Progressive (NYSE:PGR) PT Raised to $290.00

Progressive (NYSE:PGR) had its target price hoisted by research analysts at Roth Mkm from $270.00 to $290.00 in a report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the insurance provider’s stock. Roth Mkm’s target price points to a potential upside of 13.73% from the stock’s current price.

Several other brokerages have also recently weighed in on PGR. Piper Sandler raised their target price on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Citigroup lowered their price objective on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 17th. JPMorgan Chase & Co. increased their target price on shares of Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a research note on Thursday, July 11th. Keefe, Bruyette & Woods lifted their price target on shares of Progressive from $255.00 to $275.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 3rd. Finally, Bank of America increased their price objective on Progressive from $294.00 to $312.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and an average target price of $256.12.

Progressive Stock Down 0.2 %

Progressive stock opened at $255.00 on Monday. The company’s 50-day moving average price is $229.54 and its two-hundred day moving average price is $215.06. The stock has a market cap of $149.35 billion, a price-to-earnings ratio of 26.10, a PEG ratio of 0.82 and a beta of 0.35. Progressive has a 52 week low of $137.59 and a 52 week high of $256.74. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping the consensus estimate of $2.04 by $0.61. The firm had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.57 earnings per share. On average, analysts expect that Progressive will post 12.29 EPS for the current fiscal year.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 3,050 shares of the business’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $209.81, for a total transaction of $639,920.50. Following the transaction, the insider now directly owns 32,453 shares in the company, valued at approximately $6,808,963.93. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Progressive news, CEO Susan Patricia Griffith sold 43,371 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steven Broz sold 3,050 shares of the firm’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $209.81, for a total transaction of $639,920.50. Following the transaction, the insider now owns 32,453 shares in the company, valued at approximately $6,808,963.93. The disclosure for this sale can be found here. In the last quarter, insiders have sold 146,704 shares of company stock worth $33,367,408. 0.34% of the stock is currently owned by company insiders.

Institutional Trading of Progressive

Institutional investors and hedge funds have recently made changes to their positions in the stock. Sachetta LLC acquired a new stake in Progressive in the 4th quarter worth approximately $25,000. Northwest Bank & Trust Co acquired a new position in Progressive in the 4th quarter valued at $25,000. WR Wealth Planners LLC raised its holdings in Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 67 shares during the period. Indiana Trust & Investment Management CO acquired a new position in Progressive during the 1st quarter worth $32,000. Finally, Hilltop National Bank boosted its holdings in Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares during the period. Institutional investors and hedge funds 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.