Barclays Cuts Progressive (NYSE:PGR) Price Target to $261.00

Progressive (NYSE:PGR) had its price objective decreased by Barclays from $277.00 to $261.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the insurance provider’s stock. Barclays‘s price target indicates a potential upside of 7.79% from the company’s current price.

A number of other research analysts have also recently issued reports on PGR. The Goldman Sachs Group lifted their price objective on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. StockNews.com raised Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. TD Cowen raised their price objective on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research note on Friday, November 8th. HSBC downgraded Progressive from a “buy” rating to a “hold” rating and set a $267.00 target price for the company. in a research note on Tuesday, December 10th. Finally, Raymond James upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective for the company in a research report on Thursday, December 26th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $275.00.

Progressive Stock Performance

NYSE:PGR opened at $242.13 on Monday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. Progressive has a fifty-two week low of $162.35 and a fifty-two week high of $270.62. The company has a market cap of $141.84 billion, a price-to-earnings ratio of 17.60, a PEG ratio of 0.70 and a beta of 0.41. The stock has a fifty day moving average price of $251.46 and a 200-day moving average price of $240.94.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The business had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. As a group, equities analysts anticipate that Progressive will post 13.2 EPS for the current fiscal year.

Insider Buying and Selling at Progressive

In related news, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the sale, the insider now owns 26,353 shares of the company’s stock, valued at $6,618,555.95. This trade represents a 10.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Susan Patricia Griffith sold 9,066 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $2,194,878.60. Following the completion of the transaction, the chief executive officer now directly owns 473,736 shares in the company, valued at approximately $114,691,485.60. This trade represents a 1.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,919 shares of company stock valued at $8,222,168. 0.34% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Davis Capital Management bought a new stake in Progressive in the third quarter valued at $25,000. DiNuzzo Private Wealth Inc. boosted its position 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 purchasing an additional 73 shares in the last quarter. Kimelman & Baird LLC acquired a new stake in shares of Progressive in the 2nd quarter valued at about $36,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Progressive in the 3rd quarter valued at about $49,000. Finally, Friedenthal Financial acquired a new position in Progressive during the 3rd quarter worth approximately $49,000. Institutional investors and hedge funds 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.