Progressive Corporation (The) (NYSE:PGR) was upgraded by equities research analysts at ValuEngine from a “hold” rating to a “buy” rating in a report released on Friday.

A number of other analysts have also recently commented on PGR. Wells Fargo & Company reiterated a “hold” rating on shares of Progressive Corporation (The) in a research report on Thursday, May 4th. FBR & Co upped their price objective on Progressive Corporation (The) from $35.00 to $36.00 and gave the company a “mkt perform” rating in a research report on Wednesday, May 10th. Deutsche Bank AG upgraded Progressive Corporation (The) from a “sell” rating to a “hold” rating and upped their price objective for the company from $35.00 to $40.00 in a research report on Wednesday, May 17th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $48.00 price objective on shares of Progressive Corporation (The) in a research report on Thursday, May 18th. Finally, MKM Partners reiterated a “buy” rating and set a $50.00 price objective (up previously from $45.00) on shares of Progressive Corporation (The) in a research report on Friday, June 9th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, seven have assigned a buy rating and three have issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $45.21.

Progressive Corporation (NYSE:PGR) traded down 1.76% during mid-day trading on Friday, hitting $45.66. 6,624,814 shares of the stock were exchanged. The stock has a 50 day moving average price of $47.27 and a 200 day moving average price of $42.69. Progressive Corporation has a 1-year low of $30.54 and a 1-year high of $49.01. The company has a market capitalization of $26.53 billion, a PE ratio of 19.43 and a beta of 0.88.

Progressive Corporation (The) (NYSE:PGR) last posted its quarterly earnings data on Tuesday, July 18th. The insurance provider reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by $0.01. The firm had revenue of $6.75 billion for the quarter, compared to analysts’ expectations of $6.78 billion. Progressive Corporation (The) had a net margin of 5.50% and a return on equity of 15.62%. The firm’s revenue was up 13.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.33 EPS. On average, equities analysts anticipate that Progressive Corporation will post $2.52 earnings per share for the current fiscal year.

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In related news, insider Steven Broz sold 1,250 shares of the stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $48.73, for a total transaction of $60,912.50. Following the completion of the sale, the insider now owns 12,181 shares in the company, valued at $593,580.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jeffrey D. Kelly sold 20,000 shares of the stock in a transaction dated Monday, June 26th. The stock was sold at an average price of $44.52, for a total value of $890,400.00. Following the sale, the director now owns 59,963 shares of the company’s stock, valued at approximately $2,669,552.76. The disclosure for this sale can be found here. Insiders have sold 156,250 shares of company stock valued at $7,319,413 in the last quarter. 0.56% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Blair William & Co. IL boosted its stake in 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 valued at $27,811,000 after buying an additional 543,916 shares in the last quarter. Vanguard Group Inc. boosted 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 valued at $1,471,278,000 after buying an additional 1,357,926 shares in the last quarter. National Planning Corp boosted its stake in Progressive Corporation (The) by 28.0% in the second quarter. National Planning Corp now owns 9,125 shares of the insurance provider’s stock valued at $404,000 after buying an additional 1,995 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Progressive Corporation (The) by 158.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 370,987 shares of the insurance provider’s stock valued at $14,535,000 after buying an additional 227,438 shares in the last quarter. Finally, Teza Capital Management LLC acquired a new stake in Progressive Corporation (The) during the first quarter valued at about $2,030,000. Hedge funds and other 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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Analyst Recommendations for Progressive Corporation (The) (NYSE:PGR)

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