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.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.07. The firm had revenue of $7.14 billion during the quarter, compared to the consensus estimate of $7.04 billion. Progressive had a return on equity of 15.40% and a net margin of 5.41%. The firm’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.34 earnings per share. equities analysts expect that Progressive will post 2.39 earnings per share for the current year.

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.

The Fly

Analyst Recommendations for Progressive (NYSE:PGR)

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