Progressive (NYSE:PGR) Price Target Raised to $232.00

Progressive (NYSE:PGR) had its price objective hoisted by Keefe, Bruyette & Woods from $225.00 to $232.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “market perform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 14.06% from the stock’s current price.

PGR has been the topic of several other research reports. Barclays upgraded Progressive from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $257.00 to $265.00 in a research report on Thursday, January 8th. Bank of America dropped their price target on shares of Progressive from $350.00 to $348.00 and set a “buy” rating on the stock in a research report on Tuesday, December 9th. Wells Fargo & Company dropped their price target on shares of Progressive from $240.00 to $220.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 29th. William Blair lowered Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. Finally, HSBC downgraded Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Seven analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and an average target price of $250.76.

Progressive Stock Performance

NYSE PGR opened at $203.40 on Thursday. The firm has a market capitalization of $119.27 billion, a P/E ratio of 10.57, a PEG ratio of 7.28 and a beta of 0.32. The stock has a 50-day simple moving average of $213.85 and a two-hundred day simple moving average of $227.14. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.29 and a current ratio of 0.38. Progressive has a fifty-two week low of $197.92 and a fifty-two week high of $292.99.

Insider Transactions at Progressive

In related news, insider Andrew J. Quigg sold 1,649 shares of the business’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $336,973.15. Following the transaction, the insider directly owned 39,626 shares in the company, valued at approximately $8,097,573.10. The trade was a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Steven Broz sold 1,345 shares of the stock in a transaction dated 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 owned 27,698 shares of the company’s stock, valued at approximately $6,323,176.42. The trade was a 4.63% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 12,443 shares of company stock worth $2,723,061. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Progressive

Institutional investors have recently added to or reduced their stakes in the stock. Davis Capital Management acquired a new stake in shares of Progressive in the 3rd quarter worth $25,000. Bard Associates Inc. purchased a new stake in shares of Progressive in the fourth quarter valued at about $27,000. Dagco Inc. acquired a new stake in Progressive during the fourth quarter worth about $28,000. Atlantic Union Bankshares Corp purchased a new position in Progressive during the second quarter worth about $33,000. Finally, Howard Hughes Medical Institute purchased a new stake in shares of Progressive in the 2nd quarter valued at approximately $34,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.