Citigroup Lowers Progressive (NYSE:PGR) Price Target to $300.60

Progressive (NYSE:PGR) had its target price dropped by equities researchers at Citigroup from $301.38 to $300.60 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the insurance provider’s stock. Citigroup’s price objective would suggest a potential upside of 29.70% from the stock’s previous close.

A number of other analysts have also recently commented on PGR. Wall Street Zen cut shares of Progressive from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. Wells Fargo & Company lifted their price target on shares of Progressive from $246.00 to $247.00 and gave the company an “equal weight” rating in a research report on Thursday, November 20th. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 17th. HSBC set a $259.00 price objective on shares of Progressive and gave the stock an “underperform” rating in a report on Monday, November 17th. Finally, Evercore ISI lowered their target price on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a report on Wednesday, October 1st. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Progressive has a consensus rating of “Hold” and a consensus price target of $264.92.

Progressive Price Performance

Shares of Progressive stock opened at $231.76 on Monday. The business’s 50-day moving average price is $223.74 and its 200-day moving average price is $241.82. The firm has a market capitalization of $135.90 billion, a PE ratio of 12.71, a price-to-earnings-growth ratio of 1.05 and a beta of 0.36. Progressive has a 12 month low of $199.90 and a 12 month high of $292.99. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.19.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing the consensus estimate of $5.04 by ($0.59). The business had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same period in the prior year, the firm earned $3.58 earnings per share. Sell-side analysts forecast that Progressive will post 14.68 EPS for the current fiscal year.

Insider Activity

In related news, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $536,977.80. Following the sale, the insider owned 43,506 shares of the company’s stock, valued at approximately $10,532,802.60. This trade represents a 4.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John P. Sauerland sold 5,000 shares of the business’s stock in a transaction on Friday, November 28th. The stock was sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the completion of the transaction, the chief financial officer directly owned 223,024 shares in the company, valued at $50,956,523.52. This trade represents a 2.19% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 17,673 shares of company stock worth $4,163,005 in the last quarter. 0.33% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PGR. Lindenwold Advisors INC grew its holdings in Progressive by 0.9% during the 3rd quarter. Lindenwold Advisors INC now owns 12,329 shares of the insurance provider’s stock valued at $3,045,000 after buying an additional 111 shares in the last quarter. Mirabella Financial Services LLP grew its holdings in shares of Progressive by 176.9% in the third quarter. Mirabella Financial Services LLP now owns 21,300 shares of the insurance provider’s stock valued at $5,250,000 after purchasing an additional 13,609 shares in the last quarter. Hudson Bay Capital Management LP raised its stake in Progressive by 127.0% during the third quarter. Hudson Bay Capital Management LP now owns 1,369 shares of the insurance provider’s stock valued at $338,000 after purchasing an additional 6,434 shares in the last quarter. Alecta Tjanstepension Omsesidigt bought a new position in Progressive during the third quarter valued at $131,757,000. Finally, Allworth Financial LP lifted its holdings in shares of Progressive by 5.9% in the 3rd quarter. Allworth Financial LP now owns 18,897 shares of the insurance provider’s stock valued at $4,667,000 after acquiring an additional 1,048 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

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.