Progressive Corp. (NYSE:PGR) had its price objective reduced by Deutsche Bank AG from $30.00 to $28.00 in a research note published on Monday morning. They currently have a sell rating on the stock.

A number of other analysts also recently commented on PGR. Citigroup Inc. downgraded Progressive Corp. from a neutral rating to a sell rating and lowered their target price for the stock from $36.00 to $31.00 in a research note on Thursday, June 2nd. FBR & Co restated a hold rating on shares of Progressive Corp. in a research note on Thursday, June 16th. MKM Partners restated a buy rating and issued a $40.00 target price on shares of Progressive Corp. in a research note on Thursday, June 23rd. Argus reiterated a hold rating and set a $33.00 price target on shares of Progressive Corp. in a research report on Monday, July 18th. Finally, Zacks Investment Research downgraded Progressive Corp. from a hold rating to a sell rating in a research report on Wednesday, August 3rd. Five equities research analysts have rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $32.16.

Progressive Corp. (NYSE:PGR) opened at 31.19 on Monday. The stock has a 50 day moving average price of $32.54 and a 200-day moving average price of $33.07. Progressive Corp. has a one year low of $29.32 and a one year high of $35.54. The stock has a market cap of $18.15 billion, a PE ratio of 17.33 and a beta of 0.75.

Progressive Corp. (NYSE:PGR) last issued its earnings results on Thursday, July 14th. The company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by $0.01. Progressive Corp. had a return on equity of 13.57% and a net margin of 4.80%. The company earned $5.93 billion during the quarter. During the same quarter last year, the firm earned $0.62 EPS. The firm’s revenue was up 13.1% on a year-over-year basis. Equities research analysts expect that Progressive Corp. will post $1.61 earnings per share for the current fiscal year.

In related news, insider Steven Broz sold 2,500 shares of the stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $33.17, for a total value of $82,925.00. Following the completion of the sale, the insider now owns 9,420 shares of the company’s stock, valued at $312,461.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Bradley T. Sheares sold 19,564 shares of the stock in a transaction that occurred on Friday, June 24th. The shares were sold at an average price of $31.96, for a total value of $625,265.44. Following the completion of the sale, the director now directly owns 4,964 shares of the company’s stock, valued at approximately $158,649.44. The disclosure for this sale can be found here. 0.60% of the stock is owned by corporate insiders.

Large investors have recently bought and sold shares of the stock. Norges Bank bought a new stake in Progressive Corp. during the fourth quarter valued at approximately $79,356,000. Chevy Chase Trust Holdings Inc. boosted its stake in Progressive Corp. by 2.3% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 498,262 shares of the company’s stock valued at $17,509,000 after buying an additional 11,236 shares in the last quarter. DnB Asset Management AS boosted its stake in Progressive Corp. by 41.7% in the first quarter. DnB Asset Management AS now owns 48,625 shares of the company’s stock valued at $1,709,000 after buying an additional 14,300 shares in the last quarter. Capstone Asset Management Co. boosted its stake in Progressive Corp. by 5.7% in the first quarter. Capstone Asset Management Co. now owns 55,043 shares of the company’s stock valued at $1,934,000 after buying an additional 2,970 shares in the last quarter. Finally, Tompkins Financial Corp boosted its stake in Progressive Corp. by 43.3% in the first quarter. Tompkins Financial Corp now owns 7,495 shares of the company’s stock valued at $263,000 after buying an additional 2,265 shares in the last quarter. 76.53% of the stock is owned by hedge funds and other institutional investors.

About Progressive Corp.

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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