The Progressive Corporation (NYSE:PGR) Stock Has Average Target Price of $234.45 According to Brokerages

Shares of The Progressive Corporation (NYSE:PGR) have been assigned an average rating of “Hold” from the twenty-three research firms that are presently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and nine have given a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $234.45.

A number of equities analysts have recently weighed in on PGR shares. JPMorgan Chase & Co. upped their price objective on Progressive from $241.00 to $250.00 and gave the stock a “neutral” rating in a research note on Monday, October 5th. Mizuho reduced their price objective on shares of Progressive from $236.00 to $230.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 16th. Keefe, Bruyette & Woods lowered their target price on Progressive from $252.00 to $246.00 and set an “outperform” rating for the company in a report on Thursday, October 15th. Cantor Fitzgerald lowered their price target on shares of Progressive from $220.00 to $200.00 and set a “neutral” rating on the stock in a report on Monday, August 17th. Finally, Roth Capital restated a “buy” rating and set a $245.00 price objective (up from $235.00) on shares of Progressive in a report on Thursday, August 20th.

Progressive Trading Up 1.7%

Shares of PGR stock opened at $231.35 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The stock has a fifty day simple moving average of $219.18 and a two-hundred day simple moving average of $210.23. The firm has a market capitalization of $134.04 billion, a PE ratio of 11.65, a PEG ratio of 2.63 and a beta of 0.22. Progressive has a 52-week low of $189.20 and a 52-week high of $241.02.

Insider Buying and Selling

In related news, CEO Susan Griffith sold 37,338 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $219.50, for a total value of $8,195,691.00. Following the sale, the chief executive officer owned 485,438 shares in the company, valued at $106,553,641. This represents a 7.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,225 shares of the company’s stock in a transaction on Thursday, October 22nd. The shares were sold at an average price of $223.32, for a total transaction of $273,567.00. Following the completion of the sale, the insider directly owned 28,807 shares in the company, valued at $6,433,179.24. This trade represents a 4.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 48,352 shares of company stock valued at $10,524,258 over the last quarter. 0.32% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Progressive

Several large investors have recently made changes to their positions in the company. Bank of Nova Scotia purchased a new stake in Progressive in the 2nd quarter worth $76,260,000. State Street Corp lifted its holdings in Progressive by 2.5% during the second quarter. State Street Corp now owns 26,526,959 shares of the insurance provider’s stock valued at $5,794,814,000 after purchasing an additional 656,249 shares in the last quarter. Callan Family Office LLC purchased a new position in Progressive during the second quarter valued at $3,025,000. QRG Capital Management Inc. grew its position in shares of Progressive by 19.2% in the second quarter. QRG Capital Management Inc. now owns 86,011 shares of the insurance provider’s stock valued at $18,789,000 after purchasing an additional 13,850 shares during the period. Finally, Ipswich Investment Management Co. Inc. grew its position in shares of Progressive by 21.3% in the second quarter. Ipswich Investment Management Co. Inc. now owns 39,008 shares of the insurance provider’s stock valued at $8,521,000 after purchasing an additional 6,844 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Company Profile

Progressive Corporation is an insurance company founded in 1937 and headquartered in Mayfield Village, Ohio. It provides personal and commercial insurance, with a major focus on automobile coverage. The company offers auto insurance for individuals and businesses, as well as coverage for motorcycles, boats, recreational vehicles, homes and renters. Progressive sells through independent insurance agents and directly to customers, including through digital channels. Its Snapshot program uses driving data to help determine auto insurance rates for participating customers.