Barclays Boosts Progressive (NYSE:PGR) Price Target to $297.00

Progressive (NYSE:PGR) had its target price lifted by Barclays from $285.00 to $297.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the insurance provider’s stock. Barclays‘s target price indicates a potential upside of 7.70% from the company’s previous close.

PGR has been the subject of several other reports. Jefferies Financial Group cut their price target on shares of Progressive from $327.00 to $319.00 and set a “buy” rating for the company in a report on Friday. Morgan Stanley boosted their target price on Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. BMO Capital Markets lowered their price target on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Roth Mkm boosted their price objective on Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. Finally, Wells Fargo & Company raised their target price on shares of Progressive from $317.00 to $320.00 and gave the company an “overweight” rating in a research note on Thursday. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and a consensus price target of $283.71.

Progressive Stock Performance

NYSE PGR opened at $275.78 on Friday. The firm has a market cap of $161.67 billion, a P/E ratio of 19.15, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The company’s 50 day moving average is $271.85 and its 200-day moving average is $257.20. Progressive has a 12-month low of $201.34 and a 12-month high of $292.99.

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

Insider Buying and Selling at Progressive

In related news, CAO Mariann Wojtkun Marshall sold 585 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $142,324.65. Following the sale, the chief accounting officer now directly owns 3,983 shares of the company’s stock, valued at $969,024.07. This trade represents a 12.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Carl G. Joyce sold 360 shares of the business’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $276.17, for a total value of $99,421.20. Following the transaction, the chief accounting officer now owns 655 shares in the company, valued at approximately $180,891.35. This represents a 35.47 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 56,317 shares of company stock worth $14,844,282. 0.34% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Progressive

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

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.