Progressive (NYSE:PGR) Price Target Raised to $297.00

Progressive (NYSE:PGR) had its price objective raised by investment analysts at Barclays from $285.00 to $297.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the insurance provider’s stock. Barclays‘s price target would suggest a potential upside of 7.70% from the company’s previous close.

PGR has been the subject of a number of other reports. Morgan Stanley upped their target price on shares of Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. JPMorgan Chase & Co. boosted their price objective on shares of Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a research report on Tuesday. Roth Mkm raised their price objective on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Keefe, Bruyette & Woods lowered their target price on Progressive from $300.00 to $288.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, UBS Group increased their price target on Progressive from $275.00 to $285.00 and gave the company a “neutral” rating in a research report on Friday, March 14th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Progressive has a consensus rating of “Moderate Buy” and a consensus price target of $283.71.

Progressive Trading Up 1.0 %

PGR stock traded up $2.60 during midday trading on Friday, hitting $275.78. 2,148,190 shares of the company’s stock were exchanged, compared to its average volume of 2,661,739. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The stock’s fifty day moving average price is $271.29 and its 200-day moving average price is $257.07. Progressive has a one year low of $201.34 and a one year high of $292.99. The company has a market cap of $161.67 billion, a PE ratio of 19.15, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Research analysts predict that Progressive will post 14.68 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Progressive news, CAO Mariann Wojtkun Marshall sold 585 shares of the stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total transaction of $142,324.65. Following the transaction, the chief accounting officer now owns 3,983 shares in the company, valued at $969,024.07. This trade represents a 12.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Carl G. Joyce sold 360 shares of the business’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $276.17, for a total transaction of $99,421.20. Following the completion of the sale, the chief accounting officer now directly owns 655 shares of the company’s stock, valued at approximately $180,891.35. The trade was a 35.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 56,317 shares of company stock worth $14,844,282 over the last three months. Insiders own 0.34% of the company’s stock.

Institutional Trading of Progressive

Several hedge funds and other institutional investors have recently bought and sold shares of PGR. Versant Capital Management Inc raised its position in shares of Progressive by 98.2% in the 4th quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider’s stock valued at $189,000 after buying an additional 391 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in Progressive by 2,262.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 433,999 shares of the insurance provider’s stock valued at $103,990,000 after acquiring an additional 415,628 shares during the last quarter. Signal Advisors Wealth LLC raised its position in Progressive by 42.3% during the fourth quarter. Signal Advisors Wealth LLC now owns 11,889 shares of the insurance provider’s stock valued at $2,849,000 after purchasing an additional 3,534 shares in the last quarter. Nordea Investment Management AB lifted its position in shares of Progressive by 30.5% during the 4th quarter. Nordea Investment Management AB now owns 1,069,697 shares of the insurance provider’s stock worth $255,882,000 after buying an additional 249,958 shares during the last quarter. Finally, Oddo BHF Asset Management Sas acquired a new position in Progressive during the 3rd quarter worth approximately $35,253,000. 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.