Jefferies Financial Group Raises Progressive (NYSE:PGR) Price Target to $295.00

Progressive (NYSE:PGR) had its target price raised by equities researchers at Jefferies Financial Group from $257.00 to $295.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the insurance provider’s stock. Jefferies Financial Group’s price objective would indicate a potential upside of 17.08% from the stock’s current price.

Several other analysts have also weighed in on PGR. Roth Mkm boosted their target price on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Wells Fargo & Company boosted their price target on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Morgan Stanley boosted their price target on shares of Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, September 16th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a report on Thursday, July 11th. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $259.41.

Progressive Stock Up 1.2 %

Shares of NYSE:PGR traded up $2.94 during midday trading on Wednesday, reaching $251.96. The company had a trading volume of 659,832 shares, compared to its average volume of 2,492,128. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The stock’s fifty day moving average price is $242.99 and its 200-day moving average price is $221.73. The stock has a market capitalization of $147.57 billion, a P/E ratio of 25.79, a PEG ratio of 0.71 and a beta of 0.35. Progressive has a one year low of $141.84 and a one year high of $260.46.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.54 billion. During the same quarter in the previous year, the firm earned $0.57 earnings per share. The firm’s revenue for the quarter was up 21.6% compared to the same quarter last year. Equities research analysts expect that Progressive will post 13.01 earnings per share for the current fiscal year.

Insider Buying and Selling at Progressive

In other Progressive news, insider Andrew J. Quigg sold 3,975 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $850,689.75. Following the completion of the sale, the insider now directly owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Progressive news, insider John Jo Murphy sold 9,512 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the sale, the insider now owns 45,787 shares in the company, valued at approximately $10,874,412.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Andrew J. Quigg sold 3,975 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $850,689.75. Following the sale, the insider now owns 32,780 shares in the company, valued at approximately $7,015,247.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 146,512 shares of company stock valued at $33,912,874. 0.34% of the stock is owned by insiders.

Institutional Trading of Progressive

Several institutional investors and hedge funds have recently bought and sold shares of PGR. SG Americas Securities LLC raised its holdings in Progressive by 4,545.0% during the 1st quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider’s stock worth $145,858,000 after buying an additional 690,060 shares during the period. Canada Pension Plan Investment Board raised its holdings in Progressive by 548.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock worth $167,866,000 after buying an additional 686,433 shares during the period. Capital International Investors raised its holdings in Progressive by 15.7% during the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after buying an additional 670,006 shares during the period. Swedbank AB acquired a new position in shares of Progressive in the 1st quarter valued at about $116,852,000. Finally, Skandinaviska Enskilda Banken AB publ increased its holdings in shares of Progressive by 457.2% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 651,707 shares of the insurance provider’s stock valued at $135,366,000 after purchasing an additional 534,754 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

About Progressive

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.