Progressive (NYSE:PGR) Cut to “Sell” at ValuEngine

ValuEngine lowered shares of Progressive (NYSE:PGR) from a hold rating to a sell rating in a research report released on Tuesday morning, ValuEngine reports.

Other equities research analysts have also recently issued research reports about the company. Buckingham Research set a $64.00 price target on Progressive and gave the company a hold rating in a research note on Monday, May 13th. Janney Montgomery Scott assumed coverage on Progressive in a research report on Thursday, June 20th. They set a neutral rating and a $59.00 target price on the stock. Barclays lifted their target price on Progressive from $90.00 to $95.00 and gave the company an overweight rating in a research report on Monday, July 1st. UBS Group lifted their target price on Progressive from $88.00 to $95.00 and gave the company a buy rating in a research report on Monday, July 29th. Finally, Raymond James lifted their target price on Progressive from $90.00 to $93.00 and gave the company a strong-buy rating in a research report on Thursday, July 25th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $84.08.

PGR traded down $5.53 during trading on Tuesday, reaching $71.45. 3,985,888 shares of the company’s stock were exchanged, compared to its average volume of 2,312,965. Progressive has a fifty-two week low of $56.71 and a fifty-two week high of $84.96. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.34. The business has a 50 day moving average price of $78.03 and a 200 day moving average price of $77.29. The company has a market capitalization of $44.51 billion, a P/E ratio of 16.17, a PEG ratio of 1.92 and a beta of 0.68.



Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.43 by $0.23. The firm had revenue of $9.13 billion for the quarter, compared to the consensus estimate of $9.13 billion. Progressive had a net margin of 9.19% and a return on equity of 28.12%. The business’s revenue was up 12.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.19 earnings per share. As a group, research analysts forecast that Progressive will post 5.42 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, October 7th will be given a $0.10 dividend. The ex-dividend date of this dividend is Friday, October 4th. This represents a $0.40 annualized dividend and a yield of 0.56%. Progressive’s dividend payout ratio is currently 9.05%.

In other Progressive news, CEO Susan Patricia Griffith sold 22,500 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer now owns 352,795 shares of the company’s stock, valued at $26,978,233.65. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider John Jo Murphy sold 12,000 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $81.11, for a total value of $973,320.00. Following the completion of the transaction, the insider now directly owns 24,867 shares in the company, valued at approximately $2,016,962.37. The disclosure for this sale can be found here. In the last three months, insiders sold 46,500 shares of company stock worth $3,624,855. Insiders own 0.39% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC raised its position in shares of Progressive by 7.4% in the 4th quarter. Geode Capital Management LLC now owns 7,478,706 shares of the insurance provider’s stock worth $450,389,000 after acquiring an additional 515,706 shares in the last quarter. Stephens Inc. AR lifted its holdings in shares of Progressive by 13.0% in the first quarter. Stephens Inc. AR now owns 11,085 shares of the insurance provider’s stock valued at $799,000 after purchasing an additional 1,271 shares in the last quarter. Cetera Advisors LLC purchased a new stake in shares of Progressive in the first quarter valued at about $247,000. State Treasurer State of Michigan lifted its holdings in shares of Progressive by 0.8% in the first quarter. State Treasurer State of Michigan now owns 168,281 shares of the insurance provider’s stock valued at $12,131,000 after purchasing an additional 1,300 shares in the last quarter. Finally, Everence Capital Management Inc. lifted its holdings in shares of Progressive by 5.7% in the first quarter. Everence Capital Management Inc. now owns 18,823 shares of the insurance provider’s stock valued at $1,357,000 after purchasing an additional 1,007 shares in the last quarter. 79.87% of the stock is currently owned by institutional investors and hedge funds.

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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