Progressive (NYSE:PGR)‘s stock had its “buy” rating reaffirmed by Keefe, Bruyette & Woods in a research report issued on Wednesday. They currently have a $60.00 price objective on the insurance provider’s stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 9.91% from the company’s previous close.

PGR has been the subject of several other reports. B. Riley reaffirmed a “hold” rating and issued a $46.00 target price on shares of Progressive in a report on Wednesday, November 15th. Morgan Stanley lifted their target price on shares of Progressive from $49.00 to $51.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 18th. Barclays lifted their target price on shares of Progressive from $41.00 to $43.00 and gave the stock an “underweight” rating in a report on Monday, October 16th. Credit Suisse Group lifted their target price on shares of Progressive from $38.00 to $42.00 and gave the stock an “underperform” rating in a report on Monday, September 18th. Finally, Buckingham Research started coverage on shares of Progressive in a report on Monday, September 11th. They issued an “underperform” rating and a $40.00 target price for the company. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $49.82.

Shares of Progressive (NYSE PGR) traded up $0.34 during trading on Wednesday, reaching $54.59. 1,935,070 shares of the company’s stock traded hands, compared to its average volume of 3,087,155. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.50 and a quick ratio of 0.50. The stock has a market capitalization of $31,615.78, a PE ratio of 23.74, a PEG ratio of 3.10 and a beta of 0.94. Progressive has a twelve month low of $33.42 and a twelve month high of $54.75.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.07. The business had revenue of $7.14 billion during the quarter, compared to analysts’ expectations of $7.04 billion. Progressive had a net margin of 5.41% and a return on equity of 15.40%. The business’s revenue for the quarter was up 18.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.34 earnings per share. research analysts forecast that Progressive will post 2.39 earnings per share for the current fiscal year.

In other news, insider M Jeffrey Charney sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, October 20th. The shares were sold at an average price of $48.90, for a total transaction of $293,400.00. Following the completion of the transaction, the insider now directly owns 108,038 shares of the company’s stock, valued at $5,283,058.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeffrey W. Basch sold 9,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 18th. The shares were sold at an average price of $48.23, for a total transaction of $434,070.00. Following the transaction, the insider now directly owns 70,965 shares of the company’s stock, valued at $3,422,641.95. The disclosure for this sale can be found here. Insiders have sold 21,000 shares of company stock valued at $1,024,470 over the last three months. 0.56% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Progressive by 2.9% during the second quarter. Vanguard Group Inc. now owns 38,642,819 shares of the insurance provider’s stock valued at $1,703,762,000 after purchasing an additional 1,091,051 shares during the last quarter. BlackRock Inc. increased its holdings in Progressive by 1.8% during the second quarter. BlackRock Inc. now owns 36,533,106 shares of the insurance provider’s stock valued at $1,610,745,000 after buying an additional 636,087 shares during the last quarter. Artisan Partners Limited Partnership increased its holdings in Progressive by 23.8% during the third quarter. Artisan Partners Limited Partnership now owns 14,349,299 shares of the insurance provider’s stock valued at $694,793,000 after buying an additional 2,762,934 shares during the last quarter. Janus Henderson Group PLC increased its holdings in Progressive by 40.0% during the third quarter. Janus Henderson Group PLC now owns 9,061,299 shares of the insurance provider’s stock valued at $438,742,000 after buying an additional 2,588,522 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Progressive by 55.9% during the third quarter. Bank of New York Mellon Corp now owns 7,492,446 shares of the insurance provider’s stock valued at $362,783,000 after buying an additional 2,687,224 shares during the last quarter. 79.55% of the stock is owned by hedge funds and other institutional investors.

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About Progressive

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 (NYSE:PGR)

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