A number of research firms have changed their ratings and price targets for Progressive Corp. (NYSE: PGR):

  • 9/19/2016 – Progressive Corp. was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. According to Zacks, “Progressive Corp.’s growth could be challenged by intense competition. Increasing combined ratio, underperforming commercial auto business pose near-term headwinds. In fact the Zacks Consensus Estimate for both 206 and 2017 witnessed downward revision over the last 60 days. The same declined 4.7% for 2016 and 1.9% for 2017, over the same time frame. Nonetheless, the company strives to become a one-stop insurance shopping destination by catering to customers opting for a combination of home and auto. To this end, the company acquired the majority stake in ARX Holdings, which is now bearing fruit, thereby raising further optimism about the future. The company remains focused on paying back its shareholders via dividends as well as share repurchases that lower share count and boost the bottom line. The company has also been witnessing improving premiums.”
  • 9/19/2016 – Progressive Corp. had its price target lowered by analysts at Deutsche Bank AG from $30.00 to $28.00. They now have a “sell” rating on the stock.
  • 9/17/2016 – Progressive Corp. was given a new $28.00 price target on by analysts at Credit Suisse Group AG. They now have a “sell” rating on the stock.
  • 9/15/2016 – Progressive Corp. was upgraded by analysts at Keefe, Bruyette & Woods from an “underperform” rating to a “market perform” rating. They now have a $31.00 price target on the stock, up previously from $29.00.
  • 9/13/2016 – Progressive Corp. was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. According to Zacks, “Progressive Corp. strives to become a one-stop insurance shopping destination by catering to customers opting for a combination of home and auto. To this end, the company acquired the majority stake in ARX Holdings, which is now bearing fruit, thereby raising further optimism about the future. The company remains focused on paying back its shareholders via dividends as well as share repurchases that lower share count and boost the bottom line. The company has been witnessing improving premiums. However, growth could be challenged by intense competition. Increasing combined ratio, underperforming commercial auto business pose near-term headwinds. Infact the Zacks Consensus Estimate for both 206 and 2017 witnessed downward revision over the last 60 days.”
  • 9/10/2016 – Progressive Corp. had its “outperform” rating reaffirmed by analysts at William Blair.
  • 9/7/2016 – Progressive Corp. had its “underperform” rating reaffirmed by analysts at Credit Suisse Group AG. They now have a $28.00 price target on the stock.
  • 8/23/2016 – Progressive Corp. was given a new $28.00 price target on by analysts at Credit Suisse Group AG. They now have a “sell” rating on the stock.
  • 8/3/2016 – Progressive Corp. was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. According to Zacks, “Progressive Corp.’s second-quarter 2016 earnings missed the Zacks Consensus Estimate and also decreased year over year due to higher expenses. The company witnessed a rise in net premiums written but combined ratio deteriorated in the same period. Progressive Corp.’s growth could be challenged by intense competition. Increasing combined ratio, underperforming commercial auto business pose near-term headwinds. However, it strives to become a one-stop insurance shopping destination by catering to customers opting for a combination of home and auto. To this end, the company acquired the majority stake in ARX Holdings, which is now bearing fruit, thereby raising further optimism about the future. The company remains focused on paying back its shareholders via dividends as well as share repurchases that lower share count and boost the bottom line.”

Progressive Corp. (NYSE:PGR) traded up 0.55% on Wednesday, reaching $31.19. The company had a trading volume of 3,109,904 shares. The company’s 50 day moving average price is $32.58 and its 200-day moving average price is $33.08. Progressive Corp. has a 12 month low of $29.32 and a 12 month high of $35.54. The company has a market capitalization of $18.15 billion, a price-to-earnings ratio of 17.33 and a beta of 0.75.

Progressive Corp. (NYSE:PGR) last released its quarterly earnings data on Thursday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by $0.01. The firm had revenue of $5.93 billion for the quarter. Progressive Corp. had a net margin of 4.80% and a return on equity of 13.57%. The company’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.62 EPS. On average, equities analysts predict that Progressive Corp. will post $1.61 earnings per share for the current fiscal year.

In related news, insider John A. Barbagallo sold 11,000 shares of the business’s stock in a transaction on Tuesday, June 28th. The stock was sold at an average price of $31.50, for a total value of $346,500.00. Following the sale, the insider now owns 163,101 shares of the company’s stock, valued at approximately $5,137,681.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Bradley T. Sheares sold 19,564 shares of the business’s stock in a transaction 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 in the company, 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.

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.

5 Day Chart for NYSE:PGR

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