Morgan Stanley upgraded shares of Progressive (NYSE:PGR) from an equal weight rating to an overweight rating in a research note released on Wednesday, Marketbeat reports. Morgan Stanley currently has $84.00 price target on the insurance provider’s stock.

Other equities research analysts have also issued research reports about the company. B. Riley increased their price target on Progressive from $60.00 to $68.00 and gave the company a neutral rating in a research report on Tuesday, August 7th. Argus raised Progressive from a hold rating to a buy rating and set a $68.00 price target on the stock in a research report on Friday, July 27th. UBS Group increased their price target on Progressive from $70.00 to $78.00 and gave the company a buy rating in a research report on Wednesday, September 19th. Zacks Investment Research lowered Progressive from a buy rating to a hold rating in a research report on Wednesday, September 19th. Finally, Credit Suisse Group began coverage on Progressive in a research report on Tuesday, August 7th. They issued an outperform rating and a $73.00 price target on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Progressive has an average rating of Hold and a consensus target price of $69.79.

PGR stock traded down $0.27 during mid-day trading on Wednesday, reaching $73.19. The company had a trading volume of 2,305,182 shares, compared to its average volume of 3,719,934. 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 firm has a market capitalization of $42.59 billion, a P/E ratio of 15.33, a P/E/G ratio of 2.07 and a beta of 0.71. Progressive has a fifty-two week low of $50.18 and a fifty-two week high of $73.69.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.43. The company had revenue of $8.60 billion for the quarter, compared to analyst estimates of $8.43 billion. Progressive had a return on equity of 27.45% and a net margin of 9.42%. Progressive’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.38 EPS. On average, analysts expect that Progressive will post 4.79 EPS for the current year.

In other news, CEO Susan Patricia Griffith sold 12,600 shares of the firm’s 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 sale, the chief executive officer now owns 265,856 shares of the company’s stock, valued at approximately $17,052,003.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John P. Sauerland sold 12,000 shares of the firm’s stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $64.25, for a total value of $771,000.00. Following the sale, the chief financial officer now directly owns 390,584 shares in the company, valued at approximately $25,095,022. The disclosure for this sale can be found here. Insiders have sold a total of 124,600 shares of company stock worth $8,325,164 in the last three months. Corporate insiders own 0.70% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board grew its stake in Progressive by 320.2% during the 3rd quarter. Canada Pension Plan Investment Board now owns 529,663 shares of the insurance provider’s stock worth $37,627,000 after buying an additional 403,600 shares during the last quarter. Ontario Teachers Pension Plan Board grew its stake in Progressive by 21.0% during the 3rd quarter. Ontario Teachers Pension Plan Board now owns 217,275 shares of the insurance provider’s stock worth $15,435,000 after buying an additional 37,692 shares during the last quarter. Bank of Hawaii grew its stake in Progressive by 16.9% during the 3rd quarter. Bank of Hawaii now owns 18,560 shares of the insurance provider’s stock worth $1,319,000 after buying an additional 2,680 shares during the last quarter. FMR LLC grew its stake in Progressive by 16.8% during the 3rd quarter. FMR LLC now owns 3,813,790 shares of the insurance provider’s stock worth $270,932,000 after buying an additional 547,658 shares during the last quarter. Finally, Ffcm LLC grew its stake in Progressive by 55.0% during the 3rd quarter. Ffcm LLC now owns 4,099 shares of the insurance provider’s stock worth $291,000 after buying an additional 1,454 shares during the last quarter. Hedge funds and other institutional investors own 79.89% 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.

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Analyst Recommendations for Progressive (NYSE:PGR)

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