The Progressive Sees Strong Trading Volume Following Better-Than-Expected Earnings (PGR)
Shares of The Progressive (NYSE:PGR) saw strong trading volume on Thursday after the company announced better than expected quarterly earnings, AR Network reports. 5,520,681 shares were traded during trading, an increase of 47% from the previous session’s volume of 3,758,121 shares.The stock last traded at $24.70 and had previously closed at $25.19.
The company reported $0.49 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.48 by $0.01. The company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.64 billion. During the same quarter last year, the company posted $0.54 earnings per share. The Progressive’s revenue was up 5.5% compared to the same quarter last year.
A number of research firms have recently commented on PGR. Analysts at Deutsche Bank upgraded shares of The Progressive from a “sell” rating to a “hold” rating in a research note on Monday, June 16th. They now have a $24.00 price target on the stock, up previously from $20.00. Separately, analysts at Citigroup Inc. reiterated a “hold” rating on shares of The Progressive in a research note on Tuesday, May 20th. They now have a $27.00 price target on the stock, up previously from $25.00. Finally, analysts at Zacks reiterated a “neutral” rating on shares of The Progressive in a research note on Friday, April 11th. They now have a $25.00 price target on the stock. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $24.44.
The stock’s 50-day moving average is $25.2 and its 200-day moving average is $24.67. The company has a market cap of $14.611 billion and a P/E ratio of 12.86.
The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and mutual insurance company affiliate provide personal and commercial automobile insurance and other specialty property-casualty insurance and related services.
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