Progressive (NYSE:PGR) PT Raised to $202.00

Progressive (NYSE:PGR) had its price target boosted by investment analysts at JPMorgan Chase & Co. from $171.00 to $202.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential downside of 1.40% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. Bank of America cut their price objective on shares of Progressive from $265.00 to $264.00 and set a “buy” rating for the company in a report on Tuesday, April 2nd. HSBC upped their price target on Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a report on Thursday, March 28th. Roth Mkm raised their price objective on Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a report on Monday, March 18th. Piper Sandler reaffirmed an “overweight” rating and set a $240.00 target price on shares of Progressive in a research note on Monday, April 1st. Finally, Citigroup lifted their price target on shares of Progressive from $192.00 to $202.00 and gave the company a “neutral” rating in a research note on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Progressive has an average rating of “Hold” and an average price target of $191.44.

Progressive Stock Down 2.6 %

NYSE:PGR opened at $204.86 on Monday. The firm has a market capitalization of $119.99 billion, a P/E ratio of 31.13, a PEG ratio of 0.95 and a beta of 0.35. The company’s fifty day moving average price is $195.67 and its 200-day moving average price is $171.80. Progressive has a 1-year low of $111.41 and a 1-year high of $212.24. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.31 and a quick ratio of 0.31.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, January 24th. The insurance provider reported $2.96 earnings per share for the quarter, beating analysts’ consensus estimates of $2.43 by $0.53. Progressive had a return on equity of 21.25% and a net margin of 6.28%. The business had revenue of $16.89 billion during the quarter, compared to analyst estimates of $16.10 billion. During the same quarter last year, the business posted $1.52 EPS. As a group, equities research analysts anticipate that Progressive will post 9.9 EPS for the current year.

Insiders Place Their Bets

In other news, insider Karen Bailo sold 8,464 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the completion of the transaction, the insider now directly owns 32,342 shares in the company, valued at approximately $6,128,485.58. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Progressive news, CEO Susan Patricia Griffith sold 5,939 shares of the firm’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $169.24, for a total value of $1,005,116.36. Following the completion of the transaction, the chief executive officer now owns 465,737 shares of the company’s stock, valued at approximately $78,821,329.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Karen Bailo sold 8,464 shares of the stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the sale, the insider now owns 32,342 shares in the company, valued at $6,128,485.58. The disclosure for this sale can be found here. Insiders sold a total of 44,629 shares of company stock valued at $8,348,176 over the last quarter. 0.34% of the stock is owned by insiders.

Institutional Trading of Progressive

Several hedge funds have recently added to or reduced their stakes in the company. Sachetta LLC purchased a new stake in shares of Progressive in the 4th quarter valued at approximately $25,000. Northwest Bank & Trust Co purchased a new position in Progressive in the fourth quarter valued at $25,000. Harbour Investments Inc. raised its stake in Progressive by 109.1% in the third quarter. Harbour Investments Inc. now owns 207 shares of the insurance provider’s stock valued at $29,000 after buying an additional 108 shares in the last quarter. Valley National Advisers Inc. lifted its holdings in Progressive by 143.6% during the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock worth $30,000 after buying an additional 112 shares during the last quarter. Finally, Sunbelt Securities Inc. acquired a new position in shares of Progressive during the 1st quarter worth about $31,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

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.