Progressive (PGR) Rating Reiterated by UBS
Progressive (NYSE:PGR)‘s stock had its “buy” rating reissued by equities research analysts at UBS in a report released on Friday, The Fly reports. They presently have a $62.00 price objective on the insurance provider’s stock. UBS’s price target would suggest a potential upside of 16.59% from the company’s current price.
PGR has been the topic of several other reports. B. Riley restated a “hold” rating and set a $46.00 price objective on shares of Progressive in a report on Wednesday, November 15th. Morgan Stanley boosted their price objective on Progressive from $49.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 18th. Barclays lifted their price target on Progressive from $41.00 to $43.00 and gave the company an “underweight” rating in a report on Monday, October 16th. Credit Suisse Group boosted their target price on Progressive from $38.00 to $42.00 and gave the company an “underperform” rating in a research note on Monday, September 18th. Finally, Buckingham Research initiated coverage on Progressive in a research report on Monday, September 11th. They set an “underperform” rating and a $40.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $48.35.
Progressive (NYSE:PGR) opened at $53.18 on Friday. The stock has a market capitalization of $30,696.85, a price-to-earnings ratio of 23.05, a price-to-earnings-growth ratio of 3.01 and a beta of 0.92. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.36. Progressive has a 1-year low of $33.27 and a 1-year high of $53.71.
In other news, insider Jeffrey W. Basch sold 9,000 shares of Progressive stock in a transaction that occurred on Wednesday, October 18th. The stock was sold at an average price of $48.23, for a total value of $434,070.00. Following the completion of the transaction, the insider now owns 70,965 shares in the company, valued at approximately $3,422,641.95. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider M Jeffrey Charney sold 6,000 shares of Progressive stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $48.90, for a total value of $293,400.00. Following the completion of the transaction, the insider now owns 108,038 shares of the company’s stock, valued at approximately $5,283,058.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,000 shares of company stock worth $1,024,470. Company insiders own 0.56% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Creative Planning grew its holdings in shares of Progressive by 0.4% during the second quarter. Creative Planning now owns 5,723 shares of the insurance provider’s stock valued at $252,000 after buying an additional 23 shares in the last quarter. APG Asset Management N.V. grew its stake in Progressive by 70.8% in the second quarter. APG Asset Management N.V. now owns 116,081 shares of the insurance provider’s stock valued at $5,118,000 after purchasing an additional 48,100 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in Progressive by 91.4% in the second quarter. Janney Montgomery Scott LLC now owns 28,189 shares of the insurance provider’s stock valued at $1,243,000 after purchasing an additional 13,459 shares in the last quarter. Great West Life Assurance Co. Can grew its stake in Progressive by 35.8% in the second quarter. Great West Life Assurance Co. Can now owns 647,468 shares of the insurance provider’s stock valued at $28,501,000 after purchasing an additional 170,515 shares in the last quarter. Finally, CIBC Asset Management Inc grew its stake in Progressive by 1.6% in the second quarter. CIBC Asset Management Inc now owns 53,956 shares of the insurance provider’s stock valued at $2,379,000 after purchasing an additional 844 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.
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Progressive 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 the Personal Lines, Commercial Lines and Property segments.
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