Progressive (NYSE:PGR) Given New $256.00 Price Target at JPMorgan Chase & Co.

Progressive (NYSE:PGR) had its price target boosted by investment analysts at JPMorgan Chase & Co. from $251.00 to $256.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 6.38% from the company’s current price.

Several other analysts have also recently weighed in on the company. The Goldman Sachs Group lifted their price objective on Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Hsbc Global Res cut Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. BMO Capital Markets reduced their price target on Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Evercore ISI upped their price target on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and a consensus target price of $275.94.

Progressive Stock Up 0.4 %

Shares of NYSE:PGR opened at $240.65 on Friday. The stock’s 50-day moving average is $251.58 and its 200 day moving average is $239.85. The company has a market cap of $140.98 billion, a PE ratio of 17.49, a P/E/G 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. Progressive has a 1 year low of $161.56 and a 1 year high of $270.62.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. The company had revenue of $19.43 billion during 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%. Sell-side analysts anticipate that Progressive will post 13.2 EPS for the current year.

Insider Transactions at Progressive

In other Progressive news, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $238.66, for a total value of $2,386,600.00. Following the transaction, the chief financial officer now owns 282,958 shares of the company’s stock, valued at approximately $67,530,756.28. The trade was a 3.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 22,981 shares of company stock valued at $5,816,178 over the last 90 days. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Progressive

A number of hedge funds and other institutional investors have recently made changes to their positions in PGR. Davis Capital Management bought a new position in Progressive in the third quarter worth approximately $25,000. DiNuzzo Private Wealth Inc. raised its position in shares of Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 73 shares in the last quarter. Kimelman & Baird LLC purchased a new stake in shares of Progressive during the 2nd quarter worth $36,000. Sachetta LLC grew its stake in Progressive by 34.0% in the second quarter. Sachetta LLC now owns 209 shares of the insurance provider’s stock valued at $45,000 after purchasing an additional 53 shares during the last quarter. Finally, Friedenthal Financial bought a new position in Progressive in the third quarter worth about $49,000. 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.