The Progressive Stock Rating Reaffirmed by Keefe, Bruyette & Woods (PGR)
The Progressive (NYSE:PGR)‘s stock had its “market perform” rating reiterated by Keefe, Bruyette & Woods in a research note issued on Thursday. They currently have a $23.00 price objective on the stock, up from their previous price objective of $22.50. Keefe, Bruyette & Woods’ price objective points to a potential downside of 4.96% from the stock’s previous close.
PGR has been the subject of a number of other recent research reports. Analysts at Citigroup Inc. upgraded shares of The Progressive from a “neutral” rating to a “buy” rating in a research note on Thursday. Separately, analysts at Nomura reiterated a “reduce” rating on shares of The Progressive in a research note on Friday, July 18th. Finally, analysts at Evercore Partners upgraded shares of The Progressive from an “underweight” rating to an “equal weight” rating in a research note on Tuesday, July 15th. They now have a $25.00 price target on the stock. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $23.75.
Shares of The Progressive (NYSE:PGR) traded up 1.20% during mid-day trading on Thursday, hitting $24.49. The stock had a trading volume of 3,506,644 shares. The Progressive has a 52 week low of $22.53 and a 52 week high of $28.54. The stock’s 50-day moving average is $24.32 and its 200-day moving average is $24.31. The company has a market cap of $14.485 billion and a price-to-earnings ratio of 12.68.
The Progressive (NYSE:PGR) last announced its earnings results on Thursday, July 10th. The company reported $0.49 earnings per share (EPS) for the quarter, beating the 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 in the previous year, the company posted $0.54 earnings per share. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. On average, analysts predict that The Progressive will post $1.62 earnings per share for the current fiscal year.
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.