Wall Street Zen upgraded shares of Progressive (NYSE:PGR – Free Report) from a hold rating to a buy rating in a research report sent to investors on Saturday.
Several other equities analysts have also recently weighed in on the company. BMO Capital Markets raised their price objective on Progressive from $282.00 to $288.00 and gave the company an “outperform” rating in a research note on Thursday, April 17th. JPMorgan Chase & Co. raised their price objective on Progressive from $267.00 to $287.00 and gave the company an “overweight” rating in a research note on Tuesday, April 8th. Roth Mkm raised their price objective on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Morgan Stanley set a $330.00 price objective on Progressive and gave the company an “overweight” rating in a research note on Monday, May 19th. Finally, Barclays raised their price objective on Progressive from $285.00 to $297.00 and gave the company an “equal weight” rating in a research note on Friday, April 11th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $288.88.
View Our Latest Analysis on Progressive
Progressive Price Performance
Progressive (NYSE:PGR – Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.28 by $0.37. Progressive had a return on equity of 33.50% and a net margin of 11.10%. The business had revenue of $22.21 billion for the quarter, compared to analysts’ expectations of $21.87 billion. Sell-side analysts anticipate that Progressive will post 14.68 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, Director Devin C. Johnson sold 400 shares of Progressive stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $275.04, for a total value of $110,016.00. Following the completion of the sale, the director now owns 8,370 shares of the company’s stock, valued at approximately $2,302,084.80. This trade represents a 4.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $268.59, for a total value of $2,685,900.00. Following the completion of the sale, the chief financial officer now directly owns 248,024 shares of the company’s stock, valued at approximately $66,616,766.16. This trade represents a 3.88% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,157 shares of company stock valued at $9,352,400. 0.34% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in PGR. Norges Bank purchased a new position in Progressive during the 4th quarter valued at about $1,843,045,000. Nuveen LLC purchased a new position in Progressive during the 1st quarter valued at about $1,473,180,000. GQG Partners LLC grew its holdings in Progressive by 61.4% during the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock valued at $2,362,039,000 after buying an additional 3,174,632 shares in the last quarter. GAMMA Investing LLC grew its holdings in Progressive by 39,285.0% during the 1st quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider’s stock valued at $862,059,000 after buying an additional 3,038,303 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Progressive during the 4th quarter valued at about $408,416,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.
About Progressive
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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