Progressive (NYSE:PGR) Downgraded by StockNews.com to Hold

StockNews.com cut shares of Progressive (NYSE:PGR) from a buy rating to a hold rating in a research note issued to investors on Friday morning.

Several other equities research analysts have also issued reports on PGR. Piper Sandler lifted their price target on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. BMO Capital Markets dropped their price target on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Jefferies Financial Group boosted their price objective on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. The Goldman Sachs Group increased their target price on Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Finally, Keefe, Bruyette & Woods upped their price objective on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Seven research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $263.19.

Progressive Stock Performance

NYSE PGR opened at $241.48 on Friday. The firm’s 50 day simple moving average is $250.86 and its 200 day simple moving average is $227.13. The firm has a market capitalization of $141.43 billion, a price-to-earnings ratio of 17.55, a P/E/G ratio of 0.67 and a beta of 0.36. 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 has a 1 year low of $149.14 and a 1 year high of $260.46.

Insider Activity

In other news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the transaction, the chief executive officer now owns 473,735 shares of the company’s stock, valued at $119,475,967. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the transaction, the chief executive officer now owns 473,735 shares in the company, valued at approximately $119,475,967. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the transaction, the director now owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 74,843 shares of company stock worth $18,674,912 in the last quarter. 0.34% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Progressive

Institutional investors have recently modified their holdings of the business. Davis Capital Management bought a new position in Progressive during the third quarter valued at $25,000. WR Wealth Planners LLC increased its holdings in Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 67 shares during the last quarter. Hilltop National Bank raised its stake in Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares during the period. DiNuzzo Private Wealth Inc. lifted its holdings in Progressive by 114.1% during the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares during the last quarter. Finally, LRI Investments LLC bought a new position in Progressive during the first quarter worth about $36,000. 85.34% of the stock is owned by institutional investors.

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.