Progressive (NYSE:PGR) Price Target Increased to $290.00 by Analysts at Keefe, Bruyette & Woods

Progressive (NYSE:PGR) had its target price hoisted by Keefe, Bruyette & Woods from $280.00 to $290.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 15.38% from the company’s previous close.

Other research analysts have also issued reports about the stock. Jefferies Financial Group increased their price objective on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Bank of America increased their price objective on shares of Progressive from $309.00 to $319.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Barclays initiated coverage on shares of Progressive in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 price target for the company. BMO Capital Markets decreased their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Finally, The Goldman Sachs Group raised their target price on Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Seven investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and a consensus target price of $268.19.

Progressive Trading Down 1.6 %

Shares of PGR stock opened at $251.34 on Wednesday. The business’s 50 day moving average is $248.22 and its two-hundred day moving average is $223.76. Progressive has a twelve month low of $149.14 and a twelve month high of $260.46. The company has a market capitalization of $147.21 billion, a P/E ratio of 25.73, a price-to-earnings-growth ratio of 0.69 and a beta of 0.35. 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 posted its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. During the same period last year, the firm posted $0.57 EPS. The firm’s revenue for the quarter was up 21.6% on a year-over-year basis. Equities analysts forecast that Progressive will post 13.07 EPS for the current year.

Insider Buying and Selling at Progressive

In other news, CFO John P. Sauerland sold 22,708 shares of Progressive stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $4,859,739.08. Following the sale, the chief financial officer now directly owns 302,958 shares of the company’s stock, valued at approximately $64,836,041.58. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CFO John P. Sauerland sold 22,708 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $4,859,739.08. Following the transaction, the chief financial officer now owns 302,958 shares in the company, valued at $64,836,041.58. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 43,371 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the completion of the sale, the chief executive officer now owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 144,383 shares of company stock valued at $33,446,453. 0.34% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Progressive

Large investors have recently modified their holdings of the business. Fisher Asset Management LLC lifted its stake in Progressive by 12.1% during the fourth quarter. Fisher Asset Management LLC now owns 9,920 shares of the insurance provider’s stock worth $1,580,000 after purchasing an additional 1,067 shares during the last quarter. Moody National Bank Trust Division bought a new stake in Progressive during the 1st quarter valued at approximately $345,000. Massmutual Trust Co. FSB ADV lifted its stake in shares of Progressive by 4.3% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 1,765 shares of the insurance provider’s stock valued at $365,000 after purchasing an additional 73 shares during the period. Signal Advisors Wealth LLC purchased a new position in Progressive during the first quarter valued at $528,000. Finally, Fulton Bank N.A. boosted its holdings in shares of Progressive by 5.3% during the 1st quarter. Fulton Bank N.A. now owns 5,518 shares of the insurance provider’s stock valued at $1,141,000 after buying an additional 279 shares in the last quarter. 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.