Progressive (NYSE:PGR) Given New $300.00 Price Target at Morgan Stanley

Progressive (NYSE:PGR) had its target price dropped by Morgan Stanley from $310.00 to $300.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the insurance provider’s stock. Morgan Stanley’s price objective suggests a potential upside of 25.46% from the company’s current price.

A number of other research firms have also recently commented on PGR. Wells Fargo & Company boosted their price objective on Progressive from $299.00 to $302.00 and gave the company an “overweight” rating in a research report on Monday, December 16th. Evercore ISI boosted their price target on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective on the stock in a report on Thursday, December 26th. HSBC cut shares of 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, BMO Capital Markets decreased their price target on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Progressive has a consensus rating of “Moderate Buy” and an average target price of $274.65.

Progressive Price Performance

NYSE:PGR opened at $239.13 on Tuesday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. Progressive has a 52 week low of $169.57 and a 52 week high of $270.62. The stock’s 50-day moving average price is $249.42 and its 200-day moving average price is $243.16. The stock has a market capitalization of $140.08 billion, a PE ratio of 17.38, a price-to-earnings-growth ratio of 0.63 and a beta of 0.41.

Insider Buying and Selling at Progressive

In other news, CAO Mariann Wojtkun Marshall sold 191 shares of the company’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $46,241.10. Following the transaction, the chief accounting officer now owns 3,982 shares of the company’s stock, valued at $964,042.20. This represents a 4.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $268.09, for a total value of $2,680,900.00. Following the sale, the chief financial officer now directly owns 292,958 shares of the company’s stock, valued at $78,539,110.22. The trade was a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,938 shares of company stock worth $7,473,490 in the last ninety days. 0.34% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PGR. Davis Capital Management acquired a new position in shares of Progressive in the 3rd quarter worth approximately $25,000. Webster Bank N. A. acquired a new position in Progressive during the fourth quarter worth $26,000. DiNuzzo Private Wealth Inc. lifted its stake in Progressive by 114.1% during the third 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 purchased a new position in shares of Progressive during the second quarter worth $36,000. Finally, Friedenthal Financial acquired a new stake in shares of Progressive in the third quarter valued at $49,000. 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.