Progressive (NYSE:PGR) PT Raised to $245.00

Progressive (NYSE:PGR) had its price objective increased by equities research analysts at Jefferies Financial Group from $241.00 to $245.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the insurance provider’s stock. Jefferies Financial Group’s target price would suggest a potential upside of 17.59% from the company’s previous close.

A number of other equities analysts also recently commented on the stock. TD Cowen assumed coverage on shares of Progressive in a research note on Wednesday, January 10th. They issued a “market perform” rating and a $174.00 target price on the stock. UBS Group lifted their price objective on shares of Progressive from $159.00 to $170.00 and gave the company a “neutral” rating in a report on Wednesday, January 10th. Keefe, Bruyette & Woods upped their target price on Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a report on Wednesday, April 10th. The Goldman Sachs Group lifted their price target on Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a report on Monday, March 25th. Finally, Citigroup boosted their target price on shares of Progressive from $192.00 to $202.00 and gave the stock a “neutral” rating in a report on Monday, March 18th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $208.31.

Progressive Stock Performance

NYSE:PGR opened at $208.35 on Monday. The firm has a market capitalization of $122.03 billion, a PE ratio of 21.33, a PEG ratio of 0.86 and a beta of 0.35. The stock’s fifty day moving average is $198.20 and its 200 day moving average is $174.08. Progressive has a fifty-two week low of $111.41 and a fifty-two week high of $212.24. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.31 and a current ratio of 0.36.

Progressive (NYSE:PGR) last released its earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm had revenue of $18.96 billion for the quarter, compared to analysts’ expectations of $16.88 billion. During the same quarter in the prior year, the firm posted $0.65 earnings per share. The company’s quarterly revenue was up 17.7% on a year-over-year basis. On average, sell-side analysts anticipate that Progressive will post 10.5 earnings per share for the current year.

Insider Buying and Selling at Progressive

In related news, insider Patrick K. Callahan sold 29,675 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the completion of the sale, the insider now directly owns 15,189 shares of the company’s stock, valued at $2,889,859.14. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the completion of the sale, the insider now owns 15,189 shares in the company, valued at approximately $2,889,859.14. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Karen Bailo sold 8,464 shares of Progressive stock in a transaction dated 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 of the company’s stock, valued at approximately $6,128,485.58. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Progressive

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sachetta LLC acquired a new position in shares of Progressive in the 4th quarter valued at approximately $25,000. Northwest Bank & Trust Co purchased a new stake in shares of Progressive during the fourth quarter valued at $25,000. Harbour Investments Inc. raised its position in Progressive by 109.1% during 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 during the period. Valley National Advisers Inc. raised its stake in shares of 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 purchasing an additional 112 shares in the last quarter. Finally, Sunbelt Securities Inc. bought a new position in shares of Progressive in the 1st quarter valued at approximately $31,000. 85.34% of the stock is owned by institutional investors and hedge funds.

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.