Progressive (NYSE:PGR) Rating Reiterated by Wells Fargo & Co

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

Several other brokerages also recently weighed in on PGR. Buckingham Research raised their price target on Progressive from $74.00 to $78.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. UBS Group raised their price target on Progressive from $88.00 to $95.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Evercore ISI started coverage on Progressive in a report on Thursday, October 17th. They issued an “in-line” rating and a $78.00 price target for the company. ValuEngine downgraded Progressive from a “hold” rating to a “sell” rating in a report on Tuesday, October 15th. Finally, Barclays set a $90.00 price target on Progressive and gave the stock a “buy” rating in a report on Friday, September 13th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. Progressive has an average rating of “Hold” and a consensus target price of $82.64.

NYSE PGR traded up $1.11 during trading on Thursday, hitting $73.67. The company’s stock had a trading volume of 5,105,250 shares, compared to its average volume of 3,089,688. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.42 and a quick ratio of 0.36. The company has a market cap of $40.28 billion, a PE ratio of 16.67, a P/E/G ratio of 1.75 and a beta of 0.65. The business’s 50 day simple moving average is $73.13 and its 200-day simple moving average is $77.38. Progressive has a fifty-two week low of $56.71 and a fifty-two week high of $84.96.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Thursday, November 7th. The insurance provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.03. Progressive had a return on equity of 25.83% and a net margin of 8.69%. Analysts expect that Progressive will post 5.37 EPS for the current fiscal year.

In related news, insider Steven Broz sold 5,000 shares of Progressive stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $70.84, for a total transaction of $354,200.00. Following the completion of the sale, the insider now owns 25,295 shares of the company’s stock, valued at $1,791,897.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Susan Patricia Griffith sold 22,500 shares of Progressive stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $76.47, for a total value of $1,720,575.00. Following the sale, the chief executive officer now directly owns 352,795 shares of the company’s stock, valued at approximately $26,978,233.65. The disclosure for this sale can be found here. Insiders have sold 39,500 shares of company stock valued at $3,005,735 in the last ninety days. Corporate insiders own 0.39% of the company’s stock.

Large investors have recently made changes to their positions in the business. Manchester Financial Inc. acquired a new position in Progressive in the second quarter valued at approximately $25,000. First Financial Corp IN acquired a new position in Progressive in the third quarter valued at approximately $25,000. Synovus Financial Corp lifted its holdings in Progressive by 752.4% in the second quarter. Synovus Financial Corp now owns 358 shares of the insurance provider’s stock valued at $27,000 after acquiring an additional 316 shares during the period. Archford Capital Strategies LLC lifted its holdings in Progressive by 49.5% in the second quarter. Archford Capital Strategies LLC now owns 408 shares of the insurance provider’s stock valued at $33,000 after acquiring an additional 135 shares during the period. Finally, Mirova acquired a new position in Progressive in the second quarter valued at approximately $43,000. 78.67% of the stock is owned by institutional investors.

Progressive Company Profile

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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