Progressive (NYSE:PGR) PT Raised to $290.00

by · The Markets Daily

Progressive (NYSE:PGR – Get Free Report) had its price target upped by equities researchers at Keefe, Bruyette & Woods from $280.00 to $290.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 15.26% from the stock’s previous close.

Other research analysts have also issued reports about the company. Barclays assumed coverage on Progressive in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 target price on the stock. Morgan Stanley upped their target price on Progressive from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. BMO Capital Markets dropped their target price on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. The Goldman Sachs Group upped their target price on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Progressive currently has an average rating of “Moderate Buy” and a consensus price target of $262.12.

Read Our Latest Stock Analysis on Progressive

Progressive Stock Down 0.1 %

Shares of Progressive stock opened at $251.60 on Wednesday. The stock has a 50-day moving average price of $246.77 and a 200 day moving average price of $223.34. The company has a market cap of $147.36 billion, a P/E ratio of 25.75, a P/E/G ratio of 0.69 and a beta of 0.35. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. Progressive has a 1 year low of $149.14 and a 1 year high of $260.46.

Progressive (NYSE:PGR – Get Free Report) last announced its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.61. The firm had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.57 EPS. As a group, analysts expect that Progressive will post 13.07 EPS for the current fiscal year.

Insiders Place Their Bets

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the sale, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Progressive news, insider Steven Broz sold 2,982 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the completion of the sale, the insider now owns 29,334 shares in the company, valued at approximately $7,626,840. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the sale, the director now owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 144,383 shares of company stock worth $33,446,453. 0.34% of the stock is currently owned by company insiders.

Institutional Trading of Progressive

A number of hedge funds have recently modified their holdings of the company. Stillwater Capital Advisors LLC bought a new position in shares of Progressive during the 3rd quarter worth approximately $214,000. HTLF Bank acquired a new stake in Progressive during the 3rd quarter valued at $200,000. Creative Planning increased its holdings in Progressive by 14.9% during the 3rd quarter. Creative Planning now owns 70,443 shares of the insurance provider’s stock valued at $17,876,000 after purchasing an additional 9,114 shares in the last quarter. Sapient Capital LLC acquired a new stake in Progressive during the 3rd quarter valued at $1,444,000. Finally, ORG Wealth Partners LLC acquired a new stake in Progressive during the 3rd quarter valued at $124,000. Institutional investors own 85.34% of the company’s stock.

Progressive Company Profile

(Get Free Report)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.

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