,549. Progressive has a 1 year low of $47.14 and a 1 year high of $69.73. The firm has a market capitalization of $39.75 billion, a P/E ratio of 26.76, a PEG ratio of 2.07 and a beta of 0.69. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.37.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, July 17th. The insurance provider reported $1.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.11. Progressive had a net margin of 7.57% and a return on equity of 21.84%. The firm had revenue of $8.10 billion during the quarter, compared to analyst estimates of $8.01 billion. During the same quarter in the prior year, the firm earned $0.63 EPS. The business’s revenue for the quarter was up 20.0% compared to the same quarter last year. equities research analysts anticipate that Progressive will post 4.5 EPS for the current year.

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

Institutional investors have recently added to or reduced their stakes in the stock. Trexquant Investment LP increased its holdings in Progressive by 41.2% in the 2nd quarter. Trexquant Investment LP now owns 84,776 shares of the insurance provider’s stock worth $5,015,000 after acquiring an additional 24,722 shares in the last quarter. Natixis boosted its stake in Progressive by 259.2% in the 1st quarter. Natixis now owns 874,732 shares of the insurance provider’s stock worth $53,297,000 after purchasing an additional 631,192 shares during the period. Steward Partners Investment Advisory LLC boosted its stake in Progressive by 114.8% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 3,404 shares of the insurance provider’s stock worth $201,000 after purchasing an additional 1,819 shares during the period. Strs Ohio boosted its stake in Progressive by 599.2% in the 2nd quarter. Strs Ohio now owns 321,002 shares of the insurance provider’s stock worth $18,987,000 after purchasing an additional 275,090 shares during the period. Finally, HL Financial Services LLC boosted its stake in Progressive by 1.0% in the 2nd quarter. HL Financial Services LLC now owns 2,042,107 shares of the insurance provider’s stock worth $120,791,000 after purchasing an additional 19,571 shares during the period. 80.22% of the stock is owned by institutional investors.

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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