Progressive (NYSE:PGR) Earns “Hold” Rating from Wells Fargo & Co

Wells Fargo & Co reaffirmed their hold rating on shares of Progressive (NYSE:PGR) in a research report report published on Thursday morning, AnalystRatings.com reports. They currently have a $76.00 price objective on the insurance provider’s stock.

A number of other analysts have also recently commented on the stock. Raymond James set a $93.00 target price on shares of Progressive and gave the stock a buy rating in a research note on Thursday, September 26th. UBS Group boosted their target price on shares of Progressive from $88.00 to $95.00 and gave the stock a buy rating in a research note on Monday, July 29th. Barclays set a $90.00 target price on shares of Progressive and gave the stock a buy rating in a research note on Friday, September 13th. Credit Suisse Group cut their target price on shares of Progressive from $90.00 to $85.00 and set an outperform rating for the company in a research note on Friday, October 18th. Finally, Evercore ISI assumed coverage on shares of Progressive in a research note on Thursday, October 17th. They set an in-line rating and a $78.00 target price for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $82.64.

Shares of PGR stock traded up $1.11 on Thursday, reaching $73.67. 5,105,250 shares of the company were exchanged, compared to its average volume of 3,089,688. The company has a market cap of $40.28 billion, a price-to-earnings ratio of 16.67, a P/E/G ratio of 1.75 and a beta of 0.65. The business has a 50-day moving average price of $73.13 and a 200 day moving average price of $77.38. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.36 and a current ratio of 0.42. Progressive has a 1 year low of $56.71 and a 1 year high of $84.96.

Progressive (NYSE:PGR) last released its earnings results on Thursday, November 7th. The insurance provider reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.30 by $0.03. Progressive had a net margin of 8.69% and a return on equity of 25.83%. As a group, equities analysts anticipate that Progressive will post 5.37 earnings per share for the current year.

In related news, insider Steven Broz sold 5,000 shares of the business’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $70.84, for a total transaction of $354,200.00. Following the transaction, the insider now directly owns 25,295 shares in the company, valued at $1,791,897.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $77.58, for a total transaction of $930,960.00. The disclosure for this sale can be found here. Insiders have sold 39,500 shares of company stock worth $3,005,735 over the last 90 days. 0.39% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in Progressive by 1.3% during the second quarter. Vanguard Group Inc. now owns 47,282,236 shares of the insurance provider’s stock worth $3,779,270,000 after acquiring an additional 608,886 shares during the last quarter. BlackRock Inc. boosted its holdings in Progressive by 0.9% in the 2nd quarter. BlackRock Inc. now owns 41,763,992 shares of the insurance provider’s stock valued at $3,338,197,000 after purchasing an additional 373,372 shares during the last quarter. Amundi Pioneer Asset Management Inc. boosted its holdings in Progressive by 45.2% in the 2nd quarter. Amundi Pioneer Asset Management Inc. now owns 7,422,571 shares of the insurance provider’s stock valued at $593,288,000 after purchasing an additional 2,309,945 shares during the last quarter. Northern Trust Corp boosted its holdings in Progressive by 1.1% in the 2nd quarter. Northern Trust Corp now owns 7,244,901 shares of the insurance provider’s stock valued at $579,085,000 after purchasing an additional 81,460 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in Progressive by 10.9% in the 2nd quarter. Bank of America Corp DE now owns 5,801,352 shares of the insurance provider’s stock valued at $463,702,000 after purchasing an additional 568,222 shares during the last quarter. Hedge funds and other institutional investors own 78.67% 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.

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Analyst Recommendations for Progressive (NYSE:PGR)

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