Progressive (PGR) Hits New 52-Week High at $21.29 : Shares of Progressive (PGR) hit a new 52-week high on Friday. The stock traded as high as $21.29 during mid-day trading and last traded at $21.25. The stock previously closed at $21.13.
Separately, analysts at Bank of America Merrill Lynch upgraded shares of Progressive from a “neutral” rating to a “buy” rating in a research note to investors on Friday, March 4th. Also, analysts at Zacks Investment Research reiterated a “neutral” rating on shares of Progressive in a research note to investors on Wednesday, February 23rd. They now have a $21.00 price target on the stock.
The Progressive Corporation is an insurance holding company. As of December 31, 2009, the Company had 53 subsidiaries and one mutual insurance company affiliate. These insurance subsidiaries and affiliate provide personal and commercial automobile insurance and other specialty property-casualty insurance and related services. Its property-casualty insurance products protect its customers against losses due to collision and physical damage to their motor vehicles and 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 support its insurance and investment operations. The Company operates its businesses throughout the United States. In December 2009, it began selling personal auto insurance in Australia.
Shares of Progressive traded up 0.57% during mid-day trading on Friday, hitting $21.25. Progressive has a 52 week low of $18.41 and a 52 week high of $22.13. The stock’s 50-day moving average is $20.57 and its 200-day moving average is $20.5. The company has a market cap of $14.026 billion and a price-to-earnings ratio of 13.12.
Progressive last announced its quarterly results on Thursday, January 20th. The company reported $0.45 earnings per share (EPS) for the previous quarter, beating the Thomson Reuters consensus estimate of $0.36 EPS by $0.09. During the same quarter in the prior year, the company posted $0.46 earnings per share. The company’s quarterly revenue was down 3.6% on a year-over-year basis. On average, analysts predict that Progressive will post $0.39 EPS next quarter.
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