Progressive (NYSE:PGR) Price Target Raised to $287.00 at JPMorgan Chase & Co.

Progressive (NYSE:PGR) had its target price increased by investment analysts at JPMorgan Chase & Co. from $267.00 to $287.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 6.03% from the company’s previous close.

Several other research firms have also issued reports on PGR. UBS Group increased their target price on Progressive from $275.00 to $285.00 and gave the stock a “neutral” rating in a research note on Friday, March 14th. Morgan Stanley increased their price target on Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Hsbc Global Res lowered Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Raymond James raised Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target on the stock in a research report on Thursday, December 26th. Finally, Keefe, Bruyette & Woods increased their price target on Progressive from $294.00 to $300.00 and gave the company an “outperform” rating in a research report on Thursday, March 20th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Progressive has an average rating of “Moderate Buy” and a consensus price target of $281.41.

Progressive Stock Performance

Shares of Progressive stock opened at $270.69 on Tuesday. Progressive has a 52 week low of $201.34 and a 52 week high of $292.99. The business’s fifty day simple moving average is $270.81 and its 200-day simple moving average is $256.95. The firm has a market cap of $158.69 billion, a PE ratio of 18.80, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Equities analysts forecast that Progressive will post 14.68 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, March 28th. The stock was sold at an average price of $275.94, for a total transaction of $2,759,400.00. Following the transaction, the chief financial officer now owns 258,024 shares in the company, valued at $71,199,142.56. This trade represents a 3.73 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Devin C. Johnson sold 400 shares of the stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $275.04, for a total value of $110,016.00. Following the sale, the director now directly owns 8,370 shares of the company’s stock, valued at $2,302,084.80. The trade was a 4.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 56,317 shares of company stock worth $14,844,282 in the last quarter. 0.34% of the stock is owned by insiders.

Institutional Trading of Progressive

A number of hedge funds have recently added to or reduced their stakes in PGR. Kesler Norman & Wride LLC boosted its position in shares of Progressive by 1.1% in the fourth quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider’s stock worth $885,000 after buying an additional 40 shares during the period. Baker Tilly Wealth Management LLC boosted its holdings in Progressive by 3.6% in the first quarter. Baker Tilly Wealth Management LLC now owns 1,142 shares of the insurance provider’s stock valued at $323,000 after purchasing an additional 40 shares during the last quarter. Atlantic Edge Private Wealth Management LLC boosted its holdings in Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 41 shares during the last quarter. LRI Investments LLC boosted its holdings in Progressive by 16.5% in the third quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock valued at $76,000 after purchasing an additional 42 shares during the last quarter. Finally, Washington Trust Bank boosted its holdings in Progressive by 4.1% in the fourth quarter. Washington Trust Bank now owns 1,066 shares of the insurance provider’s stock valued at $255,000 after purchasing an additional 42 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

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.