Progressive (NYSE:PGR) Earns Hold Rating from Wells Fargo & Co

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Progressive (NYSE:PGR)‘s stock had its “hold” rating reissued by equities researchers at Wells Fargo & Co in a research report issued to clients and investors on Thursday, AnalystRatings.com reports. They presently have a $76.00 target price on the insurance provider’s stock. Wells Fargo & Co‘s price target suggests a potential upside of 3.16% from the company’s current price.

Several other equities analysts have also commented on PGR. Barclays set a $90.00 price target on Progressive and gave the company a “buy” rating in a research note on Friday, September 13th. ValuEngine lowered Progressive from a “hold” rating to a “sell” rating in a research note on Tuesday, October 15th. Credit Suisse Group decreased their price target on Progressive from $90.00 to $85.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. UBS Group upped their price target on Progressive from $88.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Finally, Evercore ISI initiated coverage on Progressive in a research note on Thursday, October 17th. They issued an “in-line” rating and a $78.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $82.64.

NYSE PGR traded up $1.11 on Thursday, reaching $73.67. 5,105,250 shares of the company were exchanged, compared to its average volume of 3,089,688. The business’s fifty day moving average price is $73.13 and its 200 day moving average price is $77.38. The stock has a market capitalization of $40.28 billion, a P/E ratio of 16.67, a price-to-earnings-growth ratio of 1.75 and a beta of 0.65. The company has a current ratio of 0.42, a quick ratio of 0.36 and a debt-to-equity ratio of 0.31. Progressive has a fifty-two week low of $56.71 and a fifty-two week high of $84.96.

Progressive (NYSE:PGR) last released its quarterly earnings data on Thursday, November 7th. The insurance provider reported $1.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.30 by $0.03. Progressive had a return on equity of 25.83% and a net margin of 8.69%. Equities research analysts forecast that Progressive will post 5.37 earnings per share for the current year.

In related news, CEO Susan Patricia Griffith sold 22,500 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $76.47, for a total transaction of $1,720,575.00. Following the transaction, the chief executive officer now owns 352,795 shares of the company’s stock, valued at approximately $26,978,233.65. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO John P. Sauerland sold 12,000 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $77.58, for a total value of $930,960.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 39,500 shares of company stock worth $3,005,735. Corporate insiders own 0.39% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Manchester Financial Inc. acquired a new position in Progressive during the 2nd quarter worth about $25,000. First Financial Corp IN acquired a new position in Progressive during the 3rd quarter worth about $25,000. Synovus Financial Corp lifted its stake in Progressive by 752.4% during the 2nd quarter. Synovus Financial Corp now owns 358 shares of the insurance provider’s stock worth $27,000 after acquiring an additional 316 shares in the last quarter. Archford Capital Strategies LLC lifted its stake in Progressive by 49.5% during the 2nd quarter. Archford Capital Strategies LLC now owns 408 shares of the insurance provider’s stock worth $33,000 after acquiring an additional 135 shares in the last quarter. Finally, Mirova acquired a new position in Progressive during the 2nd quarter worth about $43,000. 78.67% of the stock is currently owned by hedge funds and other 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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