Progressive (NYSE:PGR) Price Target Raised to $285.00

Progressive (NYSE:PGR) had its price objective hoisted by equities research analysts at Evercore ISI from $277.00 to $285.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the insurance provider’s stock. Evercore ISI’s price target indicates a potential upside of 11.65% from the stock’s previous close.

PGR has been the subject of a number of other research reports. BMO Capital Markets dropped their price target on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Citigroup dropped their target price on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research report on Wednesday, July 17th. Barclays increased their price target on shares of Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 23rd. HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective for the company in a report on Monday, August 12th. Finally, Bank of America increased their target price on Progressive from $319.00 to $331.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Seven analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Progressive has a consensus rating of “Moderate Buy” and an average price target of $265.63.

Progressive Stock Performance

Progressive stock opened at $255.27 on Wednesday. Progressive has a 1-year low of $149.14 and a 1-year high of $260.46. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $149.50 billion, a PE ratio of 18.55, a price-to-earnings-growth ratio of 0.67 and a beta of 0.36. The firm’s 50 day simple moving average is $251.12 and its 200 day simple moving average is $227.59.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 35.21%. The firm had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. As a group, analysts expect that Progressive will post 13.15 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the sale, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the transaction, the chief executive officer now owns 473,735 shares in the company, valued at $119,475,967. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John Jo Murphy sold 9,512 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $237.50, for a total value of $2,259,100.00. Following the completion of the sale, the insider now owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 74,843 shares of company stock valued at $18,674,912. 0.34% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Progressive

A number of institutional investors have recently bought and sold shares of the stock. Concurrent Investment Advisors LLC raised its position in shares of Progressive by 66.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock worth $1,409,000 after acquiring an additional 2,719 shares in the last quarter. Diversified Trust Co raised its holdings in Progressive by 84.3% in the third quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock worth $6,531,000 after purchasing an additional 11,770 shares in the last quarter. Councilmark Asset Management LLC bought a new position in Progressive in the first quarter worth $1,890,000. Sycomore Asset Management lifted its position in Progressive by 9.5% during the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock valued at $5,856,000 after buying an additional 2,450 shares during the period. Finally, Sumitomo Life Insurance Co. purchased a new stake in shares of Progressive in the 2nd quarter worth about $981,000. 85.34% of the stock is owned by institutional investors.

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.