The Progressive Corporation (NYSE:PGR) Receives Average Rating of “Hold” from Analysts

The Progressive Corporation (NYSE:PGR) has received an average rating of “Hold” from the twenty analysts that are currently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, eleven have assigned a hold recommendation, six have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $266.5238.

Several research firms have commented on PGR. The Goldman Sachs Group lowered their price target on Progressive from $276.00 to $245.00 and set a “buy” rating for the company in a report on Monday, October 27th. Cantor Fitzgerald upgraded shares of Progressive to a “hold” rating in a report on Wednesday, August 13th. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 17th. JPMorgan Chase & Co. lifted their price target on shares of Progressive from $301.00 to $303.00 and gave the company an “overweight” rating in a report on Thursday, October 9th. Finally, UBS Group lowered their price objective on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating for the company in a research note on Wednesday, October 8th.

Progressive Trading Up 1.4%

Shares of PGR opened at $229.54 on Friday. Progressive has a fifty-two week low of $199.90 and a fifty-two week high of $292.99. The company has a market capitalization of $134.60 billion, a PE ratio of 12.59, a price-to-earnings-growth ratio of 1.19 and a beta of 0.29. The stock has a fifty day moving average of $227.59 and a two-hundred day moving average of $247.10. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). The business had revenue of $21.38 billion during the quarter, compared to analysts’ expectations of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same period in the prior year, the firm earned $3.58 EPS. As a group, analysts forecast that Progressive will post 14.68 EPS for the current year.

Insider Transactions at Progressive

In other news, CEO Susan Patricia Griffith sold 30,659 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the completion of the sale, the chief executive officer owned 476,286 shares in the company, valued at approximately $117,194,933.16. The trade was a 6.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Jo Murphy sold 2,218 shares of the stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $536,977.80. Following the sale, the insider directly owned 43,506 shares of the company’s stock, valued at approximately $10,532,802.60. This trade represents a 4.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 43,332 shares of company stock worth $10,564,558 in the last three months. 0.34% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Progressive

Several institutional investors have recently bought and sold shares of PGR. Davis Capital Management acquired a new position in shares of Progressive during the 3rd quarter valued at $25,000. Ameriflex Group Inc. boosted its position in shares of Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after buying an additional 65 shares during the period. Atlantic Union Bankshares Corp purchased a new stake in shares of Progressive in the second quarter worth about $33,000. Westside Investment Management Inc. raised its holdings in shares of Progressive by 900.0% during the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after buying an additional 117 shares during the period. Finally, Howard Hughes Medical Institute acquired a new position in Progressive during the 2nd quarter worth approximately $34,000. 85.34% of the stock is currently owned by hedge funds and other 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.