Morgan Stanley Lowers Progressive (NYSE:PGR) Price Target to $300.00

Progressive (NYSE:PGR) had its price objective dropped by investment analysts at Morgan Stanley from $310.00 to $300.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the insurance provider’s stock. Morgan Stanley’s target price suggests a potential upside of 23.54% from the company’s current price.

PGR has been the subject of several other research reports. TD Cowen increased their price objective on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a report on Friday, November 8th. Barclays dropped their target price on Progressive from $277.00 to $261.00 and set an “equal weight” rating for the company in a report on Monday, January 6th. JPMorgan Chase & Co. raised their price target on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research report on Friday, January 3rd. BMO Capital Markets decreased their target price on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Finally, Bank of America lifted their price target on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $274.65.

Progressive Trading Down 0.3 %

Progressive stock traded down $0.85 during trading hours on Tuesday, reaching $242.83. 701,977 shares of the company’s stock traded hands, compared to its average volume of 2,384,566. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The firm has a market capitalization of $142.25 billion, a price-to-earnings ratio of 17.64, a PEG ratio of 0.64 and a beta of 0.41. The firm’s 50 day moving average is $249.85 and its 200-day moving average is $242.95. Progressive has a fifty-two week low of $169.57 and a fifty-two week high of $270.62.

Insiders Place Their Bets

In other news, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the sale, the chief financial officer now owns 282,958 shares of the company’s stock, valued at approximately $67,530,756.28. This represents a 3.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew J. Quigg sold 681 shares of the stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $164,870.10. Following the sale, the insider now owns 33,612 shares of the company’s stock, valued at $8,137,465.20. This trade represents a 1.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,938 shares of company stock worth $7,473,490 in the last ninety days. 0.34% of the stock is owned by company insiders.

Institutional Trading of Progressive

A number of hedge funds have recently bought and sold shares of PGR. Geode Capital Management LLC grew its position in Progressive by 13.2% in 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 last quarter. Jennison Associates LLC lifted its position in Progressive by 21.6% in the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after buying an additional 842,109 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its position in Progressive by 75.3% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock worth $379,139,000 after buying an additional 641,943 shares in the last quarter. International Assets Investment Management LLC raised its holdings in shares of Progressive by 29,701.6% during the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock valued at $151,325,000 after purchasing an additional 594,330 shares in the last quarter. Finally, SG Americas Securities LLC grew its stake in Progressive by 206.8% in the 3rd quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock valued at $222,207,000 after buying an additional 590,235 shares during the last quarter. Institutional investors and hedge funds 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.