Wells Fargo & Company Analysts Give Progressive (PGR) a $55.00 Price Target

Wells Fargo & Company set a $55.00 target price on Progressive (NYSE:PGR) in a research report report published on Wednesday morning. The firm currently has a hold rating on the insurance provider’s stock.

“We are in a hard auto market, which should benefit PGR and other writers in the space, as auto is the only segment of the insurance market getting price. As PGR pushes for more growth and less rate we believe PGR should see some margin volatility and believe the shares are fairly valued at current levels. $ 2016A 2017E 2018E EPS Curr. Curr.”,” the firm’s analyst wrote.

PGR has been the topic of a number of other reports. B. Riley reissued a hold rating and set a $46.00 price target on shares of Progressive in a research note on Wednesday, November 15th. Morgan Stanley lifted their price target on Progressive from $49.00 to $51.00 and gave the company an equal weight rating in a research note on Wednesday, October 18th. Barclays lifted their price target on Progressive from $41.00 to $43.00 and gave the company an underweight rating in a research note on Monday, October 16th. Credit Suisse Group lifted their price target on Progressive from $38.00 to $42.00 and gave the company an underperform rating in a research note on Monday, September 18th. Finally, Buckingham Research initiated coverage on Progressive in a research note on Monday, September 11th. They set an underperform rating and a $40.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $50.41.

Progressive (PGR) traded up $0.32 during trading on Wednesday, reaching $55.46. The company’s stock had a trading volume of 5,240,391 shares, compared to its average volume of 2,845,431. Progressive has a 1 year low of $35.23 and a 1 year high of $56.23. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.50 and a current ratio of 0.50. The company has a market capitalization of $32,069.42, a PE ratio of 24.08, a PEG ratio of 3.12 and a beta of 0.94.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.07. Progressive had a return on equity of 15.40% and a net margin of 5.41%. The firm had revenue of $7.14 billion for the quarter, compared to analysts’ expectations of $7.04 billion. During the same quarter in the previous year, the business posted $0.34 earnings per share. The business’s revenue for the quarter was up 18.1% on a year-over-year basis. research analysts forecast that Progressive will post 2.41 earnings per share for the current year.

In related news, insider M Jeffrey Charney sold 6,000 shares of Progressive stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $48.90, for a total value of $293,400.00. Following the transaction, the insider now directly owns 108,038 shares of the company’s stock, valued at $5,283,058.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Jeffrey W. Basch sold 9,000 shares of Progressive stock in a transaction that occurred on Wednesday, October 18th. The stock was sold at an average price of $48.23, for a total value of $434,070.00. Following the completion of the transaction, the insider now directly owns 70,965 shares in the company, valued at $3,422,641.95. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,000 shares of company stock worth $1,024,470. 0.56% of the stock is owned by insiders.

Several institutional investors have recently bought and sold shares of PGR. Janus Henderson Group PLC lifted its stake in shares of Progressive by 8,999.0% in the second quarter. Janus Henderson Group PLC now owns 6,472,777 shares of the insurance provider’s stock worth $285,384,000 after acquiring an additional 6,401,640 shares during the period. William Blair Investment Management LLC lifted its stake in shares of Progressive by 24,360.1% in the second quarter. William Blair Investment Management LLC now owns 4,799,062 shares of the insurance provider’s stock worth $211,591,000 after acquiring an additional 4,779,442 shares during the period. Artisan Partners Limited Partnership lifted its stake in shares of Progressive by 40.4% in the second quarter. Artisan Partners Limited Partnership now owns 11,586,365 shares of the insurance provider’s stock worth $510,843,000 after acquiring an additional 3,332,180 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Progressive by 55.9% in the third quarter. Bank of New York Mellon Corp now owns 7,492,446 shares of the insurance provider’s stock worth $362,783,000 after acquiring an additional 2,687,224 shares during the period. Finally, Wells Fargo & Company MN lifted its stake in shares of Progressive by 49.2% in the third quarter. Wells Fargo & Company MN now owns 6,780,314 shares of the insurance provider’s stock worth $328,303,000 after acquiring an additional 2,234,425 shares during the period. 79.55% of the stock is currently owned by institutional investors.

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About Progressive

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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