Raymond James Upgrades Progressive (NYSE:PGR) to Outperform

Progressive (NYSE:PGR) was upgraded by analysts at Raymond James from a “market perform” rating to an “outperform” rating in a research report issued on Thursday,Briefing.com Automated Import reports. The firm presently has a $305.00 price target on the insurance provider’s stock. Raymond James’ price target points to a potential upside of 25.39% from the company’s current price.

Other research analysts have also issued reports about the company. Keefe, Bruyette & Woods increased their price objective on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. TD Cowen increased their price target on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research note on Friday, November 8th. Morgan Stanley reissued an “overweight” rating and issued a $310.00 price target on shares of Progressive in a research note on Friday, December 13th. Evercore ISI increased their price target on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Finally, HSBC downgraded Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target on the stock. in a research note on Tuesday, December 10th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $275.65.

Progressive Stock Up 0.9 %

NYSE PGR opened at $243.24 on Thursday. The firm has a market cap of $142.49 billion, a PE ratio of 17.68, a price-to-earnings-growth ratio of 0.70 and a beta of 0.38. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The stock’s 50 day simple moving average is $252.61 and its 200 day simple moving average is $238.63. Progressive has a one year low of $156.06 and a one year high of $270.62.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The firm had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. As a group, sell-side analysts forecast that Progressive will post 13.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Progressive

In other Progressive news, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the sale, the insider now owns 26,353 shares of the company’s stock, valued at $6,618,555.95. This trade represents a 10.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction dated 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 directly owns 13,723 shares in the company, valued at $3,462,038.44. This represents a 13.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,161 shares of company stock valued at $3,979,549 in the last 90 days. 0.34% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Progressive

Several hedge funds have recently modified their holdings of PGR. Whittier Trust Co. grew its holdings in shares of Progressive by 9.6% in the 2nd quarter. Whittier Trust Co. now owns 4,262 shares of the insurance provider’s stock valued at $885,000 after acquiring an additional 373 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its holdings in shares of Progressive by 11.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock valued at $95,000 after acquiring an additional 48 shares in the last quarter. Arkadios Wealth Advisors grew its holdings in shares of Progressive by 23.4% in the 2nd quarter. Arkadios Wealth Advisors now owns 1,519 shares of the insurance provider’s stock valued at $315,000 after acquiring an additional 288 shares in the last quarter. Ameritas Advisory Services LLC grew its holdings in shares of Progressive by 74.9% in the 2nd quarter. Ameritas Advisory Services LLC now owns 5,906 shares of the insurance provider’s stock valued at $1,227,000 after acquiring an additional 2,530 shares in the last quarter. Finally, KCM Investment Advisors LLC grew its holdings in shares of Progressive by 4.7% in the 2nd quarter. KCM Investment Advisors LLC now owns 1,639 shares of the insurance provider’s stock valued at $340,000 after acquiring an additional 73 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

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.