Progressive Corp. (PGR) Upgraded to “Neutral” by Citigroup Inc.
Progressive Corp. (NYSE:PGR) was upgraded by equities research analysts at Citigroup Inc. from a “sell” rating to a “neutral” rating in a report released on Friday.
Several other analysts have also recently issued reports on PGR. Credit Suisse Group AG set a $28.00 target price on Progressive Corp. and gave the company a “sell” rating in a research report on Saturday, September 17th. FBR & Co reaffirmed a “hold” rating on shares of Progressive Corp. in a research report on Thursday, June 16th. Argus reaffirmed a “hold” rating and set a $33.00 target price on shares of Progressive Corp. in a research report on Monday, July 18th. Keefe, Bruyette & Woods raised Progressive Corp. from an “underperform” rating to a “market perform” rating and increased their target price for the company from $29.00 to $31.00 in a research report on Thursday, September 15th. Finally, Zacks Investment Research raised Progressive Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday, September 13th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $32.41.
Progressive Corp. (NYSE:PGR) traded up 1.51% on Friday, hitting $32.97. The stock had a trading volume of 572,328 shares. Progressive Corp. has a 52-week low of $29.32 and a 52-week high of $35.54. The firm has a market cap of $19.19 billion, a PE ratio of 18.32 and a beta of 0.73. The company has a 50-day moving average price of $31.59 and a 200 day moving average price of $32.79.
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Progressive Corp. (NYSE:PGR) last announced its quarterly earnings data on Thursday, October 13th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the 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 firm earned $6.05 billion during the quarter. During the same quarter in the prior year, the business posted $0.47 earnings per share. The firm’s quarterly revenue was up 11.8% compared to the same quarter last year. Equities analysts forecast that Progressive Corp. will post $1.60 earnings per share for the current fiscal year.
In related news, insider Michael D. Sieger sold 3,200 shares of the firm’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 transaction, the insider now owns 49,755 shares in the company, valued at approximately $1,638,432.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider M Jeffrey Charney sold 7,000 shares of the firm’s stock in a transaction on Friday, September 2nd. The stock was sold at an average price of $32.50, for a total value of $227,500.00. Following the completion of the transaction, the insider now owns 71,961 shares of the company’s stock, valued at approximately $2,338,732.50. The disclosure for this sale can be found here. 0.60% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in PGR. Livingston Group Asset Management CO operating as Southport Capital Management bought a new stake in shares of Progressive Corp. during the second quarter valued at $108,000. MSI Financial Services Inc increased its stake in shares of 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 in the last quarter. Financial Architects Inc increased its stake in shares of 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 in the last quarter. Creative Planning increased its stake in shares of 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 in the last quarter. Finally, Van ECK Associates Corp increased its stake in shares of 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 in the last quarter. 76.53% of the stock is currently 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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