Buckingham Research upgraded shares of Progressive (NYSE:PGR) from an underperform rating to a neutral rating in a research note released on Monday morning, Marketbeat.com reports. Buckingham Research currently has $58.00 price target on the insurance provider’s stock.

Other equities research analysts also recently issued reports about the company. UBS Group raised their price target on Progressive from $70.00 to $78.00 and gave the stock a buy rating in a research note on Wednesday, September 19th. MKM Partners raised their price target on Progressive to $85.00 and gave the stock a buy rating in a research note on Wednesday, September 26th. ValuEngine raised Progressive from a hold rating to a buy rating in a research note on Tuesday, September 4th. Argus raised Progressive from a hold rating to a buy rating and set a $68.00 price objective on the stock in a research note on Friday, July 27th. Finally, Credit Suisse Group set a $79.00 price objective on Progressive and gave the company a buy rating in a research note on Tuesday, October 9th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Progressive has an average rating of Hold and an average target price of $70.00.

PGR opened at $65.01 on Monday. Progressive has a fifty-two week low of $50.79 and a fifty-two week high of $73.69. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.42 and a quick ratio of 0.42. The stock has a market cap of $38.64 billion, a PE ratio of 24.72, a PEG ratio of 1.91 and a beta of 0.71.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.43. Progressive had a return on equity of 27.45% and a net margin of 9.42%. The company had revenue of $8.60 billion during the quarter, compared to the consensus estimate of $8.43 billion. During the same period last year, the business earned $0.38 EPS. The business’s quarterly revenue was up 20.5% on a year-over-year basis. On average, research analysts forecast that Progressive will post 4.74 EPS for the current fiscal year.

In other Progressive news, insider Susan Patricia Griffith sold 12,600 shares of the firm’s stock in a transaction that occurred on Thursday, November 15th. The stock was sold at an average price of $64.87, for a total value of $817,362.00. Following the sale, the insider now owns 253,256 shares of the company’s stock, valued at approximately $16,428,716.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider John A. Barbagallo sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, October 26th. The shares were sold at an average price of $68.02, for a total value of $3,401,000.00. Following the completion of the sale, the insider now directly owns 177,368 shares in the company, valued at approximately $12,064,571.36. The disclosure for this sale can be found here. 0.70% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PGR. Capital Advisors Ltd. LLC grew its holdings in shares of Progressive by 409.1% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 1,400 shares of the insurance provider’s stock worth $105,000 after purchasing an additional 1,125 shares in the last quarter. ELM Advisors LLC acquired a new stake in shares of Progressive during the 3rd quarter worth approximately $107,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Progressive during the 3rd quarter worth approximately $112,000. Migdal Insurance & Financial Holdings Ltd. grew its holdings in shares of Progressive by 8,571.8% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,382 shares of the insurance provider’s stock worth $200,000 after purchasing an additional 3,343 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC grew its holdings in shares of Progressive by 114.8% during 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 in the last quarter. 80.49% of the stock is currently owned by hedge funds and other institutional investors.

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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