Progressive (NYSE:PGR) Rating Lowered to Hold at Zacks Investment Research

Progressive (NYSE:PGR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday, March 6th.

According to Zacks, “Shares of Progressive have outperformed the industry year to date. The company strives to become a one-stop insurance destination by catering to customers opting for a combination of home and auto. Policies in force and retention ratio will continue to remain healthy. Its Snapshot, Robinson and Home Quote Explorer programs should continue to drive the business. The company focuses on paying back its shareholders via dividends as well as share repurchases that lower the share count and boost the bottom line. The company has also seen its estimates for 2018 and 2019 move north in the last 30 days. However, the company’s growth could be challenged by intense competition. Exposure to catastrophe events remains headwinds.”

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A number of other analysts also recently issued reports on PGR. MKM Partners raised their target price on Progressive from $55.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. B. Riley reaffirmed a “neutral” rating on shares of Progressive in a research note on Monday, November 6th. UBS raised their price objective on Progressive from $63.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, January 25th. Wells Fargo set a $57.00 price objective on Progressive and gave the stock a “hold” rating in a research report on Thursday, March 1st. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $58.00 price objective on shares of Progressive in a research report on Friday, November 17th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $51.56.

PGR stock traded up $0.49 during midday trading on Tuesday, reaching $60.93. The stock had a trading volume of 3,268,597 shares, compared to its average volume of 2,952,923. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.43 and a current ratio of 0.43. The firm has a market capitalization of $35,478.08, a P/E ratio of 23.17, a PEG ratio of 2.25 and a beta of 0.71. Progressive has a 52-week low of $38.61 and a 52-week high of $62.74.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.02. Progressive had a return on equity of 15.96% and a net margin of 5.93%. The company had revenue of $6.75 billion for the quarter, compared to analyst estimates of $6.62 billion. During the same quarter last year, the firm posted $0.66 EPS. The firm’s revenue for the quarter was up 21.6% on a year-over-year basis. equities analysts forecast that Progressive will post 3.69 earnings per share for the current year.

A number of hedge funds have recently bought and sold shares of PGR. Exane Derivatives purchased a new stake in Progressive during the fourth quarter worth approximately $104,000. Valeo Financial Advisors LLC increased its position in Progressive by 13,675.2% during the fourth quarter. Valeo Financial Advisors LLC now owns 84,029 shares of the insurance provider’s stock worth $118,000 after buying an additional 83,419 shares during the period. We Are One Seven LLC acquired a new position in Progressive during the fourth quarter worth approximately $119,000. Balentine LLC increased its position in Progressive by 3,273.0% during the third quarter. Balentine LLC now owns 2,496 shares of the insurance provider’s stock worth $121,000 after buying an additional 2,422 shares during the period. Finally, First Personal Financial Services increased its position in Progressive by 101.8% during the fourth quarter. First Personal Financial Services now owns 2,202 shares of the insurance provider’s stock worth $124,000 after buying an additional 1,111 shares during the period. Hedge funds and other institutional investors own 81.08% of the company’s stock.

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About Progressive

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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