Progressive (PGR) Rating Reiterated by UBS
UBS reiterated their buy rating on shares of Progressive (NYSE:PGR) in a research note published on Friday morning, The Fly reports. UBS currently has a $62.00 target price on the insurance provider’s stock.
A number of other brokerages have also commented on PGR. B. Riley reiterated a hold rating and issued a $46.00 price objective on shares of Progressive in a research report on Wednesday, November 15th. MKM Partners increased their price objective on Progressive to $60.00 and gave the company a buy rating in a research report on Thursday, November 16th. Keefe, Bruyette & Woods reiterated a buy rating and issued a $58.00 price objective on shares of Progressive in a research report on Friday, November 17th. Wells Fargo & Company set a $50.00 price objective on Progressive and gave the company a hold rating in a research report on Wednesday, November 15th. Finally, ValuEngine lowered Progressive from a buy rating to a hold rating in a research report on Tuesday, October 3rd. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $49.71.
Progressive (NYSE PGR) opened at $54.36 on Friday. The company has a market capitalization of $31,173.76, a price-to-earnings ratio of 23.41, a price-to-earnings-growth ratio of 3.06 and a beta of 0.94. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.50 and a quick ratio of 0.50. Progressive has a 12-month low of $33.28 and a 12-month high of $54.54.
Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, October 17th. The insurance provider reported $0.41 EPS for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.07. The firm had revenue of $7.14 billion for the quarter, compared to analyst estimates of $7.04 billion. Progressive had a return on equity of 15.40% and a net margin of 5.41%. The business’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same period last year, the company earned $0.34 EPS. equities research analysts predict that Progressive will post 2.39 earnings per share for the current fiscal year.
In related news, insider Jeffrey W. Basch sold 9,000 shares of the firm’s stock in a transaction on Wednesday, October 18th. The stock was sold at an average price of $48.23, for a total transaction of $434,070.00. Following the sale, the insider now owns 70,965 shares of the company’s stock, valued at approximately $3,422,641.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider M Jeffrey Charney sold 6,000 shares of the firm’s stock in a transaction on Friday, October 20th. The stock was sold at an average price of $48.90, for a total value of $293,400.00. Following the sale, the insider now directly owns 108,038 shares in the company, valued at approximately $5,283,058.20. The disclosure for this sale can be found here. Insiders have sold a total of 21,000 shares of company stock worth $1,024,470 in the last ninety days. 0.56% of the stock is currently owned by company insiders.
A number of institutional investors have recently modified their holdings of PGR. Janus Henderson Group PLC raised its stake in Progressive by 8,999.0% during the 2nd quarter. Janus Henderson Group PLC now owns 6,472,777 shares of the insurance provider’s stock worth $285,384,000 after buying an additional 6,401,640 shares during the period. William Blair Investment Management LLC raised its stake in Progressive by 24,360.1% during the 2nd quarter. William Blair Investment Management LLC now owns 4,799,062 shares of the insurance provider’s stock worth $211,591,000 after buying an additional 4,779,442 shares during the period. Artisan Partners Limited Partnership raised its stake in shares of Progressive by 40.4% in the 2nd quarter. Artisan Partners Limited Partnership now owns 11,586,365 shares of the insurance provider’s stock valued at $510,843,000 after purchasing an additional 3,332,180 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Progressive by 55.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,492,446 shares of the insurance provider’s stock valued at $362,783,000 after purchasing an additional 2,687,224 shares during the period. Finally, Wells Fargo & Company MN raised its stake in shares of Progressive by 49.2% in the 3rd quarter. Wells Fargo & Company MN now owns 6,780,314 shares of the insurance provider’s stock valued at $328,303,000 after purchasing an additional 2,234,425 shares during the period. 79.55% of the stock is currently owned by institutional investors and hedge funds.
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Progressive Company Profile
The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.
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