Wells Fargo & Company Forecasts Strong Price Appreciation for Progressive (NYSE:PGR) Stock

Progressive (NYSE:PGR) had its price target increased by research analysts at Wells Fargo & Company from $242.00 to $247.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the insurance provider’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 8.51% from the company’s current price.

PGR has been the subject of several other reports. Wolfe Research started coverage on shares of Progressive in a research report on Monday, September 15th. They set a “peer perform” rating for the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Progressive in a research report on Monday, December 15th. Citigroup dropped their price target on Progressive from $301.38 to $300.60 and set a “buy” rating for the company in a research note on Monday, December 15th. UBS Group decreased their target price 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. Finally, William Blair lowered Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Progressive has an average rating of “Hold” and an average price target of $264.98.

Progressive Stock Performance

Progressive stock traded up $0.27 during trading hours on Tuesday, reaching $227.63. 40,977 shares of the company were exchanged, compared to its average volume of 3,262,240. The stock has a 50-day moving average of $222.59 and a 200 day moving average of $240.17. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.19. The firm has a market cap of $133.48 billion, a price-to-earnings ratio of 12.47, a PEG ratio of 1.25 and a beta of 0.36. Progressive has a 12 month low of $199.90 and a 12 month high of $292.99.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The firm had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. During the same quarter last year, the firm posted $3.58 EPS. As a group, research analysts anticipate that Progressive will post 14.68 earnings per share for the current year.

Insider Activity

In other news, insider Steven Broz sold 1,344 shares of Progressive stock in a transaction on Friday, December 19th. The stock was sold at an average price of $224.80, for a total value of $302,131.20. Following the transaction, the insider owned 26,354 shares in the company, valued at approximately $5,924,379.20. This trade represents a 4.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 5,000 shares of the stock in a transaction on Friday, November 28th. The stock was sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the sale, the chief financial officer owned 223,024 shares of the company’s stock, valued at approximately $50,956,523.52. This trade represents a 2.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 9,034 shares of company stock worth $2,047,481 in the last three months. Company insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Progressive

Institutional investors and hedge funds have recently made changes to their positions in the business. Davis Capital Management acquired a new stake in shares of Progressive in the third quarter worth approximately $25,000. Atlantic Union Bankshares Corp purchased a new position in Progressive in the second quarter valued at approximately $33,000. Ransom Advisory Ltd purchased a new position in Progressive during the 1st quarter worth approximately $35,000. Howard Hughes Medical Institute acquired a new stake in shares of Progressive during the second quarter worth about $34,000. Finally, Ameriflex Group Inc. increased its holdings in shares of Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Company Profile

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.