Progressive (PGR) Rating Lowered to Hold at ValuEngine

Progressive (NYSE:PGR) was downgraded by equities research analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

PGR has been the subject of several other research reports. Wells Fargo set a $61.00 price target on shares of Progressive and gave the company a “hold” rating in a report on Monday, April 2nd. Buckingham Research boosted their price target on shares of Progressive from $48.00 to $52.00 and gave the company an “underperform” rating in a report on Thursday. Zacks Investment Research raised shares of Progressive from a “hold” rating to a “buy” rating and set a $69.00 price target for the company in a report on Friday, April 20th. UBS boosted their price target on shares of Progressive from $63.00 to $64.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Finally, MKM Partners boosted their price target on shares of Progressive to $70.00 and gave the company a “buy” rating in a report on Tuesday, March 27th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company’s stock. Progressive has a consensus rating of “Hold” and an average target price of $53.38.

PGR traded down $1.25 during trading on Thursday, reaching $60.36. 3,644,643 shares of the company’s stock were exchanged, compared to its average volume of 3,441,375. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.44 and a current ratio of 0.44. Progressive has a fifty-two week low of $61.06 and a fifty-two week high of $62.29. The firm has a market capitalization of $36.05 billion, a PE ratio of 22.95, a P/E/G ratio of 2.15 and a beta of 0.66.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, May 2nd. The insurance provider reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. Progressive had a net margin of 6.75% and a return on equity of 18.90%. equities analysts forecast that Progressive will post 3.92 EPS for the current year.

In related news, insider Steven Broz sold 2,000 shares of the company’s stock in a transaction on Wednesday, April 25th. The shares were sold at an average price of $60.62, for a total value of $121,240.00. Following the completion of the transaction, the insider now directly owns 14,073 shares of the company’s stock, valued at approximately $853,105.26. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.70% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. lifted its position in Progressive by 1.7% during the 1st quarter. BlackRock Inc. now owns 39,414,036 shares of the insurance provider’s stock worth $2,401,497,000 after buying an additional 644,100 shares in the last quarter. Artisan Partners Limited Partnership lifted its position in Progressive by 9.6% during the 1st quarter. Artisan Partners Limited Partnership now owns 17,081,390 shares of the insurance provider’s stock worth $1,040,769,000 after buying an additional 1,501,554 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Progressive by 16.2% during the 1st quarter. JPMorgan Chase & Co. now owns 11,676,418 shares of the insurance provider’s stock worth $711,444,000 after buying an additional 1,630,692 shares in the last quarter. Wells Fargo & Company MN lifted its position in Progressive by 9.3% during the 4th quarter. Wells Fargo & Company MN now owns 7,413,668 shares of the insurance provider’s stock worth $417,536,000 after buying an additional 633,354 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Progressive by 8.3% during the 4th quarter. Geode Capital Management LLC now owns 6,450,730 shares of the insurance provider’s stock worth $362,577,000 after buying an additional 496,336 shares in the last quarter. 81.03% of the stock is owned by hedge funds and other institutional investors.

About Progressive

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Progressive (NYSE:PGR)

Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.



Leave a Reply