Progressive (NYSE:PGR) Given a $79.00 Price Target at Credit Suisse Group

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Credit Suisse Group set a $79.00 price target on Progressive (NYSE:PGR) in a research note released on Monday, October 15th. The firm currently has a buy rating on the insurance provider’s stock.

A number of other research analysts also recently issued reports on the stock. Citigroup lifted their price target on shares of Progressive from $70.00 to $73.00 and gave the stock a neutral rating in a research note on Friday, October 12th. B. Riley boosted their price objective on shares of Progressive from $68.00 to $71.00 and gave the stock a neutral rating in a research report on Monday, October 8th. ValuEngine downgraded shares of Progressive from a buy rating to a hold rating in a research report on Tuesday, October 2nd. MKM Partners boosted their price objective on shares of Progressive to $85.00 and gave the stock a buy rating in a research report on Wednesday, September 26th. Finally, Zacks Investment Research downgraded shares of Progressive from a buy rating to a hold rating in a research report on Wednesday, September 19th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $69.79.

Progressive stock traded down $0.27 during trading on Monday, reaching $73.19. The stock had a trading volume of 2,305,182 shares, compared to its average volume of 3,719,934. Progressive has a 52-week low of $50.18 and a 52-week high of $73.69. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $42.59 billion, a P/E ratio of 15.33, a P/E/G ratio of 2.07 and a beta of 0.71.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.43. Progressive had a net margin of 9.42% and a return on equity of 27.45%. The company had revenue of $8.60 billion during the quarter, compared to the consensus estimate of $8.43 billion. During the same quarter in the previous year, the firm earned $0.38 earnings per share. The firm’s quarterly revenue was up 20.5% on a year-over-year basis. As a group, research analysts anticipate that Progressive will post 4.79 earnings per share for the current fiscal year.

In other Progressive news, insider William M. Cody sold 50,000 shares of the business’s stock in a transaction on Monday, August 20th. The shares were sold at an average price of $66.90, for a total value of $3,345,000.00. Following the transaction, the insider now directly owns 116,838 shares of the company’s stock, valued at approximately $7,816,462.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 12,600 shares of the business’s stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $64.14, for a total transaction of $808,164.00. Following the completion of the transaction, the chief executive officer now directly owns 265,856 shares in the company, valued at $17,052,003.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 124,600 shares of company stock valued at $8,325,164. 0.70% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in PGR. Principal Financial Group Inc. grew its stake in shares of Progressive by 1.0% during the 1st quarter. Principal Financial Group Inc. now owns 5,043,129 shares of the insurance provider’s stock worth $307,278,000 after purchasing an additional 47,656 shares during the period. Baird Financial Group Inc. acquired a new position in shares of Progressive during the 1st quarter worth $273,000. Commonwealth Equity Services LLC grew its stake in shares of Progressive by 18.0% during the 1st quarter. Commonwealth Equity Services LLC now owns 30,449 shares of the insurance provider’s stock worth $1,855,000 after purchasing an additional 4,652 shares during the period. Ladenburg Thalmann Financial Services Inc. grew its stake in shares of Progressive by 7.2% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 38,803 shares of the insurance provider’s stock worth $2,354,000 after purchasing an additional 2,602 shares during the period. Finally, LPL Financial LLC grew its stake in shares of Progressive by 12.6% during the 1st quarter. LPL Financial LLC now owns 67,369 shares of the insurance provider’s stock worth $4,105,000 after purchasing an additional 7,522 shares during the period. 79.89% of the stock is currently owned by institutional investors.

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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Analyst Recommendations for Progressive (NYSE:PGR)

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