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

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

Several other research analysts have also issued reports on PGR. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target for the company in a research report on Thursday, December 26th. Keefe, Bruyette & Woods dropped their price target on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a research report on Friday, January 10th. HSBC lowered shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target for the company. in a research report on Tuesday, December 10th. Evercore ISI raised their price objective on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Finally, Hsbc Global Res lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $277.59.

Progressive Price Performance

PGR traded up $4.29 during trading on Tuesday, reaching $276.92. The stock had a trading volume of 1,421,924 shares, compared to its average volume of 2,512,483. The firm has a market capitalization of $162.23 billion, a price-to-earnings ratio of 19.21, a price-to-earnings-growth ratio of 1.70 and a beta of 0.42. 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 stock has a 50 day moving average of $247.35 and a two-hundred day moving average of $249.74.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, topping 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, equities analysts anticipate that Progressive will post 14.68 EPS for the current fiscal year.

Insider Buying and Selling at Progressive

In other Progressive news, insider Andrew J. Quigg sold 681 shares of Progressive stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $164,870.10. Following the sale, the insider now directly owns 33,612 shares in the company, valued at approximately $8,137,465.20. The trade was a 1.99 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction on Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the completion of the sale, the chief financial officer now owns 292,958 shares in the company, valued at $78,539,110.22. The trade was a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,361 shares of company stock worth $13,983,575. Insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Versant Capital Management Inc increased its stake in shares of Progressive by 98.2% during the 4th quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider’s stock worth $189,000 after purchasing an additional 391 shares during the last quarter. Townsquare Capital LLC raised its position in shares of Progressive by 90.9% in the 3rd quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider’s stock valued at $1,983,000 after buying an additional 3,720 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased 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 worth $1,286,036,000 after purchasing an additional 330,667 shares in the last quarter. Assenagon Asset Management S.A. increased its position in Progressive by 2,262.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 433,999 shares of the insurance provider’s stock worth $103,990,000 after purchasing an additional 415,628 shares in the last quarter. Finally, Signal Advisors Wealth LLC increased its position in Progressive by 42.3% during the 4th quarter. Signal Advisors Wealth LLC now owns 11,889 shares of the insurance provider’s stock worth $2,849,000 after purchasing an additional 3,534 shares in the last quarter. 85.34% of the stock is currently 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.