Progressive (PGR) Shares Gap Up to $73.12

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Progressive Corp (NYSE:PGR) gapped up before the market opened on Thursday . The stock had previously closed at $74.79, but opened at $73.12. Progressive shares last traded at $73.34, with a volume of 87897 shares changing hands.

Several equities research analysts have recently commented on PGR shares. Wells Fargo & Co restated a “hold” rating and set a $64.00 price objective on shares of Progressive in a report on Wednesday, August 15th. MKM Partners upped their price target on Progressive to $85.00 and gave the stock a “buy” rating in a report on Wednesday, September 26th. Credit Suisse Group set a $79.00 price target on Progressive and gave the stock a “buy” rating in a report on Friday, November 2nd. ValuEngine downgraded Progressive from a “buy” rating to a “hold” rating in a report on Tuesday, October 2nd. Finally, Argus upgraded Progressive from a “hold” rating to a “buy” rating and set a $68.00 price target for the company in a report on Friday, July 27th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Progressive presently has a consensus rating of “Hold” and an average target price of $69.79.

The firm has a market capitalization of $42.59 billion, a PE ratio of 15.33, a price-to-earnings-growth ratio of 2.07 and a beta of 0.71. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.34.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.43. Progressive had a return on equity of 27.45% and a net margin of 9.42%. The business had revenue of $8.60 billion during the quarter, compared to the consensus estimate of $8.43 billion. During the same quarter in the prior year, the company posted $0.38 earnings per share. Progressive’s revenue was up 20.5% compared to the same quarter last year. Equities analysts expect that Progressive Corp will post 4.79 earnings per share for the current fiscal year.

In other Progressive news, insider John A. Barbagallo sold 50,000 shares of the company’s stock in a transaction on Friday, October 26th. The stock was sold at an average price of $68.02, for a total value of $3,401,000.00. Following the completion of the transaction, the insider now owns 177,368 shares in the company, valued at approximately $12,064,571.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 12,600 shares of the company’s stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $64.14, for a total value of $808,164.00. Following the completion of the transaction, the chief executive officer now owns 265,856 shares of the company’s stock, valued at approximately $17,052,003.84. The disclosure for this sale can be found here. Insiders sold a total of 124,600 shares of company stock valued at $8,325,164 in the last 90 days. Corporate insiders own 0.70% of the company’s stock.

Large investors have recently made changes to their positions in the business. Capital Advisors Ltd. LLC grew its stake in Progressive by 409.1% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 1,400 shares of the insurance provider’s stock valued at $105,000 after purchasing an additional 1,125 shares during the period. ELM Advisors LLC bought a new position in Progressive in the 3rd quarter valued at $107,000. Harvest Fund Management Co. Ltd bought a new position in Progressive in the 3rd quarter valued at $112,000. Trust Co. of Vermont grew its stake in Progressive by 82.4% in the 2nd quarter. Trust Co. of Vermont now owns 2,006 shares of the insurance provider’s stock valued at $119,000 after purchasing an additional 906 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. grew its stake in Progressive by 8,571.8% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,382 shares of the insurance provider’s stock valued at $200,000 after purchasing an additional 3,343 shares during the period. Hedge funds and other institutional investors own 79.89% of the company’s stock.

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Progressive Company Profile (NYSE:PGR)

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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