Progressive (NYSE:PGR) Receives Downgrade From Keefe Bruyette \u0026 Woods. Will Other Analysts Follow Suit?

May 17, 2018 - By Robert Crowder

The Progressive Corporation (NYSE:PGR) Logo

Investors sentiment increased to 1.17 in Q4 2017. Its up 0.10, from 1.07 in 2017Q3. It increased, as 32 investors sold The Progressive Corporation shares while 198 reduced holdings. 81 funds opened positions while 189 raised stakes. 453.53 million shares or 1.27% more from 447.86 million shares in 2017Q3 were reported.

Wetherby Asset Management owns 17,285 shares. Royal Bank & Trust Of Canada invested in 926,989 shares or 0.02% of the stock. Westpac Banking has invested 0.05% in The Progressive Corporation (NYSE:PGR). Gulf Savings Bank (Uk) Ltd, United Kingdom-based fund reported 181,854 shares. Nordea Invest Mgmt owns 389,153 shares or 0.05% of their US portfolio. Sumitomo Mitsui Trust Hldgs Inc reported 1.96M shares. Westwood Mgmt Corporation Il, Illinois-based fund reported 30,000 shares. Pinnacle Wealth Advisory Gru, a New Jersey-based fund reported 5,400 shares. Parallax Volatility Advisers L P reported 13,932 shares stake. Institute For Wealth Mngmt Ltd Liability accumulated 0.27% or 21,109 shares. Tiverton Asset Mngmt Ltd Liability invested in 7,461 shares or 0.03% of the stock. Rothschild Inv Il reported 40,075 shares. Cubic Asset holds 0.12% of its portfolio in The Progressive Corporation (NYSE:PGR) for 7,800 shares. Van Cleef Asset Managementinc owns 917,572 shares or 12.74% of their US portfolio. Mackenzie Fin accumulated 1.64M shares.

Since April 25, 2018, it had 0 insider buys, and 1 insider sale for $121,236 activity.

Progressive (NYSE:PGR) Receives a Downgrade

In an analyst report revealed to clients and investors on Thursday morning, Keefe Bruyette \u0026 Woods has decided to cut rating on Progressive (NYSE:PGR) shares to a Market Perform. PGR’s prior rating was a Outperform.

The Progressive Corporation (NYSE:PGR) Ratings Coverage

Among 10 analysts covering Progressive (NYSE:PGR), 6 have Buy rating, 0 Sell and 4 Hold. Therefore 60% are positive. Progressive has $6900 highest and $48.0 lowest target. $60.56’s average target is 0.33% above currents $60.36 stock price. Progressive had 16 analyst reports since December 4, 2017 according to SRatingsIntel. On Wednesday, March 14 the stock rating was maintained by Keefe Bruyette & Woods with “Buy”. The stock of The Progressive Corporation (NYSE:PGR) earned “Buy” rating by Keefe Bruyette & Woods on Wednesday, February 14. Morgan Stanley maintained it with “Equal-Weight” rating and $64 target in Wednesday, April 18 report. The company was maintained on Wednesday, March 14 by Sandler O’Neill. M Partners maintained the stock with “Buy” rating in Thursday, January 25 report. UBS maintained it with “Buy” rating and $64 target in Thursday, January 25 report. Keefe Bruyette & Woods maintained the shares of PGR in report on Tuesday, April 17 with “Buy” rating. Keefe Bruyette & Woods maintained it with “Buy” rating and $60.0 target in Monday, December 4 report. On Tuesday, April 17 the stock rating was maintained by Sandler O’Neill with “Buy”. FBR Capital maintained The Progressive Corporation (NYSE:PGR) rating on Monday, April 16. FBR Capital has “Hold” rating and $5400 target.

The stock decreased 2.03% or $1.25 during the last trading session, reaching $60.36. About 3.64M shares traded or 19.71% up from the average. The Progressive Corporation (NYSE:PGR) has risen 52.71% since May 17, 2017 and is uptrending. It has outperformed by 41.16% the S&P500.

Analysts await The Progressive Corporation (NYSE:PGR) to report earnings on July, 17. They expect $0.84 earnings per share, up 42.37 % or $0.25 from last year’s $0.59 per share. PGR’s profit will be $489.19 million for 17.96 P/E if the $0.84 EPS becomes a reality. After $1.22 actual earnings per share reported by The Progressive Corporation for the previous quarter, Wall Street now forecasts -31.15 % negative EPS growth.

The Progressive Corporation, through its subsidiaries, provides personal and commercial property-casualty insurance, and other specialty property-casualty insurance and related services primarily in the United States. The company has market cap of $35.15 billion. The Company’s Personal Lines segment writes insurance for personal autos, and recreational and other vehicles. It has a 22.19 P/E ratio. This segmentÂ’s products include personal auto insurance; and special lines products, including insurance for motorcycles, ATVs, RVs, mobile homes, watercraft, and snowmobiles.

More recent The Progressive Corporation (NYSE:PGR) news were published by: Benzinga.com which released: “Benzinga’s Top Upgrades, Downgrades For May 17, 2018” on May 17, 2018. Also Crainscleveland.com published the news titled: “Progressive Corp. appoints its first female board chair” on May 14, 2018. Seekingalpha.com‘s news article titled: “Progressive’s Dashboard Report – March 2018 Update” with publication date: April 18, 2018 was also an interesting one.

The Progressive Corporation (NYSE:PGR) Institutional Positions Chart

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