Progressive (NYSE:PGR) Stock Price Expected to Rise, Mizuho Analyst Says

Progressive (NYSE:PGR) had its price target raised by Mizuho from $217.00 to $243.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the insurance provider’s stock. Mizuho’s price target suggests a potential upside of 5.59% from the company’s previous close.

PGR has been the subject of a number of other reports. Keefe, Bruyette & Woods upped their price objective on Progressive from $210.00 to $231.00 and gave the stock a “market perform” rating in a research note on Wednesday. Weiss Ratings downgraded shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. Barclays set a $247.00 price target on shares of Progressive in a research report on Wednesday, March 18th. Jefferies Financial Group lowered their price target on shares of Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a report on Tuesday, March 24th. Finally, Bank of America reduced their price objective on shares of Progressive from $331.00 to $313.00 and set a “buy” rating for the company in a research note on Thursday, June 18th. Six analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Progressive presently has a consensus rating of “Hold” and a consensus target price of $237.53.

Progressive Price Performance

PGR opened at $230.14 on Thursday. The company has a market capitalization of $134.48 billion, a price-to-earnings ratio of 11.79, a PEG ratio of 4.44 and a beta of 0.26. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. Progressive has a 12-month low of $189.20 and a 12-month high of $254.93. The business’s fifty day simple moving average is $205.78 and its 200-day simple moving average is $206.70.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. During the same period in the previous year, the company posted $4.37 earnings per share. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. On average, equities research analysts anticipate that Progressive will post 17.26 earnings per share for the current fiscal year.

Insider Transactions at Progressive

In related news, insider John Jo Murphy sold 5,916 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $200.00, for a total value of $1,183,200.00. Following the completion of the transaction, the insider owned 41,290 shares in the company, valued at $8,258,000. This trade represents a 12.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of Progressive stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total value of $1,514,310.00. Following the sale, the director directly owned 22,546 shares of the company’s stock, valued at approximately $4,877,376.18. This represents a 23.69% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 15,230 shares of company stock worth $3,165,817. Company insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Brighton Jones LLC boosted its holdings in shares of Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after acquiring an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new position in Progressive during the fourth quarter valued at $269,000. Bison Wealth LLC lifted its position in Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after purchasing an additional 80 shares during the period. HUB Investment Partners LLC boosted its holdings in Progressive by 7.8% in the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock valued at $609,000 after purchasing an additional 166 shares during the last quarter. Finally, Diversify Wealth Management LLC grew its position in Progressive by 12.0% during the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after purchasing an additional 1,622 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.