Progressive (NYSE:PGR) had its price target upped by Raymond James from $82.00 to $85.00 in a note issued to investors on Wednesday. The firm presently has a “strong-buy” rating on the insurance provider’s stock. Raymond James’ price target indicates a potential upside of 18.38% from the stock’s current price.
A number of other research analysts also recently issued reports on the company. Wells Fargo & Co set a $69.00 price target on Progressive and gave the company a “hold” rating in a report on Tuesday. Credit Suisse Group set a $79.00 price target on Progressive and gave the company a “buy” rating in a report on Monday. Citigroup lifted their price target on Progressive from $70.00 to $73.00 and gave the company a “neutral” rating in a report on Friday, October 12th. B. Riley lifted their price target on Progressive from $68.00 to $71.00 and gave the company a “neutral” rating in a report on Monday, October 8th. Finally, ValuEngine downgraded Progressive from a “buy” rating to a “hold” rating in a report on Tuesday, October 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $68.64.
PGR opened at $71.80 on Wednesday. Progressive has a 52 week low of $47.92 and a 52 week high of $72.72. The firm has a market cap of $41.14 billion, a price-to-earnings ratio of 14.81, a PEG ratio of 2.06 and a beta of 0.67. The company has a current ratio of 0.38, a quick ratio of 0.43 and a debt-to-equity ratio of 0.33.
In related news, CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $64.25, for a total transaction of $771,000.00. Following the transaction, the chief financial officer now directly owns 390,584 shares in the company, valued at approximately $25,095,022. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 12,600 shares of the business’s stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $64.14, for a total value of $808,164.00. Following the transaction, the chief executive officer now owns 265,856 shares in the company, valued at $17,052,003.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 74,600 shares of company stock worth $4,924,164. 0.70% of the stock is owned by company insiders.
Hedge funds have recently made changes to their positions in the stock. ELM Advisors LLC purchased a new position in Progressive during the 3rd quarter worth $107,000. Trust Co. of Vermont grew its stake in Progressive by 82.4% during the 2nd quarter. Trust Co. of Vermont now owns 2,006 shares of the insurance provider’s stock worth $119,000 after buying an additional 906 shares during the last quarter. Cerebellum GP LLC acquired a new stake in Progressive during the 2nd quarter worth about $168,000. Migdal Insurance & Financial Holdings Ltd. lifted its position in Progressive by 8,571.8% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,382 shares of the insurance provider’s stock worth $200,000 after acquiring an additional 3,343 shares during the period. Finally, Steward Partners Investment Advisory LLC lifted its position in Progressive by 114.8% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 3,404 shares of the insurance provider’s stock worth $201,000 after acquiring an additional 1,819 shares during the period. Hedge funds and other institutional investors own 79.88% of the company’s stock.
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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