The Progressive Corp. (PGR) Rating Reiterated by Citigroup Inc.

The Progressive Corp. (PGR) Rating Reiterated by Citigroup Inc.

Progressive Corp. (NYSE:PGR)‘s stock had its “hold” rating restated by equities researchers at Citigroup Inc. in a note issued to investors on Friday. They presently have a $34.00 target price on the stock. Citigroup Inc.’s target price would indicate a potential upside of 4.68% from the company’s current price.

Other research analysts have also issued research reports about the stock. Argus reiterated a “hold” rating and issued a $33.00 price objective on shares of Progressive Corp. in a report on Monday, July 18th. Credit Suisse Group AG set a $28.00 price objective on shares of Progressive Corp. and gave the company a “sell” rating in a report on Tuesday, August 23rd. Zacks Investment Research lowered shares of Progressive Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, August 3rd. MKM Partners reiterated a “buy” rating and issued a $40.00 price objective on shares of Progressive Corp. in a report on Thursday, June 23rd. Finally, FBR & Co reiterated a “hold” rating on shares of Progressive Corp. in a report on Thursday, June 16th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $32.41.

Shares of Progressive Corp. (NYSE:PGR) opened at 32.48 on Friday. The firm has a 50-day moving average of $31.59 and a 200 day moving average of $32.79. The firm has a market capitalization of $18.90 billion, a price-to-earnings ratio of 18.04 and a beta of 0.73. Progressive Corp. has a 52-week low of $29.32 and a 52-week high of $35.54.

Progressive Corp. (NYSE:PGR) last posted its quarterly earnings results on Thursday, October 13th. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by $0.02. Progressive Corp. had a net margin of 4.80% and a return on equity of 13.57%. The company earned $6.05 billion during the quarter, compared to analyst estimates of $6.04 billion. During the same quarter in the previous year, the business posted $0.47 earnings per share. The company’s revenue for the quarter was up 11.8% on a year-over-year basis. Analysts predict that Progressive Corp. will post $1.60 EPS for the current year.

In other news, insider Michael D. Sieger sold 3,200 shares of Progressive Corp. stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $32.93, for a total value of $105,376.00. Following the completion of the sale, the insider now owns 49,755 shares in the company, valued at approximately $1,638,432.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John A. Barbagallo sold 24,000 shares of Progressive Corp. stock in a transaction on Monday, July 18th. The shares were sold at an average price of $33.01, for a total transaction of $792,240.00. Following the completion of the sale, the insider now directly owns 148,139 shares of the company’s stock, valued at approximately $4,890,068.39. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by insiders.

A number of hedge funds have recently bought and sold shares of PGR. Private Bank & Trust Co. increased its stake in Progressive Corp. by 57.7% in the third quarter. Private Bank & Trust Co. now owns 40,259 shares of the company’s stock valued at $1,268,000 after buying an additional 14,734 shares during the last quarter. MSI Financial Services Inc increased its stake in Progressive Corp. by 37.2% in the third quarter. MSI Financial Services Inc now owns 3,447 shares of the company’s stock valued at $109,000 after buying an additional 935 shares during the last quarter. Gulf International Bank UK Ltd increased its stake in Progressive Corp. by 0.9% in the third quarter. Gulf International Bank UK Ltd now owns 174,978 shares of the company’s stock valued at $5,511,000 after buying an additional 1,600 shares during the last quarter. Capstone Asset Management Co. increased its stake in Progressive Corp. by 3.9% in the third quarter. Capstone Asset Management Co. now owns 59,172 shares of the company’s stock valued at $1,864,000 after buying an additional 2,210 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund increased its stake in Progressive Corp. by 7.8% in the third quarter. Oregon Public Employees Retirement Fund now owns 189,810 shares of the company’s stock valued at $5,979,000 after buying an additional 13,700 shares during the last quarter. 76.53% of the stock is owned by institutional investors and hedge funds.

Progressive Corp. Company Profile

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