Progressive (PGR) PT Raised to $65.00 at MKM Partners

Progressive (NYSE:PGR) had its price target lifted by MKM Partners to $65.00 in a research note issued on Friday. The firm currently has a “buy” rating on the insurance provider’s stock. MKM Partners’ target price indicates a potential upside of 17.88% from the stock’s previous close.

A number of other equities analysts have also weighed in on PGR. Citigroup increased their target price on shares of Progressive from $49.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, August 17th. ValuEngine upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Buckingham Research initiated coverage on shares of Progressive in a research report on Monday, September 11th. They issued an “underperform” rating and a $40.00 price objective for the company. Credit Suisse Group raised their price objective on shares of Progressive from $38.00 to $42.00 and gave the company an “underperform” rating in a research report on Monday, September 18th. Finally, UBS cut their price objective on shares of Progressive from $53.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday, September 19th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. Progressive has an average rating of “Hold” and an average price target of $50.41.

Progressive (NYSE:PGR) opened at $55.14 on Friday. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.36. The firm has a market cap of $32,070.00, a PE ratio of 24.40, a price-to-earnings-growth ratio of 3.18 and a beta of 0.94. Progressive has a 1 year low of $35.11 and a 1 year high of $56.23.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.07. The firm had revenue of $7.14 billion during the quarter, compared to analyst estimates of $7.04 billion. Progressive had a net margin of 5.41% and a return on equity of 15.40%. The company’s quarterly revenue was up 18.1% on a year-over-year basis. During the same quarter last year, the business earned $0.34 earnings per share. sell-side analysts expect that Progressive will post 2.4 EPS for the current fiscal year.

In other Progressive news, insider M Jeffrey Charney sold 6,000 shares of Progressive 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 sale, the insider now directly owns 108,038 shares in the company, valued at $5,283,058.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jeffrey W. Basch sold 9,000 shares of Progressive 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 sale, the insider now 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 sold 21,000 shares of company stock valued at $1,024,470 over the last 90 days. 0.56% of the stock is owned by company insiders.

A number of institutional investors have recently made changes to their positions in PGR. IFP Advisors Inc lifted its position in Progressive by 12.9% during the second quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock valued at $132,000 after purchasing an additional 341 shares during the last quarter. Canada Pension Plan Investment Board lifted its position in Progressive by 0.8% during the second quarter. Canada Pension Plan Investment Board now owns 224,063 shares of the insurance provider’s stock valued at $9,879,000 after purchasing an additional 1,700 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its position in Progressive by 4.8% during the second quarter. Schwab Charles Investment Management Inc. now owns 2,010,789 shares of the insurance provider’s stock valued at $88,656,000 after purchasing an additional 92,656 shares during the last quarter. Dupont Capital Management Corp bought a new stake in Progressive during the second quarter valued at approximately $186,000. Finally, State of Wisconsin Investment Board lifted its position in Progressive by 24.2% during the second quarter. State of Wisconsin Investment Board now owns 481,769 shares of the insurance provider’s stock valued at $21,241,000 after purchasing an additional 93,910 shares during the last quarter. Institutional investors and hedge funds own 79.55% of the company’s stock.

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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.