Progressive (NYSE:PGR) Reaches New 52-Week High – Here’s Why

Shares of The Progressive Co. (NYSE:PGR) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $270.62 and last traded at $266.86, with a volume of 2862426 shares. The stock had previously closed at $268.02.

Analysts Set New Price Targets

PGR has been the subject of a number of research reports. Keefe, Bruyette & Woods increased their price target on shares of Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Wells Fargo & Company raised their target price on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Piper Sandler raised their target price on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Finally, HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price for the company in a research note on Monday, August 12th. Five equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Progressive currently has an average rating of “Moderate Buy” and a consensus target price of $269.81.

Progressive Stock Up 0.8 %

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 company’s fifty day moving average is $254.08 and its 200-day moving average is $233.34. The company has a market cap of $157.54 billion, a PE ratio of 19.54, a PEG ratio of 0.74 and a beta of 0.36.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.40 by $0.18. The company had revenue of $19.43 billion for 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, analysts predict that The Progressive Co. will post 13.2 EPS for the current year.

Insiders Place Their Bets

In other news, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction on Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the sale, the director now directly owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This represents a 13.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Steven Broz sold 2,982 shares of Progressive stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the transaction, the insider now owns 29,334 shares in the company, valued at approximately $7,626,840. This trade represents a 9.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,209 shares of company stock worth $14,975,979 over the last quarter. 0.34% of the stock is currently owned by corporate insiders.

Institutional Trading of Progressive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Davis Capital Management purchased a new stake in Progressive in the 3rd quarter worth $25,000. WR Wealth Planners LLC grew its holdings in Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after buying an additional 67 shares in the last quarter. Hilltop National Bank increased its stake in Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 92 shares during the last quarter. DiNuzzo Private Wealth Inc. raised its holdings in shares of Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 73 shares in the last quarter. Finally, LRI Investments LLC purchased a new position in shares of Progressive in the first quarter valued at $36,000. Institutional investors 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.