Progressive (NYSE:PGR) PT Raised to $251.00 at JPMorgan Chase & Co.

Progressive (NYSE:PGR) had its price objective increased by JPMorgan Chase & Co. from $242.00 to $251.00 in a report released on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s target price points to a potential downside of 1.22% from the stock’s current price.

Several other equities analysts have also recently issued reports on PGR. Evercore ISI boosted their price target on shares of Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Piper Sandler boosted their price target on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. 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 research report on Monday, September 16th. Citigroup reduced their price target on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. Finally, Jefferies Financial Group boosted their price target on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research report on Wednesday. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $260.53.

Progressive Price Performance

PGR stock opened at $254.09 on Thursday. The firm’s 50-day moving average price is $245.20 and its two-hundred day moving average price is $222.47. Progressive has a 12-month low of $142.87 and a 12-month high of $260.46. The stock has a market capitalization of $148.81 billion, a price-to-earnings ratio of 21.75, a PEG ratio of 0.69 and a beta of 0.35. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter in the previous year, the company earned $0.57 earnings per share. The company’s revenue for the quarter was up 21.6% compared to the same quarter last year. As a group, equities analysts predict that Progressive will post 13.07 earnings per share for the current year.

Insider Transactions at Progressive

In other news, CFO John P. Sauerland sold 22,708 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $4,859,739.08. Following the transaction, the chief financial officer now owns 302,958 shares in the company, valued at approximately $64,836,041.58. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CFO John P. Sauerland sold 22,708 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $4,859,739.08. Following the transaction, the chief financial officer now owns 302,958 shares in the company, valued at $64,836,041.58. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Andrew J. Quigg sold 3,975 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $850,689.75. Following the transaction, the insider now owns 32,780 shares in the company, valued at approximately $7,015,247.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 146,512 shares of company stock worth $33,912,874. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PGR. Baird Financial Group Inc. raised its position in Progressive by 2.5% in the fourth quarter. Baird Financial Group Inc. now owns 3,577,731 shares of the insurance provider’s stock worth $569,861,000 after acquiring an additional 86,686 shares during the period. Guardian Wealth Advisors LLC NC raised its position in Progressive by 5.3% in the fourth quarter. Guardian Wealth Advisors LLC NC now owns 11,013 shares of the insurance provider’s stock worth $1,754,000 after acquiring an additional 559 shares during the period. Grayhawk Investment Strategies Inc. bought a new position in Progressive in the fourth quarter worth approximately $949,000. Palestra Capital Management LLC raised its position in Progressive by 26.0% in the fourth quarter. Palestra Capital Management LLC now owns 842,147 shares of the insurance provider’s stock worth $134,137,000 after acquiring an additional 173,584 shares during the period. Finally, United Advisor Group LLC bought a new position in Progressive in the fourth quarter worth approximately $1,084,000. Institutional investors 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.