Progressive Corporation (The) (NYSE:PGR) was upgraded by equities research analysts at ValuEngine from a “hold” rating to a “buy” rating in a note issued to investors on Friday.

Other equities research analysts have also recently issued reports about the company. Barclays PLC lifted their target price on Progressive Corporation (The) from $39.00 to $41.00 and gave the company an “underweight” rating in a research note on Friday, August 11th. UBS AG raised Progressive Corporation (The) from an “outperform” rating to a “strong-buy” rating in a research note on Thursday, July 13th. FBR & Co lifted their target price on Progressive Corporation (The) from $36.00 to $40.00 and gave the company a “mkt perform” rating in a research note on Tuesday, July 11th. Wells Fargo & Company reissued a “hold” rating on shares of Progressive Corporation (The) in a research note on Thursday, August 3rd. Finally, BidaskClub raised Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 11th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, seven have given a buy rating and three have issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $45.21.

Shares of Progressive Corporation (NYSE PGR) opened at 45.66 on Friday. The firm has a market cap of $26.53 billion, a price-to-earnings ratio of 19.43 and a beta of 0.86. The stock has a 50 day moving average price of $47.27 and a 200 day moving average price of $42.69. Progressive Corporation has a one year low of $30.54 and a one year high of $49.01.

Progressive Corporation (The) (NYSE:PGR) last released its earnings results on Tuesday, July 18th. The insurance provider reported $0.59 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by $0.01. The firm had revenue of $6.75 billion during the quarter, compared to analyst estimates of $6.78 billion. Progressive Corporation (The) had a net margin of 5.50% and a return on equity of 15.62%. The firm’s quarterly revenue was up 13.7% on a year-over-year basis. During the same period last year, the business posted $0.33 earnings per share. On average, equities research analysts forecast that Progressive Corporation will post $2.52 EPS for the current year.

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In other Progressive Corporation (The) news, CFO John P. Sauerland sold 50,000 shares of Progressive Corporation (The) stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $48.65, for a total transaction of $2,432,500.00. Following the transaction, the chief financial officer now directly owns 370,364 shares in the company, valued at $18,018,208.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 1,250 shares of Progressive Corporation (The) stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $48.73, for a total value of $60,912.50. Following the transaction, the insider now owns 12,181 shares in the company, valued at $593,580.13. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 156,250 shares of company stock worth $7,319,413. Corporate insiders own 0.56% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of PGR. Bank of New York Mellon Corp raised its position in Progressive Corporation (The) by 0.3% in the first quarter. Bank of New York Mellon Corp now owns 4,940,191 shares of the insurance provider’s stock valued at $193,556,000 after buying an additional 12,475 shares in the last quarter. Elkfork Partners LLC raised its position in Progressive Corporation (The) by 2.4% in the first quarter. Elkfork Partners LLC now owns 48,348 shares of the insurance provider’s stock valued at $1,895,000 after buying an additional 1,122 shares in the last quarter. Daiwa Securities Group Inc. raised its position in Progressive Corporation (The) by 10.0% in the first quarter. Daiwa Securities Group Inc. now owns 16,450 shares of the insurance provider’s stock valued at $645,000 after buying an additional 1,500 shares in the last quarter. DekaBank Deutsche Girozentrale raised its position in Progressive Corporation (The) by 7.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 1,154,124 shares of the insurance provider’s stock valued at $45,608,000 after buying an additional 83,276 shares in the last quarter. Finally, Flinton Capital Management LLC raised its position in Progressive Corporation (The) by 2.4% in the first quarter. Flinton Capital Management LLC now owns 22,752 shares of the insurance provider’s stock valued at $892,000 after buying an additional 528 shares in the last quarter. Hedge funds and other institutional investors own 79.40% of the company’s stock.

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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