Progressive Corporation (The) (NYSE:PGR)‘s stock had its “hold” rating restated by equities researchers at Wells Fargo & Company in a research report issued on Tuesday. They currently have a $45.00 price target on the insurance provider’s stock. Wells Fargo & Company’s price target suggests a potential downside of 0.99% from the company’s current price.

The analysts wrote, “We are raising our 2017 and 2018 EPS estimates to $2.40 and $2.60 (from $2.30 and $2.50) to reflect the June upside and changes to our margin assumptions. Our initial 2019 EPS estimate is $2.85. Our price target remains $45. PGR shares are flat (but outperforming financials and other insurers) reflecting the better underlying results.””

PGR has been the subject of a number of other research reports. FBR & Co raised their price objective on Progressive Corporation (The) from $36.00 to $40.00 and gave the company a “mkt perform” rating in a research report on Tuesday, July 11th. UBS AG raised Progressive Corporation (The) from an “outperform” rating to a “strong-buy” rating in a research report on Thursday, July 13th. Citigroup Inc. raised their price objective on Progressive Corporation (The) from $45.00 to $46.00 and gave the company a “neutral” rating in a research report on Thursday, July 13th. Credit Suisse Group set a $39.00 price objective on Progressive Corporation (The) and gave the company a “sell” rating in a research report on Saturday, March 25th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $43.00 price objective (up previously from $40.00) on shares of Progressive Corporation (The) in a research report on Friday, July 7th. Two analysts have rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and three have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $43.53.

Shares of Progressive Corporation (PGR) traded down 0.055% during trading on Tuesday, reaching $45.425. The company’s stock had a trading volume of 1,964,501 shares. The stock has a market cap of $26.39 billion, a price-to-earnings ratio of 22.169 and a beta of 0.85. The stock’s 50 day moving average price is $42.89 and its 200-day moving average price is $39.38. Progressive Corporation has a 52-week low of $30.54 and a 52-week high of $46.33.

Progressive Corporation (The) (NYSE:PGR) last released its earnings results on Tuesday, April 18th. The insurance provider reported $0.67 EPS for the quarter, missing the Zacks’ consensus estimate of $0.68 by $0.01. The firm had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.49 billion. Progressive Corporation (The) had a net margin of 4.95% and a return on equity of 13.99%. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.44 EPS. Equities analysts anticipate that Progressive Corporation will post $2.39 EPS for the current year.

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In other Progressive Corporation (The) news, Director Jeffrey D. Kelly sold 20,000 shares of Progressive Corporation (The) stock in a transaction on Monday, June 26th. The stock was sold at an average price of $44.52, for a total value of $890,400.00. Following the completion of the sale, the director now owns 59,963 shares of the company’s stock, valued at approximately $2,669,552.76. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider William M. Cody sold 50,000 shares of Progressive Corporation (The) stock in a transaction on Friday, June 16th. The stock was sold at an average price of $44.65, for a total value of $2,232,500.00. Following the completion of the sale, the insider now directly owns 151,051 shares of the company’s stock, valued at approximately $6,744,427.15. The disclosure for this sale can be found here. In the last three months, insiders sold 71,100 shares of company stock valued at $3,168,605. Corporate insiders own 0.56% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of 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 valued at $1,471,278,000 after buying an additional 1,357,926 shares during the last quarter. BlackRock Inc. raised its stake in shares of 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 valued at $1,406,446,000 after buying an additional 34,666,678 shares during the last quarter. State Street Corp raised its stake in shares of 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 valued at $1,057,724,000 after buying an additional 372,478 shares during the last quarter. Artisan Partners Limited Partnership raised its stake in shares of 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 valued at $323,399,000 after buying an additional 98,952 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of 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 valued at $272,654,000 after buying an additional 464,526 shares during the last quarter. 79.51% of the stock is owned by institutional investors.

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.

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

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