Progressive (NYSE:PGR) Stock Rating Lowered by HSBC

Progressive (NYSE:PGR) was downgraded by analysts at HSBC from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday, MarketBeat reports. They currently have a $267.00 price objective on the insurance provider’s stock. HSBC’s target price points to a potential upside of 7.72% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Roth Mkm increased their target price on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Keefe, Bruyette & Woods raised their target price on shares of Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. The Goldman Sachs Group increased their price target on Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Finally, Piper Sandler boosted their price objective on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Six equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Progressive has an average rating of “Moderate Buy” and an average price target of $270.69.

Progressive Trading Down 2.6 %

Shares of PGR stock opened at $247.86 on Tuesday. Progressive has a 1-year low of $149.14 and a 1-year high of $270.62. The firm’s 50-day simple moving average is $254.52 and its 200-day simple moving average is $235.83. The firm has a market cap of $145.20 billion, a P/E ratio of 18.01, a PEG ratio of 0.70 and a beta of 0.38. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.18. The company had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. As a group, equities analysts forecast that Progressive will post 13.2 EPS for the current year.

Insider Transactions at Progressive

In other news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $268.09, for a total value of $2,680,900.00. Following the completion of the transaction, the chief financial officer now owns 292,958 shares in the company, valued at approximately $78,539,110.22. This trade represents a 3.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the sale, the director now directly owns 13,723 shares in the company, valued at approximately $3,462,038.44. This represents a 13.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,839 shares of company stock valued at $6,718,965. Insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. State Street Corp lifted its holdings in Progressive by 1.3% in the third quarter. State Street Corp now owns 24,683,807 shares of the insurance provider’s stock worth $6,263,763,000 after acquiring an additional 315,411 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Progressive by 13.2% during the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock worth $3,652,235,000 after purchasing an additional 1,682,213 shares during the period. FMR LLC lifted its holdings in shares of Progressive by 1.6% in the 3rd quarter. FMR LLC now owns 10,518,615 shares of the insurance provider’s stock worth $2,669,204,000 after purchasing an additional 170,618 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Progressive by 7.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock valued at $1,286,036,000 after purchasing an additional 330,667 shares during the period. Finally, Legal & General Group Plc grew its stake in Progressive by 1.9% during the 2nd quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock worth $1,022,507,000 after buying an additional 92,212 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

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.