Progressive Corporation (The) (NYSE:PGR) had its price objective lifted by investment analysts at Barclays PLC from $39.00 to $41.00 in a research note issued on Friday. The firm currently has an “underweight” rating on the insurance provider’s stock. Barclays PLC’s price objective suggests a potential downside of 14.06% from the stock’s current price.

PGR has been the subject of several other reports. UBS AG upgraded shares of Progressive Corporation (The) from an “outperform” rating to a “strong-buy” rating in a research report on Thursday, July 13th. Zacks Investment Research lowered shares of Progressive Corporation (The) from a “buy” rating to a “hold” rating in a research report on Friday, April 21st. FBR & Co lifted their target price on shares of Progressive Corporation (The) from $35.00 to $36.00 and gave the company a “mkt perform” rating in a research report on Wednesday, May 10th. Raymond James Financial, Inc. upgraded shares of Progressive Corporation (The) from an “outperform” rating to a “strong-buy” rating and lifted their target price for the company from $45.00 to $52.00 in a research report on Thursday, July 13th. Finally, Citigroup Inc. lifted their target price on shares of Progressive Corporation (The) from $45.00 to $46.00 and gave the company a “neutral” rating in a research report on Thursday, July 13th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $44.93.

Shares of Progressive Corporation (NYSE:PGR) traded down 0.67% during mid-day trading on Friday, hitting $47.39. 272,771 shares of the stock were exchanged. Progressive Corporation has a 52 week low of $30.54 and a 52 week high of $48.04. The stock’s 50-day moving average is $45.86 and its 200-day moving average is $41.48. The stock has a market capitalization of $27.54 billion, a price-to-earnings ratio of 20.17 and a beta of 0.86.

Progressive Corporation (The) (NYSE:PGR) last issued its quarterly earnings data on Tuesday, July 18th. The insurance provider reported $0.59 EPS for the quarter, missing the consensus estimate of $0.60 by $0.01. The firm had revenue of $6.75 billion for the quarter, compared to analysts’ expectations of $6.78 billion. Progressive Corporation (The) had a net margin of 5.50% and a return on equity of 15.62%. Progressive Corporation (The)’s revenue was up 13.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.33 EPS. Analysts forecast that Progressive Corporation will post $2.43 earnings per share for the current fiscal year.

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In related news, insider William M. Cody sold 50,000 shares of Progressive Corporation (The) stock in a transaction on Friday, June 16th. The shares were sold at an average price of $44.65, for a total value of $2,232,500.00. Following the transaction, the insider now directly owns 151,051 shares of the company’s stock, valued at $6,744,427.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Steven Broz sold 1,100 shares of Progressive Corporation (The) stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $41.55, for a total transaction of $45,705.00. Following the completion of the transaction, the insider now directly owns 8,955 shares in the company, valued at $372,080.25. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 71,100 shares of company stock valued at $3,168,605. Company insiders own 0.56% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Creative Planning increased its position in shares of Progressive Corporation (The) by 0.4% in the second quarter. Creative Planning now owns 5,723 shares of the insurance provider’s stock valued at $252,000 after buying an additional 23 shares during the last quarter. Buckingham Asset Management LLC increased its position in shares of Progressive Corporation (The) by 0.3% in the first quarter. Buckingham Asset Management LLC now owns 8,937 shares of the insurance provider’s stock valued at $350,000 after buying an additional 25 shares during the last quarter. Financial Architects Inc increased its position in shares of Progressive Corporation (The) by 0.4% in the second quarter. Financial Architects Inc now owns 18,187 shares of the insurance provider’s stock valued at $801,000 after buying an additional 65 shares during the last quarter. Cleararc Capital Inc. increased its position in shares of Progressive Corporation (The) by 0.6% in the first quarter. Cleararc Capital Inc. now owns 14,188 shares of the insurance provider’s stock valued at $556,000 after buying an additional 90 shares during the last quarter. Finally, ING Groep NV increased its position in shares of Progressive Corporation (The) by 0.3% in the second quarter. ING Groep NV now owns 39,707 shares of the insurance provider’s stock valued at $1,751,000 after buying an additional 112 shares during the last quarter. 79.54% of the stock is currently owned by institutional investors.

Progressive Corporation (The) 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 the Personal Lines, Commercial Lines and Property segments.

Analyst Recommendations for Progressive Corporation (The) (NYSE:PGR)

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