The Ohio-based insurance company The Progressive Co. (NYSE:PGR) has recently been given an overall rating of "Hold" by 18 analysts who cover the firm.
According to recent reports from Bloomberg Ratings, two analysts marked a sell rating, while six gave it a hold rating, and nine considered it a buy. The average 1-year target price for The Progressive Co. is $148.20, according to the same reports.
Several institutional investors and hedge funds, including Heartland Bank & Trust Co., CWA Asset Management Group LLC, Czech National Bank, Valeo Financial Advisors LLC, and Claro Advisors LLC, have assessed the performance results of The Progressive Co.
Heartland Bank & Trust Co. saw a surge in its stake in the company with an increase of 6.4%. CWA Asset Management Group LLC bought a new position in shares during Q1 worth approximately $242,000. Czech National Bank lifted its stake by 0.6% during Q1, which now amounts to over $9 million worth of investment in Progressive shares on their balance sheet.
Valeo Financial Advisors LLC invested significantly in Progressive shares, increasing their stake by 54% during Q1, which now values at around $498,000. Claro Advisors LLC bought new positions in shares of Progressive during Q1, worth approximately $206k according to insiders.
On January 25th, 2021, The Progressive Co. announced its quarterly earnings, which exceeded analyst expectations. The company's revenue for the quarter was $13.54 billion, beating analyst estimates of $13.33 billion. The company's EPS for the quarter was $1.50, exceeding expectations by $0.01. This gain has been attributed positively to the recent rating boost.
The investment from institutional investors and hedge funds indicates much growth potential for The Progressive Co. The company now has an opportunity to capitalize on this potential and make strategic decisions accordingly to leverage this growth potential to its benefit. With an overall rating of "Hold" and a 1-year target price of $148.20, The Progressive Co. has room for growth and an opportunity to improve its position in the insurance industry.
