Progressive Corp (PGR) was Downgraded by Citigroup to ” Sell”. Earlier the firm had a rating of “Neutral ” on the company shares. Citigroup advised their investors in a research report released on Jun 2, 2016.
Many Wall Street Analysts have commented on Progressive Corp. Company shares were Reiterated by Deutsche Bank on Mar 17, 2016 to “Sell”, Firm has raised the Price Target to $ 29 from a previous price target of $28 .
On the company’s financial health, Progressive Corp reported $0.44 EPS for the quarter, missing the analyst consensus estimate by $ -0.07 based on the information available during the earnings call on Apr 14, 2016. Analyst had a consensus of $0.51. The company had revenue of $5818.00 million for the quarter, compared to analysts expectations of $5788.31 million. The company’s revenue was up 14.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.50 EPS.
Progressive Corp opened for trading at $33.22 and hit $33.45 on the upside on Wednesday, eventually ending the session at $33.4, with a gain of 0.30% or 0.1 points. The heightened volatility saw the trading volume jump to 30,77,607 shares. Company has a market cap of $19,472 M.
In a different news, on May 26, 2016, M Jeffrey Charney (Chief Marketing Officer) sold 5,000 shares at $33.10 per share price. According to the SEC, on Feb 3, 2016, John F Auer (CEO) purchased 50,000 shares at $30.28 per share price. On Jan 5, 2016, Michael D Sieger (Claims President) purchased 18 shares at $26.46 per share price, according to the Form-4 filing with the securities and exchange commission.
The Progressive Corporation is an insurance holding company. The Companys insurance subsidiaries and mutual insurance company affiliate provide personal auto insurance commercial auto and truck insurance principally for small businesses and other specialty property-casualty insurance and related services. The Companys property-casualty insurance products protect its customers against losses due to collision and physical damage to their motor vehicles uninsured and underinsured bodily injury and liability to others for personal injury or property damage arising out of the use of those vehicles. Its non-insurance subsidiaries and limited partnership investment affiliate support its insurance and investment operations.