Shares of Progressive Corporation (The) (NYSE:PGR) have received a consensus recommendation of “Buy” from the seventeen research firms that are currently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, five have issued a hold recommendation, six have assigned a buy recommendation and three have given a strong buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $44.92.

Several analysts have recently issued reports on the stock. Barclays PLC upped their target price on shares of Progressive Corporation (The) from $39.00 to $41.00 and gave the stock an “underweight” rating in a research note on Friday. BidaskClub upgraded shares of Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a research note on Friday. Wells Fargo & Company reiterated a “hold” rating on shares of Progressive Corporation (The) in a research note on Thursday, August 3rd. Zacks Investment Research upgraded shares of Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $53.00 target price for the company in a research note on Wednesday, August 2nd. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $48.00 target price on shares of Progressive Corporation (The) in a research note on Tuesday, July 25th.

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Progressive Corporation (PGR) traded down 1.01% on Friday, reaching $47.23. 2,943,218 shares of the company were exchanged. The company’s 50-day moving average price is $45.95 and its 200-day moving average price is $41.56. The stock has a market capitalization of $27.44 billion, a P/E ratio of 20.10 and a beta of 0.86. Progressive Corporation has a 12-month low of $30.54 and a 12-month high of $48.04.

Progressive Corporation (The) (NYSE:PGR) last posted its earnings results on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by $0.01. Progressive Corporation (The) had a return on equity of 15.62% and a net margin of 5.50%. The firm had revenue of $6.75 billion during the quarter, compared to the consensus estimate of $6.78 billion. During the same quarter in the previous year, the company earned $0.33 EPS. The business’s revenue was up 13.7% compared to the same quarter last year. Equities research analysts anticipate that Progressive Corporation will post $2.43 earnings per share for the current fiscal year.

In related news, Director Jeffrey D. Kelly sold 20,000 shares of the stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $44.52, for a total transaction of $890,400.00. Following the completion of the transaction, the director now owns 59,963 shares in the company, valued at $2,669,552.76. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider William M. Cody sold 50,000 shares of the stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $44.65, for a total transaction of $2,232,500.00. Following the transaction, the insider now owns 151,051 shares of the company’s stock, valued at approximately $6,744,427.15. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 71,100 shares of company stock valued at $3,168,605. 0.56% of the stock is owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Cypress Capital Management LLC WY acquired a new stake in Progressive Corporation (The) during the second quarter valued at approximately $106,000. Howard Hughes Medical Institute acquired a new stake in Progressive Corporation (The) during the first quarter valued at approximately $110,000. IFP Advisors Inc increased its stake in Progressive Corporation (The) by 12.9% in the second quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock valued at $132,000 after buying an additional 341 shares during the period. Fiduciary Trust Co. acquired a new stake in Progressive Corporation (The) during the second quarter valued at approximately $143,000. Finally, Cornerstone Advisors Inc. increased its stake in Progressive Corporation (The) by 4.1% in the second quarter. Cornerstone Advisors Inc. now owns 3,404 shares of the insurance provider’s stock valued at $150,000 after buying an additional 133 shares during the period. 79.54% of the stock is currently owned by institutional investors and hedge funds.

About Progressive Corporation (The)

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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