Progressive (PGR) PT Set at $57.00 by Wells Fargo & Co

Progressive (NYSE:PGR) received a $57.00 price objective from equities research analysts at Wells Fargo & Co in a report issued on Wednesday. The firm currently has a “hold” rating on the insurance provider’s stock. Wells Fargo & Co’s target price would indicate a potential upside of 0.51% from the company’s previous close.

Several other research firms have also issued reports on PGR. Keefe, Bruyette & Woods restated a “buy” rating and issued a $58.00 price target on shares of Progressive in a research report on Friday, November 17th. B. Riley restated a “hold” rating and issued a $46.00 price target on shares of Progressive in a research report on Wednesday, November 15th. Credit Suisse Group restated a “hold” rating and issued a $48.00 price target on shares of Progressive in a research report on Friday, December 15th. MKM Partners lifted their price target on shares of Progressive from $55.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, January 25th. Finally, Morgan Stanley lifted their price target on shares of Progressive from $49.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 18th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. Progressive currently has a consensus rating of “Hold” and an average target price of $50.65.

Progressive (NYSE PGR) traded up $0.41 during trading on Wednesday, reaching $56.71. 2,694,720 shares of the company’s stock traded hands, compared to its average volume of 4,089,357. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.50 and a current ratio of 0.37. The firm has a market capitalization of $30,958.07, a price-to-earnings ratio of 20.78, a price-to-earnings-growth ratio of 2.12 and a beta of 0.82. Progressive has a 12-month low of $38.27 and a 12-month high of $58.25.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.77 by $0.02. The firm had revenue of $6.75 billion for the quarter, compared to analyst estimates of $6.62 billion. Progressive had a net margin of 5.93% and a return on equity of 15.96%. The firm’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.66 earnings per share. analysts predict that Progressive will post 3.42 EPS for the current fiscal year.

In other Progressive news, insider William M. Cody sold 25,000 shares of Progressive stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $56.10, for a total transaction of $1,402,500.00. Following the transaction, the insider now directly owns 137,722 shares in the company, valued at approximately $7,726,204.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.56% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. Exane Derivatives purchased a new position in shares of Progressive during the 4th quarter valued at $104,000. First Personal Financial Services grew its holdings in shares of Progressive by 101.8% during the 4th quarter. First Personal Financial Services now owns 2,202 shares of the insurance provider’s stock valued at $124,000 after acquiring an additional 1,111 shares in the last quarter. Balentine LLC grew its holdings in shares of Progressive by 3,273.0% during the 3rd quarter. Balentine LLC now owns 2,496 shares of the insurance provider’s stock valued at $121,000 after acquiring an additional 2,422 shares in the last quarter. MUFG Americas Holdings Corp grew its holdings in shares of Progressive by 824.9% during the 4th quarter. MUFG Americas Holdings Corp now owns 3,561 shares of the insurance provider’s stock valued at $201,000 after acquiring an additional 3,176 shares in the last quarter. Finally, Prentiss Smith & Co. Inc. purchased a new position in shares of Progressive during the 4th quarter valued at $205,000. Institutional investors and hedge funds own 78.27% 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.

Analyst Recommendations for Progressive (NYSE:PGR)

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