ValuEngine upgraded shares of Progressive (NYSE:PGR) from a hold rating to a buy rating in a report released on Thursday morning.

Several other brokerages also recently issued reports on PGR. Wells Fargo & Co reiterated a hold rating and issued a $64.00 price target on shares of Progressive in a report on Wednesday, August 15th. MKM Partners raised their target price on Progressive to $85.00 and gave the company a buy rating in a research note on Wednesday, September 26th. Citigroup lowered their target price on Progressive from $66.00 to $63.00 and set a neutral rating for the company in a research note on Thursday, July 12th. Argus upgraded Progressive from a hold rating to a buy rating and set a $68.00 target price for the company in a research note on Friday, July 27th. Finally, UBS Group raised their target price on Progressive from $70.00 to $78.00 and gave the company a buy rating in a research note on Wednesday, September 19th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Progressive presently has an average rating of Buy and an average price target of $68.64.

NYSE PGR traded down $0.95 during trading hours on Thursday, hitting $70.85. The company had a trading volume of 248,363 shares, compared to its average volume of 3,257,982. Progressive has a fifty-two week low of $47.92 and a fifty-two week high of $72.72. The company has a market cap of $41.14 billion, a P/E ratio of 27.04, a P/E/G ratio of 2.06 and a beta of 0.67. The company has a current ratio of 0.38, a quick ratio of 0.43 and a debt-to-equity ratio of 0.33.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.43. Progressive had a return on equity of 27.25% and a net margin of 9.42%. The firm had revenue of $8.60 billion during the quarter, compared to the consensus estimate of $8.43 billion. During the same period in the prior year, the firm earned $0.38 EPS. The firm’s quarterly revenue was up 20.5% compared to the same quarter last year. On average, sell-side analysts forecast that Progressive will post 4.67 EPS for the current fiscal year.

In other news, CFO John P. Sauerland sold 12,000 shares of the stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $64.25, for a total transaction of $771,000.00. Following the transaction, the chief financial officer now owns 390,584 shares of the company’s stock, valued at $25,095,022. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 12,600 shares of the stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $64.14, for a total transaction of $808,164.00. Following the transaction, the chief executive officer now directly owns 265,856 shares in the company, valued at approximately $17,052,003.84. The disclosure for this sale can be found here. Insiders have sold 74,600 shares of company stock valued at $4,924,164 over the last 90 days. Insiders own 0.70% of the company’s stock.

Several hedge funds have recently modified their holdings of PGR. Principal Financial Group Inc. lifted its position in shares of Progressive by 1.0% during the first quarter. Principal Financial Group Inc. now owns 5,043,129 shares of the insurance provider’s stock worth $307,278,000 after purchasing an additional 47,656 shares during the last quarter. Baird Financial Group Inc. bought a new position in Progressive in the first quarter worth about $273,000. Commonwealth Equity Services LLC lifted its holdings in Progressive by 18.0% in the first quarter. Commonwealth Equity Services LLC now owns 30,449 shares of the insurance provider’s stock worth $1,855,000 after acquiring an additional 4,652 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its holdings in Progressive by 7.2% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 38,803 shares of the insurance provider’s stock worth $2,354,000 after acquiring an additional 2,602 shares during the last quarter. Finally, LPL Financial LLC lifted its holdings in Progressive by 12.6% in the first quarter. LPL Financial LLC now owns 67,369 shares of the insurance provider’s stock worth $4,105,000 after acquiring an additional 7,522 shares during the last quarter. 79.88% of the stock is currently owned by institutional investors and hedge funds.

Progressive Company Profile

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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