Progressive Corporation (The) (NYSE:PGR) Given Equal Weight Rating at Morgan Stanley

Morgan Stanley reissued their equal weight rating on shares of Progressive Corporation (The) (NYSE:PGR) in a research note published on Saturday, July 22nd. Morgan Stanley currently has a $47.00 target price on the insurance provider’s stock, up from their previous target price of $43.00.

Several other equities research analysts have also recently commented on PGR. Credit Suisse Group set a $39.00 price target on shares of Progressive Corporation (The) and gave the stock a sell rating in a research report on Saturday, March 25th. Citigroup Inc. lifted their price target on shares of Progressive Corporation (The) from $45.00 to $46.00 and gave the stock a neutral rating in a research report on Thursday, July 13th. UBS AG upgraded shares of Progressive Corporation (The) from an outperform rating to a strong-buy rating in a research report on Thursday, July 13th. MKM Partners reiterated a buy rating and set a $50.00 price target (up previously from $45.00) on shares of Progressive Corporation (The) in a research report on Friday, June 9th. Finally, Bank of America Corporation lifted their price target on shares of Progressive Corporation (The) from $48.00 to $49.00 and gave the stock a buy rating in a research report on Friday, June 16th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and three have issued a strong buy rating to the company’s stock. Progressive Corporation (The) currently has a consensus rating of Buy and an average target price of $45.21.

Progressive Corporation (NYSE PGR) traded up 0.25% during midday trading on Friday, hitting $48.63. 3,466,061 shares of the stock were exchanged. The stock has a market cap of $28.26 billion, a price-to-earnings ratio of 20.69 and a beta of 0.86. The firm’s 50-day moving average is $46.49 and its 200 day moving average is $41.94. Progressive Corporation has a 52 week low of $30.54 and a 52 week high of $48.98.

Progressive Corporation (The) (NYSE:PGR) last issued its quarterly earnings results on Tuesday, July 18th. The insurance provider reported $0.59 EPS for the quarter, missing the consensus estimate of $0.60 by $0.01. Progressive Corporation (The) had a return on equity of 15.62% and a net margin of 5.50%. The business had revenue of $6.75 billion for the quarter, compared to analyst estimates of $6.78 billion. During the same quarter in the prior year, the firm earned $0.33 EPS. The firm’s quarterly revenue was up 13.7% compared to the same quarter last year. Equities research analysts expect that Progressive Corporation will post $2.49 EPS for the current fiscal year.

TRADEMARK VIOLATION NOTICE: This piece was first posted by BNB Daily and is owned by of BNB Daily. If you are accessing this piece on another domain, it was copied illegally and reposted in violation of US & international copyright laws. The correct version of this piece can be read at https://www.baseball-news-blog.com/2017/08/19/progressive-corporation-thes-nysepgr-equal-weight-rating-reaffirmed-at-morgan-stanley-updated-updated-updated.html.

In other news, insider William M. Cody sold 50,000 shares of the business’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $44.65, for a total value of $2,232,500.00. Following the sale, the insider now owns 151,051 shares of the company’s stock, valued at $6,744,427.15. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Steven Broz sold 1,100 shares of the business’s stock in a transaction on Monday, May 22nd. The stock was 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 directly owns 8,955 shares in the company, valued at approximately $372,080.25. The disclosure for this sale can be found here. In the last ninety days, insiders sold 156,100 shares of company stock worth $7,304,205. Insiders own 0.56% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Mckinley Capital Management LLC Delaware purchased a new position in shares of Progressive Corporation (The) during the second quarter worth $101,000. Cypress Capital Management LLC WY purchased a new position in shares of Progressive Corporation (The) during the second quarter worth $106,000. Howard Hughes Medical Institute purchased a new position in shares of Progressive Corporation (The) during the first quarter worth $110,000. IFP Advisors Inc increased its position in shares of Progressive Corporation (The) by 12.9% in the second quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock worth $132,000 after buying an additional 341 shares during the last quarter. Finally, Fiduciary Trust Co. purchased a new position in shares of Progressive Corporation (The) during the second quarter worth $143,000. Institutional investors and hedge funds own 80.32% of the company’s stock.

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.

Analyst Recommendations for Progressive Corporation (The) (NYSE:PGR)

Receive News & Ratings for Progressive Corporation (The) Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive Corporation (The) and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply