Credit Suisse Group set a $79.00 price target on Progressive (NYSE:PGR) in a research report released on Wednesday. The firm currently has a buy rating on the insurance provider’s stock.

Other equities research analysts have also recently issued reports about the stock. Morgan Stanley increased their price objective on shares of Progressive from $64.00 to $68.00 and gave the stock a $60.39 rating in a research report on Wednesday, July 18th. UBS Group increased their price objective on shares of Progressive from $70.00 to $78.00 and gave the stock a buy rating in a research report on Wednesday, September 19th. MKM Partners increased their price objective on shares of Progressive to $80.00 and gave the stock a buy rating in a research report on Friday, September 14th. ValuEngine upgraded shares of Progressive from a hold rating to a buy rating in a research report on Tuesday, September 4th. Finally, Argus upgraded shares of Progressive from a hold rating to a buy rating and set a $68.00 price objective for the company in a research report on Friday, July 27th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $69.60.

Shares of PGR traded up $0.75 during trading hours on Wednesday, hitting $65.55. 299,881 shares of the stock were exchanged, compared to its average volume of 3,399,030. Progressive has a fifty-two week low of $50.79 and a fifty-two week high of $73.69. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.34. The stock has a market cap of $41.88 billion, a PE ratio of 25.03, a price-to-earnings-growth ratio of 2.05 and a beta of 0.71.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.43. Progressive had a net margin of 9.42% and a return on equity of 27.45%. The company had revenue of $8.60 billion during the quarter, compared to analysts’ expectations of $8.43 billion. During the same period in the prior year, the company posted $0.38 earnings per share. Progressive’s revenue for the quarter was up 20.5% compared to the same quarter last year. Sell-side analysts anticipate that Progressive will post 4.79 EPS for the current fiscal year.

In other Progressive news, insider William M. Cody sold 50,000 shares of the firm’s stock in a transaction 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 in the company, valued at $7,816,462.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.70% of the company’s stock.

A number of large investors have recently bought and sold shares of PGR. Xact Kapitalforvaltning AB grew its holdings in Progressive by 3.7% in the second quarter. Xact Kapitalforvaltning AB now owns 107,894 shares of the insurance provider’s stock worth $6,382,000 after purchasing an additional 3,800 shares during the period. Atria Investments LLC lifted its stake in shares of Progressive by 46.5% in the second quarter. Atria Investments LLC now owns 12,166 shares of the insurance provider’s stock valued at $720,000 after buying an additional 3,860 shares in the last quarter. Highland Capital Management LLC bought a new position in shares of Progressive in the second quarter valued at $1,102,000. Amalgamated Bank lifted its stake in shares of Progressive by 6.6% in the second quarter. Amalgamated Bank now owns 90,496 shares of the insurance provider’s stock valued at $5,353,000 after buying an additional 5,578 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its stake in shares of Progressive by 6.0% in the second quarter. Nisa Investment Advisors LLC now owns 210,966 shares of the insurance provider’s stock valued at $12,479,000 after buying an additional 11,992 shares in the last quarter. Institutional investors and hedge funds own 80.67% 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.

Featured Story: What is the float in trading stocks?

Analyst Recommendations for Progressive (NYSE:PGR)

Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.