Citigroup Cuts Progressive (NYSE:PGR) Price Target to $104.00

Progressive (NYSE:PGRGet Rating) had its target price cut by Citigroup from $106.00 to $104.00 in a research report released on Tuesday morning, The Fly reports. They currently have a sell rating on the insurance provider’s stock.

Several other research firms have also issued reports on PGR. Morgan Stanley boosted their target price on Progressive from $121.00 to $130.00 and gave the stock an equal weight rating in a research report on Friday, August 19th. Raymond James boosted their target price on Progressive from $135.00 to $140.00 and gave the stock an outperform rating in a research report on Monday, August 29th. Evercore ISI decreased their target price on Progressive to $133.00 in a research report on Thursday, October 20th. Credit Suisse Group boosted their target price on Progressive from $124.00 to $127.00 and gave the stock a neutral rating in a research report on Thursday, August 18th. Finally, Barclays decreased their target price on Progressive from $106.00 to $104.00 and set an underweight rating for the company in a research report on Friday, October 14th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $120.38.

Progressive Stock Performance

Shares of NYSE:PGR opened at $130.09 on Tuesday. The stock has a market capitalization of $76.11 billion, a P/E ratio of 92.26, a P/E/G ratio of 1.68 and a beta of 0.47. Progressive has a 1-year low of $92.09 and a 1-year high of $131.49. The business has a 50-day moving average price of $123.98 and a two-hundred day moving average price of $119.71. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.45.

Insiders Place Their Bets

In other Progressive news, insider Daniel P. Mascaro sold 3,930 shares of the company’s stock in a transaction that occurred on Friday, November 18th. The stock was sold at an average price of $129.59, for a total transaction of $509,288.70. Following the completion of the transaction, the insider now owns 42,818 shares of the company’s stock, valued at approximately $5,548,784.62. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Patrick K. Callahan sold 19,068 shares of the company’s stock in a transaction that occurred on Friday, September 16th. The stock was sold at an average price of $125.77, for a total transaction of $2,398,182.36. Following the sale, the insider now owns 13,151 shares in the company, valued at approximately $1,654,001.27. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Daniel P. Mascaro sold 3,930 shares of the company’s stock in a transaction that occurred on Friday, November 18th. The stock was sold at an average price of $129.59, for a total value of $509,288.70. Following the sale, the insider now owns 42,818 shares in the company, valued at approximately $5,548,784.62. The disclosure for this sale can be found here. Insiders sold a total of 111,618 shares of company stock valued at $13,578,528 in the last quarter. 0.33% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Progressive

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Markel Corp raised its stake in Progressive by 4.1% in the 1st quarter. Markel Corp now owns 750,750 shares of the insurance provider’s stock valued at $85,578,000 after acquiring an additional 29,750 shares during the period. Steward Partners Investment Advisory LLC raised its stake in Progressive by 2.9% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 9,759 shares of the insurance provider’s stock valued at $1,112,000 after acquiring an additional 279 shares during the period. DAVENPORT & Co LLC raised its stake in Progressive by 3.6% in the 1st quarter. DAVENPORT & Co LLC now owns 4,565 shares of the insurance provider’s stock valued at $520,000 after acquiring an additional 158 shares during the period. FinTrust Capital Advisors LLC raised its stake in Progressive by 158.0% in the 1st quarter. FinTrust Capital Advisors LLC now owns 454 shares of the insurance provider’s stock valued at $51,000 after acquiring an additional 278 shares during the period. Finally, First National Trust Co raised its stake in Progressive by 8.6% in the 1st quarter. First National Trust Co now owns 2,142 shares of the insurance provider’s stock valued at $244,000 after acquiring an additional 170 shares during the period. Institutional investors own 85.05% of the company’s stock.

Progressive Company Profile

(Get Rating)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.

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