The Progressive Corporation (NYSE:PGR) Receives $266.52 Average Target Price from Brokerages

Shares of The Progressive Corporation (NYSE:PGR) have received an average rating of “Hold” from the twenty research firms that are covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, eleven have issued a hold recommendation, six have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $266.5238.

A number of analysts have recently commented on PGR shares. Wolfe Research assumed coverage on shares of Progressive in a research note on Monday, September 15th. They issued a “peer perform” rating for the company. Wells Fargo & Company increased their price objective on shares of Progressive from $246.00 to $247.00 and gave the company an “equal weight” rating in a research report on Thursday, November 20th. Barclays cut their target price on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a research report on Monday, October 20th. UBS Group decreased their target price on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating for the company in a research note on Wednesday, October 8th. Finally, Raymond James Financial lowered their price target on Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a report on Friday, October 17th.

Insider Transactions at Progressive

In other Progressive news, insider Steven Broz sold 1,345 shares of the stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $228.29, for a total value of $307,050.05. Following the transaction, the insider owned 27,698 shares of the company’s stock, valued at approximately $6,323,176.42. This represents a 4.63% 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, CEO Susan Patricia Griffith sold 30,659 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total value of $7,543,953.54. Following the sale, the chief executive officer owned 476,286 shares of the company’s stock, valued at approximately $117,194,933.16. This represents a 6.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 43,332 shares of company stock worth $10,564,558 in the last ninety days. Insiders own 0.34% of the company’s stock.

Institutional Trading of Progressive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PGR. Rise Advisors LLC grew its position in shares of Progressive by 7.4% during the 1st quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock valued at $147,000 after acquiring an additional 36 shares during the period. Pinnacle Wealth Management Advisory Group LLC lifted its position in Progressive by 2.1% during the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider’s stock valued at $545,000 after purchasing an additional 39 shares in the last quarter. LRI Investments LLC grew its holdings in Progressive by 13.4% during the second quarter. LRI Investments LLC now owns 338 shares of the insurance provider’s stock valued at $90,000 after purchasing an additional 40 shares during the period. True North Advisors LLC grew its holdings in Progressive by 4.0% during the first quarter. True North Advisors LLC now owns 1,055 shares of the insurance provider’s stock valued at $299,000 after purchasing an additional 41 shares during the period. Finally, Prosperity Consulting Group LLC increased its position in Progressive by 1.1% in the first quarter. Prosperity Consulting Group LLC now owns 3,824 shares of the insurance provider’s stock worth $1,082,000 after buying an additional 42 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Trading Up 0.5%

Shares of NYSE:PGR opened at $226.19 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31. Progressive has a 1 year low of $199.90 and a 1 year high of $292.99. The company has a market cap of $132.64 billion, a P/E ratio of 12.41, a PEG ratio of 1.19 and a beta of 0.29. The stock’s fifty day moving average price is $228.11 and its 200-day moving average price is $247.35.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The business had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. During the same quarter in the previous year, the business posted $3.58 earnings per share. Sell-side analysts expect that Progressive will post 14.68 earnings per share for the current year.

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.