Keefe, Bruyette & Woods upgraded shares of Progressive Corp. (NYSE:PGR) from an underperform rating to a market perform rating in a research note released on Thursday morning. Keefe, Bruyette & Woods currently has $31.00 price objective on the stock, up from their previous price objective of $29.00.

Analyst Recommendations for Progressive Corp. (NYSE:PGR)

A number of other research firms also recently issued reports on PGR. Citigroup Inc. downgraded shares of Progressive Corp. from a neutral rating to a sell rating and reduced their price target for the company from $36.00 to $31.00 in a research note on Thursday, June 2nd. Argus reissued a hold rating and issued a $33.00 price target on shares of Progressive Corp. in a research note on Monday, July 18th. Credit Suisse Group AG set a $28.00 price target on shares of Progressive Corp. and gave the company a sell rating in a research note on Tuesday, August 23rd. Zacks Investment Research downgraded shares of Progressive Corp. from a hold rating to a sell rating in a research note on Wednesday, August 3rd. Finally, MKM Partners reissued a buy rating and issued a $40.00 price target on shares of Progressive Corp. in a research note on Thursday, June 23rd. Five equities research analysts have rated the stock with a sell rating, six have assigned 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 a consensus price target of $32.14.

Progressive Corp. (NYSE:PGR) opened at 31.10 on Thursday. The firm has a 50 day moving average of $32.63 and a 200-day moving average of $33.10. The stock has a market cap of $18.10 billion, a PE ratio of 17.28 and a beta of 0.75. Progressive Corp. has a 12-month low of $29.32 and a 12-month high of $35.54.

Progressive Corp. (NYSE:PGR) last released its quarterly earnings results 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 company earned $5.93 billion during the quarter. Progressive Corp. had a net margin of 4.80% and a return on equity of 13.57%. The business’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter last year, the business earned $0.62 earnings per share. On average, analysts expect that Progressive Corp. will post $1.62 earnings per share for the current year.

In other news, insider M Jeffrey Charney sold 7,000 shares of the company’s stock in a transaction on Friday, September 2nd. The shares were sold at an average price of $32.50, for a total value of $227,500.00. Following the completion of the transaction, the insider now owns 71,961 shares in the company, valued at approximately $2,338,732.50. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider John A. Barbagallo sold 11,000 shares of the company’s stock in a transaction 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 of the company’s stock, valued at approximately $5,137,681.50. The disclosure for this sale can be found here. Company 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 bought a new position in shares of Progressive Corp. during the second quarter valued at 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 valued at $134,000 after buying an additional 3,738 shares during 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 valued at $136,000 after buying an additional 1,910 shares during 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 valued at $162,000 after buying an additional 943 shares during 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 valued at $178,000 after buying an additional 2,363 shares during the last quarter. Institutional investors and hedge funds own 76.60% of the company’s stock.

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.

5 Day Chart for NYSE:PGR

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