Progressive (NYSE:PGR) PT Raised to $275.00

Progressive (NYSE:PGR) had its price objective increased by Keefe, Bruyette & Woods from $255.00 to $275.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has an “outperform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 8.31% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. Jefferies Financial Group increased their price objective on Progressive from $256.00 to $257.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target for the company in a research report on Monday, August 12th. Evercore ISI raised their target price on shares of Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Finally, Morgan Stanley dropped their target price on shares of Progressive from $256.00 to $255.00 and set an “overweight” rating for the company in a research report on Monday, June 10th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Progressive has an average rating of “Moderate Buy” and an average price target of $237.24.

Progressive Price Performance

Progressive stock opened at $253.91 on Tuesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. Progressive has a one year low of $133.15 and a one year high of $254.83. The firm has a market capitalization of $148.71 billion, a P/E ratio of 25.99, a PEG ratio of 0.83 and a beta of 0.35. The business has a fifty day moving average price of $223.88 and a 200-day moving average price of $211.99.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.54 billion. During the same quarter in the previous year, the firm earned $0.57 EPS. The company’s quarterly revenue was up 21.6% compared to the same quarter last year. As a group, equities research analysts forecast that Progressive will post 12.2 EPS for the current year.

Insider Activity

In related news, CEO Susan Patricia Griffith sold 43,371 shares of Progressive stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $9,281,827.71. Following the transaction, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CFO John P. Sauerland sold 22,708 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $4,859,739.08. Following the completion of the sale, the chief financial officer now directly owns 302,958 shares in the company, valued at $64,836,041.58. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 43,371 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $9,281,827.71. Following the transaction, the chief executive officer now owns 517,105 shares in the company, valued at approximately $110,665,641.05. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 103,984 shares of company stock valued at $22,564,766. 0.34% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Progressive

A number of large investors have recently made changes to their positions in the business. WR Wealth Planners LLC boosted its holdings in Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO bought a new stake in shares of Progressive during the 1st quarter valued at about $32,000. Sachetta LLC purchased a new position in shares of Progressive during the fourth quarter valued at about $25,000. Northwest Bank & Trust Co bought a new position in Progressive in the fourth quarter worth about $25,000. Finally, Hilltop National Bank lifted its holdings in Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after buying an additional 92 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Progressive Company Profile

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.