Progressive (NYSE:PGR) had its price objective raised by analysts at MKM Partners from $55.00 to $65.00 in a report issued on Thursday. The brokerage currently has a “buy” rating on the insurance provider’s stock. MKM Partners’ price objective would suggest a potential upside of 17.48% from the stock’s current price.
A number of other research analysts have also commented on PGR. Wells Fargo & Co set a $55.00 price target on Progressive and gave the company a “hold” rating in a research report on Wednesday, December 13th. Credit Suisse Group restated a “hold” rating and issued a $48.00 price target on shares of Progressive in a research note on Friday, December 15th. Goldman Sachs Group initiated coverage on Progressive in a research note on Monday, December 4th. They issued a “buy” rating and a $57.00 price target on the stock. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $58.00 target price on shares of Progressive in a research note on Friday, November 17th. Finally, B. Riley reiterated a “hold” rating and set a $46.00 target price on shares of Progressive in a research note on Wednesday, November 15th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $50.53.
Progressive (NYSE PGR) traded down $1.72 during trading on Thursday, reaching $55.33. The company had a trading volume of 7,594,800 shares, compared to its average volume of 3,397,431. Progressive has a twelve month low of $36.67 and a twelve month high of $58.25. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.50 and a current ratio of 0.50. The stock has a market capitalization of $32,290.00, a PE ratio of 23.05, a price-to-earnings-growth ratio of 2.36 and a beta of 0.94.
In other Progressive news, insider William M. Cody sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $56.10, for a total value of $1,402,500.00. Following the completion of the transaction, the insider now owns 137,722 shares of the company’s stock, valued at approximately $7,726,204.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CMO M Jeffrey Charney sold 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $49.50, for a total transaction of $297,000.00. Following the completion of the transaction, the chief marketing officer now directly owns 102,038 shares of the company’s stock, valued at approximately $5,050,881. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Lockheed Martin Investment Management Co. acquired a new position in Progressive in the third quarter valued at $872,000. Meeder Asset Management Inc. boosted its holdings in Progressive by 126.4% during the third quarter. Meeder Asset Management Inc. now owns 96,585 shares of the insurance provider’s stock worth $4,677,000 after buying an additional 53,917 shares in the last quarter. Royal Bank of Canada boosted its holdings in Progressive by 20.4% during the second quarter. Royal Bank of Canada now owns 747,020 shares of the insurance provider’s stock worth $32,936,000 after buying an additional 126,317 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Progressive by 12.1% during the second quarter. The Manufacturers Life Insurance Company now owns 691,882 shares of the insurance provider’s stock worth $30,506,000 after buying an additional 74,853 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its position in Progressive by 85.5% during the third quarter. Ameriprise Financial Inc. now owns 880,067 shares of the insurance provider’s stock worth $42,613,000 after acquiring an additional 405,643 shares during the last quarter. Hedge funds and other institutional investors own 79.35% of the company’s stock.
About Progressive
The Progressive Corporation is an insurance holding company. The Company’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.
