BidaskClub upgraded shares of Progressive Corporation (The) (NYSE:PGR) from a buy rating to a strong-buy rating in a report released on Saturday morning.

Several other research firms have also recently commented on PGR. Bank of America Corporation raised shares of Progressive Corporation (The) from a neutral rating to a buy rating and increased their price target for the company from $40.00 to $46.00 in a research note on Monday, March 20th. Wells Fargo & Company reissued a hold rating on shares of Progressive Corporation (The) in a research note on Sunday, March 5th. Barclays PLC reissued a sell rating and set a $33.00 price target on shares of Progressive Corporation (The) in a research note on Sunday, February 19th. Credit Suisse Group reissued a sell rating and set a $33.00 price target on shares of Progressive Corporation (The) in a research note on Friday, February 17th. Finally, Deutsche Bank AG raised shares of Progressive Corporation (The) from a sell rating to a hold rating and increased their price target for the company from $35.00 to $40.00 in a research note on Wednesday, May 17th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $39.85.

Shares of Progressive Corporation (NYSE PGR) traded up 0.20% during trading on Friday, hitting $44.83. The stock had a trading volume of 3,083,921 shares. Progressive Corporation has a one year low of $30.54 and a one year high of $44.88. The stock’s 50-day moving average price is $41.79 and its 200 day moving average price is $38.67. The stock has a market cap of $26.04 billion, a price-to-earnings ratio of 21.88 and a beta of 0.80.

Progressive Corporation (The) (NYSE:PGR) last posted its quarterly earnings data on Tuesday, April 18th. The insurance provider reported $0.67 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.68 by $0.01. The firm had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.49 billion. Progressive Corporation (The) had a return on equity of 13.99% and a net margin of 4.95%. The business’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.44 EPS. On average, equities analysts forecast that Progressive Corporation will post $2.37 EPS for the current year.

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In related news, insider Steven Broz sold 1,100 shares of Progressive Corporation (The) stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $41.55, for a total transaction of $45,705.00. Following the completion of the sale, the insider now owns 8,955 shares of the company’s stock, valued at approximately $372,080.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.56% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Progressive Corporation (The) by 3.8% in the first quarter. Vanguard Group Inc. now owns 37,551,768 shares of the insurance provider’s stock valued at $1,471,278,000 after buying an additional 1,357,926 shares during the last quarter. BlackRock Inc. increased its stake in Progressive Corporation (The) by 2,817.6% in the first quarter. BlackRock Inc. now owns 35,897,019 shares of the insurance provider’s stock worth $1,406,446,000 after buying an additional 34,666,678 shares in the last quarter. State Street Corp increased its stake in Progressive Corporation (The) by 1.4% in the first quarter. State Street Corp now owns 26,996,546 shares of the insurance provider’s stock worth $1,057,724,000 after buying an additional 372,478 shares in the last quarter. Artisan Partners Limited Partnership increased its stake in Progressive Corporation (The) by 1.2% in the first quarter. Artisan Partners Limited Partnership now owns 8,254,185 shares of the insurance provider’s stock worth $323,399,000 after buying an additional 98,952 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Progressive Corporation (The) by 7.2% in the first quarter. JPMorgan Chase & Co. now owns 6,958,993 shares of the insurance provider’s stock worth $272,654,000 after buying an additional 464,526 shares in the last quarter. 79.45% of the stock is owned by institutional investors and hedge funds.

Progressive Corporation (The) Company Profile

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.

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