Keefe Bruyette Issues a Downgrade on Progressive (NYSE:PGR) Shares. What’s Next?

May 17, 2018 - By Hazel Jackson

The Progressive Corporation (NYSE:PGR) Logo

Investors sentiment increased to 1.17 in 2017 Q4. 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.

Washington Trust Natl Bank has 280 shares for 0% of their portfolio. Swiss Savings Bank holds 0.16% of its portfolio in The Progressive Corporation (NYSE:PGR) for 2.64M shares. Cibc Mkts Incorporated holds 0.01% of its portfolio in The Progressive Corporation (NYSE:PGR) for 51,626 shares. Oregon Pub Employees Retirement Fund has invested 0.13% in The Progressive Corporation (NYSE:PGR). Tarbox Family Office holds 0.01% of its portfolio in The Progressive Corporation (NYSE:PGR) for 256 shares. Alps Advsrs Inc has 0.01% invested in The Progressive Corporation (NYSE:PGR). Principal owns 5.00M shares for 0.26% of their portfolio. Teachers Retirement System Of The State Of Kentucky has invested 0.04% in The Progressive Corporation (NYSE:PGR). Illinois-based Hightower Advsrs has invested 0% in The Progressive Corporation (NYSE:PGR). Renaissance Tech has invested 0.31% in The Progressive Corporation (NYSE:PGR). 14,265 were reported by Waverton Invest Management. Qs Invsts Limited Liability holds 15,998 shares or 0.01% of its portfolio. Panagora Asset reported 81,150 shares. Zwj Counsel owns 30,932 shares or 0.14% of their US portfolio. C M Bidwell And Associate Ltd has invested 0.7% in The Progressive Corporation (NYSE:PGR).

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

Progressive (NYSE:PGR) Receives a Downgrade

Keefe Bruyette has downgraded the rating for shares of Progressive (NYSE:PGR) to a solid Mkt Perform in analysts report issued to investors and clients on Thursday, 17 May. PGR’s previous rating by the firm 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 0.21% above currents $60.435 stock price. Progressive had 16 analyst reports since December 4, 2017 according to SRatingsIntel. The firm has “Equal-Weight” rating by Morgan Stanley given on Wednesday, April 18. Sandler O’Neill maintained the stock with “Buy” rating in Tuesday, April 17 report. The company was maintained on Monday, December 4 by Keefe Bruyette & Woods. Keefe Bruyette & Woods maintained The Progressive Corporation (NYSE:PGR) on Wednesday, March 14 with “Buy” rating. FBR Capital maintained the shares of PGR in report on Monday, April 16 with “Hold” rating. The firm has “Buy” rating by UBS given on Thursday, January 25. Sandler O’Neill maintained the shares of PGR in report on Thursday, February 15 with “Buy” rating. Sandler O’Neill maintained The Progressive Corporation (NYSE:PGR) rating on Wednesday, March 14. Sandler O’Neill has “Buy” rating and $68.0 target. Keefe Bruyette & Woods maintained The Progressive Corporation (NYSE:PGR) on Tuesday, April 17 with “Buy” rating. Sandler O’Neill maintained the shares of PGR in report on Thursday, March 1 with “Buy” rating.

The stock decreased 1.91% or $1.175 during the last trading session, reaching $60.435. About 2.14M shares traded. 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 EPS, up 42.37 % or $0.25 from last year’s $0.59 per share. PGR’s profit will be $489.20M for 17.99 P/E if the $0.84 EPS becomes a reality. After $1.22 actual EPS 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 $35.20 billion. The Company’s Personal Lines segment writes insurance for personal autos, and recreational and other vehicles. It has a 22.22 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 important recent The Progressive Corporation (NYSE:PGR) news were published by: Seekingalpha.com which released: “Progressive’s Dashboard Report – March 2018 Update” on April 18, 2018, also Benzinga.com published article titled: “Benzinga’s Top Upgrades, Downgrades For May 17, 2018”, 247Wallst.com published: “Top Analyst Upgrades and Downgrades: AIG, Baxter, Cisco, Eiger Bio, Energy Transfer, Juniper, NOV, Phillips 66 …” on May 17, 2018. More interesting news about The Progressive Corporation (NYSE:PGR) was released by: Crainscleveland.com and their article: “Progressive Corp. appoints its first female board chair” with publication date: May 14, 2018.

The Progressive Corporation (NYSE:PGR) Institutional Positions Chart

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