Progressive (NYSE:PGR) had its price objective lifted by Citigroup from $63.00 to $65.00 in a research note issued to investors on Thursday. They currently have a neutral rating on the insurance provider’s stock.

A number of other research firms also recently issued reports on PGR. Wells Fargo & Co reiterated a hold rating and set a $64.00 price target on shares of Progressive in a research note on Wednesday, August 15th. Deutsche Bank lifted their price target on Progressive from $60.00 to $62.00 and gave the company a hold rating in a research note on Monday, May 21st. Argus upgraded Progressive from a hold rating to a buy rating and set a $68.00 price target for the company in a research note on Friday, July 27th. Keefe, Bruyette & Woods reiterated a market perform rating on shares of Progressive in a research note on Thursday, May 31st. Finally, Morgan Stanley lifted their price target on Progressive from $59.00 to $64.00 and gave the company an equal weight rating in a research note on Wednesday, April 18th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $62.36.

Shares of Progressive stock opened at $66.28 on Thursday. Progressive has a one year low of $43.59 and a one year high of $66.42. The stock has a market capitalization of $36.37 billion, a P/E ratio of 25.20, a PEG ratio of 1.94 and a beta of 0.68. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.43 and a quick ratio of 0.43.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, July 17th. The insurance provider reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.11. The business had revenue of $8.10 billion during the quarter, compared to the consensus estimate of $8.01 billion. Progressive had a return on equity of 21.84% and a net margin of 7.57%. The company’s quarterly revenue was up 20.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.63 EPS. analysts expect that Progressive will post 4.39 EPS for the current fiscal year.

In other news, CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 18th. The stock was sold at an average price of $59.33, for a total value of $711,960.00. Following the transaction, the chief financial officer now owns 455,377 shares in the company, valued at approximately $27,017,517.41. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider John Jo Murphy sold 7,503 shares of the business’s stock in a transaction that occurred on Wednesday, July 18th. The stock was sold at an average price of $60.28, for a total value of $452,280.84. Following the completion of the transaction, the insider now owns 41,722 shares in the company, valued at approximately $2,515,002.16. The disclosure for this sale can be found here. Insiders sold a total of 31,503 shares of company stock worth $1,913,041 in the last 90 days. Company insiders own 0.70% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in PGR. Signaturefd LLC bought a new stake in shares of Progressive in the 1st quarter worth approximately $122,000. Trust Co. of Vermont raised its holdings in shares of Progressive by 82.4% in the 2nd quarter. Trust Co. of Vermont now owns 2,006 shares of the insurance provider’s stock worth $119,000 after purchasing an additional 906 shares during the period. Cerebellum GP LLC bought a new stake in shares of Progressive in the 2nd quarter worth approximately $168,000. Migdal Insurance & Financial Holdings Ltd. raised its holdings in shares of Progressive by 8,571.8% in 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 during the period. Finally, Steward Partners Investment Advisory LLC raised its holdings in shares of 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. Hedge funds and other institutional investors own 79.99% of the company’s stock.

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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