Progressive Corp (NYSE:PGR) Short Interest Update

Progressive Corp (NYSE:PGR) saw a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 5,410,000 shares, a decline of 15.5% from the September 30th total of 6,400,000 shares. Approximately 0.9% of the shares of the company are short sold. Based on an average daily volume of 3,360,000 shares, the days-to-cover ratio is presently 1.6 days.

A number of analysts recently issued reports on PGR shares. Buckingham Research boosted their price objective on Progressive from $74.00 to $78.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. Evercore ISI started coverage on Progressive in a research note on Thursday, October 17th. They set an “in-line” rating and a $78.00 price objective on the stock. Credit Suisse Group decreased their price objective on Progressive from $90.00 to $85.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. Raymond James set a $93.00 price objective on Progressive and gave the company a “buy” rating in a research note on Thursday, September 26th. Finally, UBS Group boosted their price objective on Progressive from $88.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $82.64.

NYSE PGR traded down $0.05 during trading on Friday, reaching $72.90. The company’s stock had a trading volume of 2,609,453 shares, compared to its average volume of 3,773,431. The stock has a market capitalization of $42.65 billion, a PE ratio of 16.49, a P/E/G ratio of 1.86 and a beta of 0.65. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.36. The firm has a fifty day moving average of $72.77 and a 200 day moving average of $77.31. Progressive has a one year low of $56.71 and a one year high of $84.96.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, November 13th. The insurance provider reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.30 by $0.03. Progressive had a return on equity of 26.09% and a net margin of 8.69%. Research analysts expect that Progressive will post 5.33 earnings per share for the current fiscal year.

In related news, insider Steven Broz sold 5,000 shares of the business’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $70.84, for a total transaction of $354,200.00. Following the sale, the insider now directly owns 25,295 shares in the company, valued at approximately $1,791,897.80. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.39% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. MUFG Americas Holdings Corp increased its stake in Progressive by 26.5% in the 3rd quarter. MUFG Americas Holdings Corp now owns 2,741 shares of the insurance provider’s stock worth $212,000 after acquiring an additional 575 shares during the last quarter. Cetera Advisor Networks LLC boosted its holdings in shares of Progressive by 19.1% in the 3rd quarter. Cetera Advisor Networks LLC now owns 8,322 shares of the insurance provider’s stock worth $644,000 after purchasing an additional 1,334 shares in the last quarter. Checchi Capital Advisers LLC boosted its holdings in shares of Progressive by 24.3% in the 3rd quarter. Checchi Capital Advisers LLC now owns 6,411 shares of the insurance provider’s stock worth $495,000 after purchasing an additional 1,253 shares in the last quarter. MACRO Consulting Group boosted its holdings in shares of Progressive by 1.2% in the 3rd quarter. MACRO Consulting Group now owns 20,985 shares of the insurance provider’s stock worth $1,621,000 after purchasing an additional 247 shares in the last quarter. Finally, Tiedemann Advisors LLC purchased a new position in shares of Progressive in the 3rd quarter worth about $925,000. Institutional investors and hedge funds own 78.46% of the company’s stock.

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.

Further Reading: What is a good rate of return for a mutual fund?

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