Progressive (NYSE:PGR) Price Target Increased to $114.00 by Analysts at Wells Fargo & Company

Progressive (NYSE:PGR – Get Rating) had its target price lifted by investment analysts at Wells Fargo & Company from $100.00 to $114.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “underweight” rating on the insurance provider’s stock. Wells Fargo & Company‘s target price would indicate a potential downside of 9.47% from the stock’s previous close.

Several other research firms have also recently weighed in on PGR. Citigroup lowered their price target on shares of Progressive from $106.00 to $104.00 and set a “sell” rating on the stock in a report on Tuesday, November 22nd. TheStreet raised shares of Progressive from a “c+” rating to a “b-” rating in a report on Friday, November 4th. Evercore ISI lowered their price target on shares of Progressive to $133.00 in a report on Thursday, October 20th. Barclays increased their price target on shares of Progressive from $104.00 to $109.00 and gave the company an “underweight” rating in a report on Thursday, December 15th. Finally, Jefferies Financial Group upgraded shares of Progressive from a “hold” rating to a “buy” rating and increased their target price for the stock from $123.00 to $142.00 in a research report on Friday, October 7th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Progressive has an average rating of “Hold” and a consensus price target of $122.00.

Progressive Stock Down 1.8 %

Shares of PGR stock opened at $125.92 on Wednesday. The stock has a market cap of $73.67 billion, a price-to-earnings ratio of 89.31, a PEG ratio of 1.00 and a beta of 0.46. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.40 and a current ratio of 0.40. Progressive has a 52-week low of $100.81 and a 52-week high of $135.45. The firm’s 50-day moving average is $129.76 and its 200-day moving average is $124.39.

Insider Buying and Selling

In related news, CEO Susan Patricia Griffith sold 26,885 shares of the stock in a transaction that occurred on Wednesday, January 4th. The shares were sold at an average price of $130.36, for a total transaction of $3,504,728.60. Following the sale, the chief executive officer now owns 431,810 shares in the company, valued at approximately $56,290,751.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Daniel P. Mascaro sold 3,930 shares of the stock in a transaction that occurred on Friday, November 18th. The shares were sold at an average price of $129.59, for a total value 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 sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Susan Patricia Griffith sold 26,885 shares of the stock in a transaction that occurred on Wednesday, January 4th. The shares were sold at an average price of $130.36, for a total transaction of $3,504,728.60. Following the completion of the transaction, the chief executive officer now directly owns 431,810 shares of the company’s stock, valued at approximately $56,290,751.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 68,559 shares of company stock worth $8,822,843. Corporate insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Progressive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Stratos Wealth Advisors LLC lifted its stake in Progressive by 1.1% in the 4th quarter. Stratos Wealth Advisors LLC now owns 10,670 shares of the insurance provider’s stock valued at $1,384,000 after purchasing an additional 114 shares during the last quarter. Crossmark Global Holdings Inc. raised its stake in shares of Progressive by 7.4% during the fourth quarter. Crossmark Global Holdings Inc. now owns 35,959 shares of the insurance provider’s stock valued at $4,665,000 after acquiring an additional 2,486 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH raised its stake in shares of Progressive by 19.0% during the fourth quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 36,436 shares of the insurance provider’s stock valued at $4,726,000 after acquiring an additional 5,822 shares during the last quarter. Catalyst Financial Partners LLC bought a new position in shares of Progressive during the fourth quarter valued at $404,000. Finally, Evermay Wealth Management LLC raised its stake in shares of Progressive by 217.1% during the fourth quarter. Evermay Wealth Management LLC now owns 371 shares of the insurance provider’s stock valued at $48,000 after acquiring an additional 254 shares during the last quarter. Institutional investors own 83.19% of the company’s stock.

Progressive Company Profile

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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.