The Progressive Upgraded to Buy by Goldman Sachs (PGR)
The Progressive (NYSE:PGR) was upgraded by analysts at Goldman Sachs from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, TheFlyOnTheWall.com reports. The firm currently has a $28.00 target price on the stock, up from their previous target price of $27.00. Goldman Sachs’ price target suggests a potential upside of 11.91% from the company’s current price.
A number of other analysts have also recently weighed in on PGR. Analysts at Zacks reiterated a “neutral” rating on shares of The Progressive in a research note on Friday, August 22nd. They now have a $26.00 price target on the stock. Separately, 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. Finally, 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 research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $24.83.
Shares of The Progressive (NYSE:PGR) traded up 0.54% during mid-day trading on Tuesday, hitting $25.155. The stock had a trading volume of 2,347,846 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 $24.22 and its 200-day moving average is $24.4. The company has a market cap of $14.878 billion and a P/E ratio of 13.11.
The Progressive (NYSE:PGR) last released its earnings data on Thursday, July 10th. The company reported $0.49 EPS for the quarter, beating the Thomson Reuters 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 prior year, the company posted $0.54 earnings per share. The company’s quarterly revenue was up 5.5% on a year-over-year basis. Analysts expect that The Progressive will post $1.65 EPS for the current fiscal year.
In other The Progressive news, Insider John P. Sauerland sold 5,600 shares of The Progressive stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $24.69, for a total value of $138,264.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
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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