Progressive Corp. (PGR) Given a $28.00 Price Target by Credit Suisse Group AG Analysts
Progressive Corp. (NYSE:PGR) has been given a $28.00 price target by research analysts at Credit Suisse Group AG in a research note issued to investors on Friday. The firm presently has a a “sell” rating on the stock. Credit Suisse Group AG’s price target suggests a potential downside of 10.94% from the stock’s previous close.
Several other research firms also recently weighed in on PGR. Keefe, Bruyette & Woods raised Progressive Corp. from an “underperform” rating to a “market perform” rating and boosted their target price for the company from $29.00 to $31.00 in a research report on Thursday, September 15th. Zacks Investment Research downgraded Progressive Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, August 3rd. Deutsche Bank AG cut their target price on Progressive Corp. from $30.00 to $28.00 and set a “sell” rating on the stock in a research report on Monday, September 19th. FBR & Co reissued a “hold” rating on shares of Progressive Corp. in a research report on Thursday, June 16th. Finally, William Blair reissued an “outperform” rating on shares of Progressive Corp. in a research report on Saturday, September 10th. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Progressive Corp. has an average rating of “Hold” and an average price target of $32.16.
Shares of Progressive Corp. (NYSE:PGR) traded up 1.32% during trading on Friday, reaching $31.44. The company’s stock had a trading volume of 3,702,145 shares. Progressive Corp. has a one year low of $29.32 and a one year high of $35.54. The stock has a market cap of $18.30 billion, a price-to-earnings ratio of 17.47 and a beta of 0.73. The company has a 50-day moving average price of $31.69 and a 200-day moving average price of $32.87.
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Progressive Corp. (NYSE:PGR) last released its earnings results on Thursday, July 14th. The company reported $0.33 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by $0.01. The company had revenue of $5.93 billion for the quarter. Progressive Corp. had a net margin of 4.80% and a return on equity of 13.57%. The business’s revenue was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.62 earnings per share. On average, equities research analysts forecast that Progressive Corp. will post $1.60 earnings per share for the current fiscal year.
In other Progressive Corp. news, insider Steven Broz sold 2,500 shares of the company’s stock in a transaction on Friday, July 15th. The stock was sold at an average price of $33.17, for a total value of $82,925.00. Following the completion of the sale, the insider now directly owns 9,420 shares in the company, valued at approximately $312,461.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Michael D. Sieger sold 3,200 shares of the company’s stock in a transaction on Friday, July 22nd. The stock was sold at an average price of $32.93, for a total value of $105,376.00. Following the completion of the sale, the insider now owns 49,755 shares of the company’s stock, valued at $1,638,432.15. The disclosure for this sale can be found here. 0.60% of the stock is owned by company insiders.
Several large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Progressive Corp. by 1.6% in the second quarter. Vanguard Group Inc. now owns 33,554,178 shares of the company’s stock valued at $1,124,064,000 after buying an additional 518,305 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Progressive Corp. by 3.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 15,891,464 shares of the company’s stock valued at $532,364,000 after buying an additional 586,874 shares in the last quarter. Primecap Management Co. CA boosted its stake in shares of Progressive Corp. by 0.7% in the first quarter. Primecap Management Co. CA now owns 11,766,525 shares of the company’s stock valued at $413,476,000 after buying an additional 86,200 shares in the last quarter. BlackRock Fund Advisors boosted its stake in shares of Progressive Corp. by 1.5% in the second quarter. BlackRock Fund Advisors now owns 9,611,108 shares of the company’s stock valued at $321,972,000 after buying an additional 139,319 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Progressive Corp. by 2.9% in the second quarter. JPMorgan Chase & Co. now owns 7,590,351 shares of the company’s stock valued at $254,277,000 after buying an additional 211,111 shares in the last quarter. Institutional investors and hedge funds own 76.53% of the company’s stock.
Progressive Corp. Company Profile
The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through Personal Lines, Commercial Lines and Property segments.
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