Progressive (NYSE:PGR) Price Target Raised to $217.00

Progressive (NYSE:PGR) had its price objective raised by research analysts at Wells Fargo & Company from $214.00 to $217.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the insurance provider’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 7.90% from the company’s previous close.

Several other equities analysts have also recently issued reports on the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Progressive in a research report on Monday, December 29th. Keefe, Bruyette & Woods upped their price objective on Progressive from $225.00 to $232.00 and gave the stock a “market perform” rating in a report on Thursday, February 19th. Citigroup reduced their target price on Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a report on Tuesday, February 3rd. Roth Mkm set a $235.00 price target on shares of Progressive in a report on Thursday, February 19th. Finally, BMO Capital Markets reduced their price objective on shares of Progressive from $232.00 to $208.00 and set a “market perform” rating for the company in a research note on Wednesday, March 11th. Seven research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $241.11.

Progressive Stock Performance

Shares of Progressive stock traded down $0.05 on Thursday, reaching $201.12. 190,650 shares of the stock were exchanged, compared to its average volume of 3,437,434. The firm has a market capitalization of $117.84 billion, a PE ratio of 10.45, a PEG ratio of 8.88 and a beta of 0.33. Progressive has a 1-year low of $197.92 and a 1-year high of $289.96. The business has a fifty day moving average price of $206.46 and a two-hundred day moving average price of $221.58. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23.

Insider Transactions at Progressive

In other news, insider Maribel Pumarejo sold 739 shares of the stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total value of $150,201.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Karen Bailo sold 3,517 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $745,604.00. Following the transaction, the insider directly owned 32,348 shares of the company’s stock, valued at approximately $6,857,776. This trade represents a 9.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 12,761 shares of company stock worth $2,659,420 in the last 90 days. Insiders own 0.34% of the company’s stock.

Institutional Trading of Progressive

Several institutional investors and hedge funds have recently made changes to their positions in PGR. Vanguard Group Inc. lifted its holdings in Progressive by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock valued at $12,584,067,000 after purchasing an additional 593,612 shares in the last quarter. State Street Corp lifted its stake in shares of Progressive by 0.3% during the third quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock valued at $6,373,474,000 after buying an additional 78,374 shares during the period. Capital International Investors grew its stake in Progressive by 8.9% in the 4th quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock worth $3,398,123,000 after acquiring an additional 1,217,527 shares during the period. Capital Research Global Investors raised its holdings in Progressive by 26.1% in the 3rd quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock valued at $2,757,905,000 after acquiring an additional 2,314,864 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in shares of Progressive by 32.8% during the second quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock worth $2,928,141,000 after purchasing an additional 2,709,417 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Company Profile

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.