Progressive (NYSE:PGR) Upgraded by Cantor Fitzgerald to Hold Rating

Key Points

• Progressive (NYSE:PGR) was upgraded to a "hold" rating by Cantor Fitzgerald, indicating a neutral outlook for the stock.
• Various analysts have recently adjusted their price targets for Progressive, with the average rating being "Moderate Buy" and a price target of $283.06.
• Progressive's recent earnings report showed a successful quarter with $4.88 EPS exceeding expectations, although revenue fell short of analyst forecasts.

Progressive (NYSE:PGR - Get Free Report) was upgraded by investment analysts at Cantor Fitzgerald to a "hold" rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other research analysts have also weighed in on PGR. Bank of America cut their price objective on shares of Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a report on Thursday, July 17th. Jefferies Financial Group cut their price target on shares of Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a report on Monday. Keefe, Bruyette & Woods cut their price target on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a report on Thursday, July 17th. Wells Fargo & Company raised their price target on shares of Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a report on Friday, June 20th. Finally, UBS Group cut their price target on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a report on Monday, July 21st. Ten research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $283.06.

Progressive Price Performance

NYSE:PGR opened at $249.06 on Wednesday. The firm has a market cap of $146.00 billion, a price-to-earnings ratio of 14.03, a price-to-earnings-growth ratio of 1.43 and a beta of 0.33. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The company's 50-day moving average is $254.36 and its two-hundred day moving average is $266.21. Progressive has a 12-month low of $226.52 and a 12-month high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping the consensus estimate of $4.43 by $0.45. The business had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The company's revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the firm posted $2.48 EPS. Research analysts expect that Progressive will post 14.68 EPS for the current year.

Insider Buying and Selling at Progressive

In other news, insider Andrew J. Quigg sold 3,191 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $795,324.84. Following the completion of the sale, the insider owned 37,977 shares of the company's stock, valued at approximately $9,465,387.48. This trade represents a 7.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Jo Murphy sold 2,218 shares of the firm's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $552,814.32. Following the transaction, the insider owned 47,942 shares in the company, valued at $11,949,064.08. This trade represents a 4.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 104,250 shares of company stock valued at $26,332,348. Corporate insiders own 0.34% of the company's stock.

Hedge Funds Weigh In On Progressive

Large investors have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue lifted its stake in Progressive by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider's stock worth $19,426,000 after purchasing an additional 1,800 shares during the last quarter. QRG Capital Management Inc. lifted its stake in Progressive by 36.4% during the first quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider's stock worth $35,893,000 after purchasing an additional 33,864 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH lifted its stake in Progressive by 498.5% during the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider's stock worth $1,431,000 after purchasing an additional 4,212 shares during the last quarter. Hennessy Advisors Inc. bought a new position in Progressive during the first quarter worth $3,141,000. Finally, TCW Group Inc. lifted its stake in Progressive by 4.5% during the first quarter. TCW Group Inc. now owns 12,034 shares of the insurance provider's stock worth $3,406,000 after purchasing an additional 523 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.

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