Credit Suisse Boosts Rating On Progressive Corporation (The) (PGR) To “Neutral”

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Progressive Corporation (The) (NYSE:PGR).

On September 19 UBS kept the stock rating at “Buy” and raised the price expectation to $52.00 from $31.00. September 18 investment analysts at Credit Suisse maintained a company rating of “Underperform” and moved up the price target from $30.00 to $42.00.

On July 13, 2017 the stock rating was rated “Strong Buy” by Raymond James which was a boost from the previous “Outperform” rating.

In the market the company is trading down by 0.02% percent from yesterday’s close. It is currently trading at $47.62 which is just over $47.13, the stock’s 50 day moving average and much higher than the 200 day moving average of $43.28. The 50 day moving average went up $0.49 or +1.05% whereas the 200 day average was up by +10.02%.

The Progressive Corporation, launched on February 4, 1965, is an insurance holding company. The Business’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments. It also offers vehicle insurance products that 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. The Business’s property insurance products protect its customers against losses due to damages to their structure or possessions within the structure, as well as liability for accidents occurring in the structure or on the property. Its non-insurance subsidiaries and affiliates generally support the Business’s insurance and investment operations. The Company operates its vehicle businesses and property business in the United States. The Company also sells personal auto physical damage and auto property damage liability insurance in Australia..

The P/E ratio is currently 20.26 and market cap is 27.67B. In the latest earnings report the EPS was $2.35 and is expected to be $2.47 for the current year with 581,048,000 shares currently outstanding. Next quarter’s EPS is expected be $0.65 with next year’s EPS anticipated to be $2.74.

Investors are a little more bearish on shares of the company if you watch the motion in short interest. The stock recorded a rise in short interest between August 15, 2017 and August 31, 2017 of 4.25%. Short shares increased from 7,150,522 to 7,454,475 over that timeframe. The days to cover decreased to 2.0 and the short interest percentage is 0.01% as of August 31.