Progressive (NYSE:PGR – Get Free Report) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Tuesday.
A number of other research analysts have also recently commented on the stock. Morgan Stanley cut shares of Progressive from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $135.00 to $114.00 in a research note on Tuesday, July 25th. Bank of America boosted their price target on Progressive from $198.00 to $206.00 in a research note on Thursday, June 15th. BMO Capital Markets increased their price objective on Progressive from $125.00 to $130.00 and gave the stock a “market perform” rating in a research note on Thursday, August 17th. Citigroup reduced their target price on shares of Progressive from $123.00 to $106.00 and set a “sell” rating on the stock in a research note on Friday, July 14th. Finally, Raymond James upped their target price on shares of Progressive from $140.00 to $145.00 and gave the stock an “outperform” rating in a report on Thursday, August 17th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $141.57.
Progressive Stock Performance
PGR opened at $135.48 on Tuesday. The stock’s 50 day simple moving average is $128.67 and its 200-day simple moving average is $133.89. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.42. The stock has a market cap of $79.30 billion, a PE ratio of 46.40, a P/E/G ratio of 1.18 and a beta of 0.47. Progressive has a 1 year low of $110.04 and a 1 year high of $149.87.
Progressive (NYSE:PGR – Get Free Report) last announced its quarterly earnings results on Thursday, July 13th. The insurance provider reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.38). Progressive had a net margin of 3.12% and a return on equity of 12.02%. The business had revenue of $15.23 billion during the quarter, compared to the consensus estimate of $15.24 billion. Sell-side analysts forecast that Progressive will post 4.62 EPS for the current year.
Insider Transactions at Progressive
In related news, Director Barbara R. Snyder sold 21,731 shares of the firm’s stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $133.09, for a total value of $2,892,178.79. Following the transaction, the director now owns 6,610 shares in the company, valued at $879,724.90. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Barbara R. Snyder sold 21,731 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $133.09, for a total transaction of $2,892,178.79. Following the completion of the sale, the director now directly owns 6,610 shares of the company’s stock, valued at $879,724.90. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO John P. Sauerland sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $126.51, for a total transaction of $1,518,120.00. Following the completion of the transaction, the chief financial officer now directly owns 309,507 shares in the company, valued at $39,155,730.57. The disclosure for this sale can be found here. Insiders sold a total of 62,801 shares of company stock worth $8,203,964 over the last 90 days. 0.33% of the stock is owned by insiders.
Institutional Investors Weigh In On Progressive
A number of institutional investors and hedge funds have recently added to or reduced their stakes in PGR. Commerce Bank boosted its stake in Progressive by 1.9% during the 4th quarter. Commerce Bank now owns 41,781 shares of the insurance provider’s stock worth $5,419,000 after acquiring an additional 767 shares during the last quarter. Parallel Advisors LLC increased its position in shares of Progressive by 10.0% in the 1st quarter. Parallel Advisors LLC now owns 6,733 shares of the insurance provider’s stock valued at $963,000 after buying an additional 613 shares in the last quarter. Handelsbanken Fonder AB increased its position in shares of Progressive by 6.5% in the 1st quarter. Handelsbanken Fonder AB now owns 183,350 shares of the insurance provider’s stock valued at $26,230,000 after buying an additional 11,176 shares in the last quarter. ExodusPoint Capital Management LP acquired a new stake in Progressive during the 1st quarter worth $2,714,000. Finally, HighTower Advisors LLC lifted its holdings in Progressive by 14.5% during the fourth quarter. HighTower Advisors LLC now owns 82,242 shares of the insurance provider’s stock worth $10,689,000 after acquiring an additional 10,427 shares in the last quarter. Institutional investors own 83.66% of the company’s stock.
About Progressive
The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.