Shares of Progressive Corporation (The) (NYSE:PGR) have received a consensus rating of “Buy” from the eighteen ratings firms that are currently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and three have issued a strong buy rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $43.53.

Several research firms have recently commented on PGR. MKM Partners reaffirmed a “buy” rating and set a $50.00 target price (up from $45.00) on shares of Progressive Corporation (The) in a report on Friday, June 9th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $48.00 target price on shares of Progressive Corporation (The) in a report on Thursday, May 18th. Sandler O’Neill raised Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a report on Tuesday, March 21st. Bank of America Corporation raised Progressive Corporation (The) from a “neutral” rating to a “buy” rating and upped their target price for the company from $40.00 to $46.00 in a report on Monday, March 20th. Finally, Zacks Investment Research raised Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Monday, June 19th.

Progressive Corporation (NYSE:PGR) traded down 0.24% on Tuesday, reaching $45.34. The company had a trading volume of 4,987,589 shares. Progressive Corporation has a 12 month low of $30.54 and a 12 month high of $46.33. The stock has a 50 day moving average of $42.89 and a 200 day moving average of $39.38. The firm has a market capitalization of $26.34 billion, a PE ratio of 22.13 and a beta of 0.85.

Progressive Corporation (The) (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by $0.01. Progressive Corporation (The) had a net margin of 4.95% and a return on equity of 13.99%. The firm had revenue of $6.75 billion for the quarter, compared to analyst estimates of $6.78 billion. During the same quarter in the previous year, the company earned $0.33 EPS. The company’s quarterly revenue was up 13.7% compared to the same quarter last year. On average, analysts anticipate that Progressive Corporation will post $2.39 EPS for the current year.

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In other news, Director Jeffrey D. Kelly sold 20,000 shares of the stock in a transaction on Monday, June 26th. The stock was sold at an average price of $44.52, for a total transaction of $890,400.00. Following the completion of the sale, the director now owns 59,963 shares in the company, valued at approximately $2,669,552.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider William M. Cody sold 50,000 shares of the stock in a transaction on Friday, June 16th. The shares were sold at an average price of $44.65, for a total value of $2,232,500.00. Following the sale, the insider now 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. Insiders sold 71,100 shares of company stock valued at $3,168,605 over the last 90 days. 0.56% of the stock is currently owned by insiders.

Several large investors have recently made changes to their positions in PGR. Creative Planning increased its stake in shares of Progressive Corporation (The) by 109.0% in the first quarter. Creative Planning now owns 5,700 shares of the insurance provider’s stock worth $223,000 after buying an additional 2,973 shares during the period. Thrivent Financial for Lutherans increased its stake in shares of Progressive Corporation (The) by 6.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 20,250 shares of the insurance provider’s stock worth $719,000 after buying an additional 1,230 shares during the period. Ibex Wealth Advisors bought a new stake in shares of Progressive Corporation (The) during the fourth quarter worth approximately $189,000. Blair William & Co. IL increased its stake in shares of Progressive Corporation (The) by 327.8% in the first quarter. Blair William & Co. IL now owns 709,836 shares of the insurance provider’s stock worth $27,811,000 after buying an additional 543,916 shares during the period. Finally, Wetherby Asset Management Inc. increased its stake in shares of Progressive Corporation (The) by 2.3% in the first quarter. Wetherby Asset Management Inc. now owns 16,188 shares of the insurance provider’s stock worth $634,000 after buying an additional 368 shares during the period. Institutional investors own 79.51% 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.

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

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