Progressive (NYSE:PGR) Reaches New 52-Week High – Here’s Why

The Progressive Co. (NYSE:PGR)’s stock price hit a new 52-week high during trading on Thursday . The company traded as high as $270.62 and last traded at $266.86, with a volume of 2862426 shares changing hands. The stock had previously closed at $268.02.

Analyst Ratings Changes

Several equities research analysts have weighed in on PGR shares. Evercore ISI boosted their price objective on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Piper Sandler increased their price target on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Roth Mkm lifted their price objective on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Finally, Bank of America raised their target price on shares of Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a report on Monday, November 18th. Five equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $269.81.

Progressive Trading Up 0.8 %

The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The stock has a 50-day simple moving average of $254.08 and a two-hundred day simple moving average of $233.34. The firm has a market capitalization of $157.54 billion, a P/E ratio of 19.54, a price-to-earnings-growth ratio of 0.74 and a beta of 0.36.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The company had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. On average, equities research analysts anticipate that The Progressive Co. will post 13.2 earnings per share for the current year.

Insider Transactions at Progressive

In other news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the sale, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. This represents a 13.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Broz sold 2,981 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the sale, the insider now directly owns 26,353 shares of the company’s stock, valued at $6,618,555.95. The trade was a 10.16 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,209 shares of company stock valued at $14,975,979. Company insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Synovus Financial Corp raised its stake in shares of Progressive by 6.4% during the 3rd quarter. Synovus Financial Corp now owns 2,069 shares of the insurance provider’s stock worth $525,000 after acquiring an additional 124 shares in the last quarter. Tidal Investments LLC raised its stake in shares of Progressive by 65.8% during the 3rd quarter. Tidal Investments LLC now owns 72,163 shares of the insurance provider’s stock worth $18,312,000 after acquiring an additional 28,636 shares in the last quarter. Wilmington Savings Fund Society FSB raised its stake in shares of Progressive by 270.5% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 11,833 shares of the insurance provider’s stock worth $3,003,000 after acquiring an additional 8,639 shares in the last quarter. World Investment Advisors LLC raised its stake in shares of Progressive by 99.0% during the 3rd quarter. World Investment Advisors LLC now owns 3,307 shares of the insurance provider’s stock worth $839,000 after acquiring an additional 1,645 shares in the last quarter. Finally, Anchor Investment Management LLC raised its stake in shares of Progressive by 55.0% during the 3rd quarter. Anchor Investment Management LLC now owns 1,583 shares of the insurance provider’s stock worth $402,000 after acquiring an additional 562 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

About Progressive

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.