Progressive (NYSE:PGR) Reaches New 52-Week High at $131.48

The Progressive Co. (NYSE:PGRGet Rating) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $131.48 and last traded at $131.42, with a volume of 5603 shares changing hands. The stock had previously closed at $129.81.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on PGR shares. Credit Suisse Group boosted their price objective on Progressive from $124.00 to $127.00 and gave the stock a “neutral” rating in a research report on Thursday, August 18th. Citigroup reduced their price objective on Progressive from $106.00 to $104.00 and set a “sell” rating on the stock in a research report on Tuesday. Jefferies Financial Group upgraded Progressive from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $123.00 to $142.00 in a research report on Friday, October 7th. Barclays reduced their price objective on Progressive from $106.00 to $104.00 and set an “underweight” rating on the stock in a research report on Friday, October 14th. Finally, TheStreet upgraded Progressive from a “c+” rating to a “b-” rating in a research report on Friday, November 4th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $120.38.

Progressive Price Performance

The stock has a market capitalization of $76.70 billion, a price-to-earnings ratio of 93.01, a P/E/G ratio of 1.68 and a beta of 0.47. The company has a fifty day simple moving average of $123.98 and a 200 day simple moving average of $119.71. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.40 and a current ratio of 0.40.

Insider Activity

In other news, CEO Susan Patricia Griffith sold 50,000 shares of the business’s stock in a transaction dated Monday, October 17th. The stock was sold at an average price of $116.85, for a total value of $5,842,500.00. Following the transaction, the chief executive officer now directly owns 431,822 shares of the company’s stock, valued at approximately $50,458,400.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Susan Patricia Griffith sold 50,000 shares of the business’s stock in a transaction dated Monday, October 17th. The stock was sold at an average price of $116.85, for a total value of $5,842,500.00. Following the transaction, the chief executive officer now directly owns 431,822 shares of the company’s stock, valued at approximately $50,458,400.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Broz sold 5,170 shares of the business’s stock in a transaction dated Thursday, October 20th. The shares were sold at an average price of $118.88, for a total value of $614,609.60. Following the completion of the transaction, the insider now directly owns 36,663 shares in the company, valued at $4,358,497.44. The disclosure for this sale can be found here. Insiders have sold 111,618 shares of company stock valued at $13,578,528 in the last ninety days. 0.33% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Blume Capital Management Inc. acquired a new position in Progressive during the 1st quarter worth approximately $25,000. Bartlett & Co. LLC raised its stake in Progressive by 92.8% during the 2nd quarter. Bartlett & Co. LLC now owns 241 shares of the insurance provider’s stock worth $28,000 after buying an additional 116 shares during the period. HHM Wealth Advisors LLC acquired a new position in Progressive during the 2nd quarter worth approximately $29,000. Crewe Advisors LLC acquired a new position in Progressive during the 2nd quarter worth approximately $31,000. Finally, James Investment Research Inc. acquired a new position in Progressive during the 2nd quarter worth approximately $34,000. 85.05% of the stock is owned by institutional investors and hedge funds.

About Progressive

(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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