Keefe, Bruyette & Woods Issues Positive Forecast for Progressive (NYSE:PGR) Stock Price

Progressive (NYSE:PGR) had its price target increased by investment analysts at Keefe, Bruyette & Woods from $246.00 to $250.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “market perform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 10.93% from the stock’s current price.

Several other equities analysts also recently weighed in on PGR. Citigroup reduced their target price on Progressive from $301.38 to $300.60 and set a “buy” rating on the stock in a research report on Monday. Mizuho started coverage on shares of Progressive in a research note on Monday. They set a “neutral” rating and a $242.00 price objective for the company. Morgan Stanley reiterated an “underweight” rating on shares of Progressive in a report on Wednesday. Wolfe Research started coverage on shares of Progressive in a report on Monday, September 15th. They issued a “peer perform” rating for the company. Finally, Jefferies Financial Group reaffirmed a “hold” rating on shares of Progressive in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $264.98.

Progressive Stock Performance

Shares of PGR opened at $225.36 on Thursday. Progressive has a 1 year low of $199.90 and a 1 year high of $292.99. The company’s 50 day simple moving average is $223.42 and its 200 day simple moving average is $241.71. The company has a market capitalization of $132.15 billion, a price-to-earnings ratio of 12.39, a PEG ratio of 1.03 and a beta of 0.36. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.29 and a current ratio of 0.29.

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

Insider Buying and Selling at Progressive

In other Progressive news, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $228.29, for a total transaction of $307,050.05. Following the completion of the sale, the insider directly owned 27,698 shares in the company, valued at $6,323,176.42. The trade was a 4.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John P. Sauerland sold 5,000 shares of the firm’s stock in a transaction on Friday, November 28th. The shares were sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the completion of the transaction, the chief financial officer directly owned 223,024 shares in the company, valued at approximately $50,956,523.52. This represents a 2.19% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 17,673 shares of company stock valued at $4,163,005 in the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

Large investors have recently modified their holdings of the stock. New York Life Investment Management LLC raised its stake in shares of Progressive by 1.4% during the second quarter. New York Life Investment Management LLC now owns 87,760 shares of the insurance provider’s stock valued at $23,420,000 after purchasing an additional 1,192 shares during the period. Baron Silver Stevens Financial Advisors LLC acquired a new stake in Progressive during the 2nd quarter valued at $306,000. Wakefield Asset Management LLLP grew its holdings in Progressive by 199.0% during the 2nd quarter. Wakefield Asset Management LLLP now owns 9,411 shares of the insurance provider’s stock valued at $2,511,000 after purchasing an additional 6,263 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Progressive during the 2nd quarter worth $13,583,000. Finally, Whalen Wealth Management Inc. acquired a new position in Progressive in the 2nd quarter worth $647,000. Institutional investors and hedge funds 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.