The Progressive Co. (NYSE:PGR) Receives $269.56 Consensus PT from Brokerages

The Progressive Co. (NYSE:PGR) has received an average recommendation of “Moderate Buy” from the nineteen analysts that are presently covering the company, MarketBeat reports. Six equities research analysts have rated the stock with a hold recommendation, twelve have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $269.56.

Several brokerages have commented on PGR. StockNews.com lowered shares of Progressive from a “buy” rating to a “hold” rating in a report on Monday, November 11th. HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective for the company in a report on Monday, August 12th. Morgan Stanley upped their price objective on shares of Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Barclays upped their price objective on shares of Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 23rd. Finally, Bank of America upped their price objective on shares of Progressive from $319.00 to $331.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th.

Progressive Trading Down 0.7 %

Shares of PGR opened at $255.78 on Wednesday. The stock has a market capitalization of $149.84 billion, a P/E ratio of 18.86, a PEG ratio of 0.73 and a beta of 0.36. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The firm has a fifty day simple moving average of $252.08 and a two-hundred day simple moving average of $229.48. Progressive has a twelve month low of $149.14 and a twelve month high of $263.85.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.18. The business had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. On average, research analysts anticipate that Progressive will post 13.11 EPS for the current year.

Insider Buying and Selling at Progressive

In other Progressive news, insider Patrick K. Callahan sold 7,696 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $255.21, for a total transaction of $1,964,096.16. Following the completion of the sale, the insider now directly owns 15,189 shares in the company, valued at approximately $3,876,384.69. This trade represents a 33.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s 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 sale, the chief executive officer now directly owns 473,735 shares in the company, valued at approximately $119,475,967. The trade was a 8.39 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 65,331 shares of company stock worth $16,415,812. 0.34% of the stock is owned by corporate insiders.

Institutional Trading of Progressive

A number of institutional investors have recently made changes to their positions in PGR. Avantax Advisory Services Inc. boosted its holdings in shares of Progressive by 3.1% during the 1st quarter. Avantax Advisory Services Inc. now owns 13,090 shares of the insurance provider’s stock valued at $2,707,000 after acquiring an additional 389 shares during the last quarter. Bleakley Financial Group LLC boosted its holdings in shares of Progressive by 3.2% during the 1st quarter. Bleakley Financial Group LLC now owns 11,989 shares of the insurance provider’s stock valued at $2,480,000 after acquiring an additional 368 shares during the last quarter. Edmond DE Rothschild Holding S.A. boosted its holdings in shares of Progressive by 11.2% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 1,646 shares of the insurance provider’s stock valued at $340,000 after acquiring an additional 166 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in shares of Progressive by 25.4% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 345,161 shares of the insurance provider’s stock valued at $71,386,000 after acquiring an additional 69,951 shares during the last quarter. Finally, Eagle Bay Advisors LLC boosted its holdings in shares of Progressive by 50.3% during the 1st quarter. Eagle Bay Advisors LLC now owns 230 shares of the insurance provider’s stock valued at $48,000 after acquiring an additional 77 shares during the last quarter. Hedge funds and other 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.