Progressive (NYSE:PGR) Price Target Raised to $315.00

Progressive (NYSE:PGR) had its price target lifted by equities research analysts at Roth Mkm from $290.00 to $315.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the insurance provider’s stock. Roth Mkm’s price objective would indicate a potential upside of 13.75% from the stock’s previous close.

Several other research analysts have also issued reports on the stock. Morgan Stanley increased their target price on shares of Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. BMO Capital Markets lowered their target price on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Raymond James upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 target price for the company in a report on Thursday, December 26th. JPMorgan Chase & Co. raised their price objective on shares of Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a report on Friday, January 3rd. Finally, Barclays raised their price objective on shares of Progressive from $261.00 to $264.00 and gave the stock an “equal weight” rating in a report on Tuesday, February 18th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $277.59.

Progressive Trading Up 1.6 %

NYSE PGR traded up $4.29 on Tuesday, hitting $276.92. The company’s stock had a trading volume of 1,421,924 shares, compared to its average volume of 2,512,483. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. Progressive has a 1-year low of $186.94 and a 1-year high of $278.21. The company’s 50-day moving average is $247.35 and its 200 day moving average is $249.74. The firm has a market cap of $162.23 billion, a PE ratio of 19.21, a PEG ratio of 1.70 and a beta of 0.42.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. As a group, analysts predict that Progressive will post 14.68 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Andrew J. Quigg sold 681 shares of the business’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $164,870.10. Following the completion of the sale, the insider now owns 33,612 shares of the company’s stock, valued at $8,137,465.20. The trade was a 1.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Lori A. Niederst sold 3,855 shares of the business’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $247.06, for a total transaction of $952,416.30. Following the sale, the insider now directly owns 39,040 shares of the company’s stock, valued at approximately $9,645,222.40. The trade was a 8.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,361 shares of company stock valued at $13,983,575 over the last ninety days. 0.34% of the stock is owned by insiders.

Institutional Trading of Progressive

Several hedge funds have recently made changes to their positions in the business. Webster Bank N. A. bought a new position in Progressive in the 4th quarter worth about $26,000. Hager Investment Management Services LLC purchased a new position in shares of Progressive in the fourth quarter worth $28,000. Minot DeBlois Advisors LLC purchased a new position in shares of Progressive in the fourth quarter worth $28,000. Atlantic Edge Private Wealth Management LLC raised its holdings in shares of Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after buying an additional 41 shares during the last quarter. Finally, Valley National Advisers Inc. raised its holdings in shares of Progressive by 3,000.0% in the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock worth $29,000 after buying an additional 120 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

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.