BMO Capital Markets Lowers Progressive (NYSE:PGR) Price Target to $267.00

Progressive (NYSE:PGR) had its target price dropped by analysts at BMO Capital Markets from $273.00 to $267.00 in a report released on Monday,Benzinga reports. The firm presently has an “outperform” rating on the insurance provider’s stock. BMO Capital Markets’ target price indicates a potential upside of 7.87% from the stock’s previous close.

Several other research firms have also issued reports on PGR. Jefferies Financial Group boosted their target price on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Evercore ISI upped their target price on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Morgan Stanley reiterated an “overweight” rating and issued a $310.00 target price on shares of Progressive in a report on Friday, December 13th. HSBC cut Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target on the stock. in a report on Tuesday, December 10th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Six analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $273.81.

Progressive Trading Down 1.1 %

NYSE PGR opened at $247.52 on Monday. The firm has a market capitalization of $145.00 billion, a PE ratio of 17.99, a price-to-earnings-growth ratio of 0.70 and a beta of 0.38. The business’s 50-day moving average price is $253.97 and its two-hundred day moving average price is $237.58. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. Progressive has a 12 month low of $154.38 and a 12 month high of $270.62.

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

Insiders Place Their Bets

In related news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the transaction, the chief financial officer now directly owns 292,958 shares in the company, valued at approximately $78,539,110.22. The trade was a 3.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the transaction, the director now directly owns 13,723 shares in the company, valued at approximately $3,462,038.44. This represents a 13.71 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,839 shares of company stock valued at $6,718,965. Corporate insiders own 0.34% of the company’s stock.

Institutional Trading of Progressive

A number of institutional investors and hedge funds have recently modified their holdings of the business. Davis Capital Management bought a new position in Progressive in the 3rd quarter valued at $25,000. WR Wealth Planners LLC increased its holdings in Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after buying an additional 67 shares during the last quarter. DiNuzzo Private Wealth Inc. raised its position in Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 73 shares during the period. Kimelman & Baird LLC purchased a new position in Progressive in the second quarter valued at about $36,000. Finally, Sachetta LLC grew its position in shares of Progressive by 34.0% during the 2nd quarter. Sachetta LLC now owns 209 shares of the insurance provider’s stock valued at $45,000 after acquiring an additional 53 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

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.