Progressive Corp. (PGR) Upgraded to “Neutral” at Citigroup Inc.
Progressive Corp. (NYSE:PGR) was upgraded by research analysts at Citigroup Inc. from a “sell” rating to a “neutral” rating in a note issued to investors on Friday.
A number of other research analysts have also recently weighed in on PGR. Credit Suisse Group AG set a $28.00 price objective on shares of Progressive Corp. and gave the stock a “sell” rating in a research note on Saturday, September 17th. FBR & Co reaffirmed a “hold” rating on shares of Progressive Corp. in a research note on Thursday, June 16th. Argus reaffirmed a “hold” rating and issued a $33.00 target price on shares of Progressive Corp. in a research note on Monday, July 18th. Keefe, Bruyette & Woods raised shares of Progressive Corp. from an “underperform” rating to a “market perform” rating and lifted their target price for the stock from $29.00 to $31.00 in a research note on Thursday, September 15th. Finally, Zacks Investment Research raised shares of Progressive Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday, September 13th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $32.41.
Shares of Progressive Corp. (NYSE:PGR) traded up 1.60% during mid-day trading on Friday, hitting $33.00. The stock had a trading volume of 643,562 shares. The stock has a market cap of $19.20 billion, a P/E ratio of 18.33 and a beta of 0.73. The company’s 50 day moving average price is $31.59 and its 200 day moving average price is $32.79. Progressive Corp. has a 12-month low of $29.32 and a 12-month high of $35.54.
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Progressive Corp. (NYSE:PGR) last issued its quarterly earnings data on Thursday, October 13th. The company reported $0.34 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.36 by $0.02. Progressive Corp. had a return on equity of 13.57% and a net margin of 4.80%. The business had revenue of $6.05 billion for the quarter. During the same period last year, the business posted $0.47 earnings per share. Progressive Corp.’s quarterly revenue was up 11.8% on a year-over-year basis. Equities research analysts predict that Progressive Corp. will post $1.60 EPS for the current fiscal year.
In other news, insider John A. Barbagallo sold 24,000 shares of the business’s stock in a transaction on Monday, July 18th. The shares were sold at an average price of $33.01, for a total transaction of $792,240.00. Following the completion of the sale, the insider now directly owns 148,139 shares of the company’s stock, valued at approximately $4,890,068.39. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael D. Sieger sold 3,200 shares of the business’s stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $32.93, for a total transaction of $105,376.00. Following the sale, the insider now directly owns 49,755 shares of the company’s stock, valued at $1,638,432.15. The disclosure for this sale can be found here. Insiders own 0.60% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Livingston Group Asset Management CO operating as Southport Capital Management acquired a new position in Progressive Corp. during the second quarter valued at $108,000. MSI Financial Services Inc raised its position in Progressive Corp. by 37.2% in the third quarter. MSI Financial Services Inc now owns 3,447 shares of the company’s stock valued at $109,000 after buying an additional 935 shares during the last quarter. Financial Architects Inc raised its position in Progressive Corp. by 1,471.7% in the second quarter. Financial Architects Inc now owns 3,992 shares of the company’s stock valued at $134,000 after buying an additional 3,738 shares during the last quarter. Creative Planning raised its position in Progressive Corp. by 88.9% in the second quarter. Creative Planning now owns 4,058 shares of the company’s stock valued at $136,000 after buying an additional 1,910 shares during the last quarter. Finally, Van ECK Associates Corp raised its position in Progressive Corp. by 24.2% in the second quarter. Van ECK Associates Corp now owns 4,833 shares of the company’s stock valued at $162,000 after buying an additional 943 shares during the last quarter. 76.53% of the stock is owned by institutional investors.
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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