Wells Fargo & Co set a $64.00 price objective on Progressive (NYSE:PGR) in a report issued on Thursday morning. The brokerage currently has a hold rating on the insurance provider’s stock.

Several other equities analysts have also commented on the company. ValuEngine raised Progressive from a hold rating to a buy rating in a research note on Tuesday, September 4th. Citigroup upped their price target on Progressive from $63.00 to $65.00 and gave the company a neutral rating in a research note on Thursday, August 16th. B. Riley upped their price target on Progressive from $60.00 to $68.00 and gave the company a neutral rating in a research note on Tuesday, August 7th. Credit Suisse Group assumed coverage on Progressive in a research note on Tuesday, August 7th. They issued an outperform rating and a $73.00 price target on the stock. Finally, Argus raised Progressive from a hold rating to a buy rating and set a $68.00 price target on the stock in a research note on Friday, July 27th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $62.36.

Shares of Progressive stock traded down $0.67 during trading hours on Thursday, hitting $68.07. The company’s stock had a trading volume of 52,710 shares, compared to its average volume of 2,662,151. Progressive has a twelve month low of $45.43 and a twelve month high of $69.01. The firm has a market cap of $39.82 billion, a PE ratio of 26.05, a price-to-earnings-growth ratio of 2.07 and a beta of 0.70. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.37.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, July 17th. The insurance provider reported $1.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.11. Progressive had a return on equity of 21.84% and a net margin of 7.57%. The business had revenue of $8.10 billion for the quarter, compared to analyst estimates of $8.01 billion. During the same quarter in the prior year, the company posted $0.63 EPS. The company’s quarterly revenue was up 20.0% on a year-over-year basis. equities analysts expect that Progressive will post 4.5 earnings per share for the current year.

In related news, insider John Jo Murphy sold 7,503 shares of the business’s stock in a transaction on Wednesday, July 18th. The stock was sold at an average price of $60.28, for a total value of $452,280.84. Following the sale, the insider now owns 41,722 shares in the company, valued at approximately $2,515,002.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider William M. Cody sold 50,000 shares of the company’s stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $66.90, for a total value of $3,345,000.00. Following the sale, the insider now owns 116,838 shares in the company, valued at approximately $7,816,462.20. The disclosure for this sale can be found here. Insiders sold a total of 94,103 shares of company stock worth $6,088,405 in the last quarter. Company insiders own 0.70% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. increased its holdings in Progressive by 1.7% during the 1st quarter. BlackRock Inc. now owns 39,414,036 shares of the insurance provider’s stock worth $2,401,497,000 after purchasing an additional 644,100 shares during the period. Artisan Partners Limited Partnership increased its holdings in Progressive by 5.1% during the 2nd quarter. Artisan Partners Limited Partnership now owns 17,946,090 shares of the insurance provider’s stock worth $1,061,511,000 after purchasing an additional 864,700 shares during the period. Janus Henderson Group PLC increased its holdings in Progressive by 10.2% during the 2nd quarter. Janus Henderson Group PLC now owns 12,095,573 shares of the insurance provider’s stock worth $715,456,000 after purchasing an additional 1,122,013 shares during the period. JPMorgan Chase & Co. increased its holdings in Progressive by 16.2% during the 1st quarter. JPMorgan Chase & Co. now owns 11,676,418 shares of the insurance provider’s stock worth $711,444,000 after purchasing an additional 1,630,692 shares during the period. Finally, Renaissance Technologies LLC increased its holdings in Progressive by 19.6% during the 2nd quarter. Renaissance Technologies LLC now owns 7,094,900 shares of the insurance provider’s stock worth $419,663,000 after purchasing an additional 1,163,500 shares during the period. Institutional investors own 80.24% of the company’s stock.

Progressive Company Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Analyst Recommendations for Progressive (NYSE:PGR)

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