Progressive Corporation (The) (NYSE:PGR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The firm currently has a $50.00 price objective on the insurance provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 11.53% from the stock’s previous close.

According to Zacks, “Shares of Progressive significantly outperformed the Zacks categorized Property and Casualty industry, year to date. Progressive strives to become a one-stop insurance destination by catering to customers opting for a combination of home and auto.  Its property business has also gained pace. Policies in force and retention ratio will continue to remain healthy. Focus on paying back its shareholders via dividends as well as share repurchases that lower share count and boosts the bottom line. However, the company’s growth could be challenged by intense competition. Increasing combined ratio, underperforming commercial auto business are other near-term headwinds.”

PGR has been the subject of several other research reports. Bank of America Corporation raised Progressive Corporation (The) from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $40.00 to $46.00 in a report on Monday, March 20th. Barclays PLC reiterated a “sell” rating and set a $33.00 target price on shares of Progressive Corporation (The) in a research report on Sunday, February 19th. Deutsche Bank AG upgraded Progressive Corporation (The) from a “sell” rating to a “hold” rating and lifted their target price for the company from $35.00 to $40.00 in a research report on Wednesday, May 17th. Wells Fargo & Company reiterated a “hold” rating on shares of Progressive Corporation (The) in a research report on Wednesday, June 14th. Finally, Keefe, Bruyette & Woods upgraded Progressive Corporation (The) from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $39.00 to $45.00 in a research report on Monday, April 10th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $40.54.

Analyst Recommendations for Progressive Corporation (The) (NYSE:PGR)

Shares of Progressive Corporation (PGR) traded up 0.27% on Monday, hitting $44.95. The stock had a trading volume of 206,559 shares. Progressive Corporation has a 12 month low of $30.54 and a 12 month high of $45.03. The stock has a market cap of $26.11 billion, a PE ratio of 21.94 and a beta of 0.80. The stock has a 50 day moving average of $41.79 and a 200-day moving average of $38.67.

Progressive Corporation (The) (NYSE:PGR) last issued its quarterly earnings data on Tuesday, April 18th. The insurance provider reported $0.67 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.68 by $0.01. Progressive Corporation (The) had a return on equity of 13.99% and a net margin of 4.95%. The firm had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.49 billion. During the same period in the previous year, the firm earned $0.44 EPS. The business’s revenue was up 11.6% on a year-over-year basis. Equities research analysts anticipate that Progressive Corporation will post $2.37 EPS for the current year.

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In related news, insider Steven Broz sold 1,100 shares of the business’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $41.55, for a total value of $45,705.00. Following the sale, the insider now directly owns 8,955 shares in the company, valued at $372,080.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.56% of the stock is currently owned by insiders.

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Progressive Corporation (The) by 3.8% in the first quarter. Vanguard Group Inc. now owns 37,551,768 shares of the insurance provider’s stock worth $1,471,278,000 after buying an additional 1,357,926 shares in the last quarter. BlackRock Inc. increased its stake in Progressive Corporation (The) by 2,817.6% in the first quarter. BlackRock Inc. now owns 35,897,019 shares of the insurance provider’s stock worth $1,406,446,000 after buying an additional 34,666,678 shares in the last quarter. State Street Corp increased its stake in Progressive Corporation (The) by 1.4% in the first quarter. State Street Corp now owns 26,996,546 shares of the insurance provider’s stock worth $1,057,724,000 after buying an additional 372,478 shares in the last quarter. Artisan Partners Limited Partnership increased its stake in Progressive Corporation (The) by 1.2% in the first quarter. Artisan Partners Limited Partnership now owns 8,254,185 shares of the insurance provider’s stock worth $323,399,000 after buying an additional 98,952 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Progressive Corporation (The) by 7.2% in the first quarter. JPMorgan Chase & Co. now owns 6,958,993 shares of the insurance provider’s stock worth $272,654,000 after buying an additional 464,526 shares in the last quarter. Institutional investors own 79.40% of the company’s stock.

About Progressive Corporation (The)

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 the Personal Lines, Commercial Lines and Property segments.

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