The Progressive Earns “Neutral” Rating from Zacks (PGR)
The Progressive (NYSE:PGR)‘s stock had its “neutral” rating reiterated by Zacks in a note issued to investors on Friday. They currently have a $26.00 price target on the stock. Zacks‘s price target would indicate a potential upside of 4.21% from the company’s current price.
Zacks’ analyst wrote, “Progressive’s earnings in the second quarter missed the Zacks Consensus Estimate by a couple of cents but compared favorably with the year-ago quarter figure. Higher premiums mainly drove the improvement. Due to a favorable catastrophic environment, the combined ratio continues to show improvement. Policies in force remained healthy with both Personal Auto and Special Lines exhibiting increase, though Commercial Auto witnessed a decline. Financial leverage also showed a slight deterioration over the quarter. The company also remains focused on sharing profits with shareholders. In this respect, it pays a special dividend, apart from the annual variable dividend. Progressive’s strong balance sheet position and healthy cash flow continue to support such endeavors. However, going forward, the company’s growth could be challenged owing to intensifying competition. Hence, we maintain our Neutral recommendation on the stock. “
In other The Progressive news, Insider John P. Sauerland sold 5,600 shares of The Progressive stock on the open market in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $24.69, for a total transaction of $138,264.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Shares of The Progressive (NYSE:PGR) traded down 0.80% on Friday, hitting $24.75. 854,961 shares of the company’s stock traded hands. The Progressive has a 1-year low of $22.53 and a 1-year high of $28.54. The stock has a 50-day moving average of $24.21 and a 200-day moving average of $24.36. The company has a market cap of $14.639 billion and a price-to-earnings ratio of 13.07.
The Progressive (NYSE:PGR) last announced its earnings results on Thursday, July 10th. 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. On average, analysts predict that The Progressive will post $1.65 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on PGR. Analysts at Keefe, Bruyette & Woods reiterated a “market perform” rating on shares of The Progressive in a research note on Thursday, August 14th. They now have a $23.00 price target on the stock, up previously from $22.50. Separately, analysts at Citigroup Inc. upgraded shares of The Progressive from a “neutral” rating to a “buy” rating in a research note on Thursday, August 14th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $24.20.
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.
To view Zacks’ full report, visit Zacks’ official website.
Receive News & Ratings for The Progressive Co Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Progressive Co and related companies with Analyst Ratings Network's FREE daily email newsletter.