Progressive Corp. (NYSE:PGR) had its price target reduced by analysts at Deutsche Bank AG from $30.00 to $28.00 in a report issued on Monday. The brokerage presently has a “sell” rating on the stock. Deutsche Bank AG’s price target suggests a potential downside of 9.74% from the stock’s current price.
A number of other equities analysts also recently commented on PGR. Citigroup Inc. downgraded shares of Progressive Corp. from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $36.00 to $31.00 in a report on Thursday, June 2nd. FBR & Co reaffirmed a “hold” rating on shares of Progressive Corp. in a report on Thursday, June 16th. MKM Partners reaffirmed a “buy” rating and set a $40.00 price objective on shares of Progressive Corp. in a report on Thursday, June 23rd. Argus reaffirmed a “hold” rating and set a $33.00 price objective on shares of Progressive Corp. in a report on Monday, July 18th. Finally, Zacks Investment Research downgraded shares of Progressive Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, August 3rd. Five research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $32.14.
Progressive Corp. (NYSE:PGR) opened at 31.02 on Monday. The company has a market capitalization of $18.05 billion, a PE ratio of 17.23 and a beta of 0.75. Progressive Corp. has a 12-month low of $29.32 and a 12-month high of $35.54. The stock has a 50 day moving average of $32.58 and a 200 day moving average of $33.08.
Progressive Corp. (NYSE:PGR) last released its quarterly earnings data on Thursday, July 14th. The company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by $0.01. The business had revenue of $5.93 billion for the quarter. Progressive Corp. had a return on equity of 13.57% and a net margin of 4.80%. The business’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same period last year, the firm earned $0.62 earnings per share. On average, equities research analysts predict that Progressive Corp. will post $1.61 EPS for the current year.
In related news, insider John A. Barbagallo sold 11,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 28th. The shares were sold at an average price of $31.50, for a total transaction of $346,500.00. Following the completion of the transaction, the insider now owns 163,101 shares in the company, valued at $5,137,681.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Bradley T. Sheares sold 19,564 shares of the business’s stock in a transaction that occurred on Friday, June 24th. The shares were sold at an average price of $31.96, for a total transaction of $625,265.44. Following the transaction, the director now owns 4,964 shares of the company’s stock, valued at approximately $158,649.44. The disclosure for this sale can be found here. Insiders own 0.60% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Livingston Group Asset Management CO operating as Southport Capital Management purchased a new position in shares of Progressive Corp. during the second quarter worth about $108,000. Financial Architects Inc boosted its position in shares of Progressive Corp. by 1,471.7% in the second quarter. Financial Architects Inc now owns 3,992 shares of the company’s stock worth $134,000 after buying an additional 3,738 shares in the last quarter. Creative Planning boosted its position in shares of Progressive Corp. by 88.9% in the second quarter. Creative Planning now owns 4,058 shares of the company’s stock worth $136,000 after buying an additional 1,910 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Progressive Corp. by 24.2% in the second quarter. Van ECK Associates Corp now owns 4,833 shares of the company’s stock worth $162,000 after buying an additional 943 shares in the last quarter. Finally, Global X Management Co. LLC boosted its position in shares of Progressive Corp. by 79.8% in the second quarter. Global X Management Co. LLC now owns 5,326 shares of the company’s stock worth $178,000 after buying an additional 2,363 shares in the last quarter. Hedge funds and other institutional investors own 76.53% of the company’s stock.
Progressive Corp. 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 Personal Lines, Commercial Lines and Property segments.
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