HSBC Increases Progressive (NYSE:PGR) Price Target to $200.00

Progressive (NYSE:PGR) had its price target lifted by equities researchers at HSBC from $174.00 to $200.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “hold” rating on the insurance provider’s stock. HSBC’s price target would indicate a potential downside of 3.40% from the company’s previous close.

Other analysts have also issued reports about the company. The Goldman Sachs Group boosted their target price on Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research note on Monday. Citigroup boosted their price target on shares of Progressive from $192.00 to $202.00 and gave the stock a “neutral” rating in a research note on Monday, March 18th. Bank of America upped their price objective on shares of Progressive from $256.00 to $261.00 and gave the company a “buy” rating in a research note on Monday, March 4th. Raymond James cut shares of Progressive from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 12th. Finally, Piper Sandler upped their price objective on shares of Progressive from $188.00 to $207.00 and gave the stock an “overweight” rating in a report on Thursday, January 25th. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $186.50.

Progressive Price Performance

PGR traded up $0.88 on Thursday, reaching $207.03. The stock had a trading volume of 1,135,620 shares, compared to its average volume of 2,473,246. The company has a market capitalization of $121.26 billion, a price-to-earnings ratio of 31.40, a price-to-earnings-growth ratio of 0.93 and a beta of 0.34. The firm has a 50-day moving average of $188.82 and a 200-day moving average of $167.00. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.35. Progressive has a fifty-two week low of $111.41 and a fifty-two week high of $208.19.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, January 24th. The insurance provider reported $2.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.43 by $0.53. Progressive had a return on equity of 21.25% and a net margin of 6.28%. The business had revenue of $16.89 billion for the quarter, compared to analyst estimates of $16.10 billion. During the same quarter in the prior year, the company earned $1.52 earnings per share. As a group, sell-side analysts anticipate that Progressive will post 9.82 EPS for the current year.

Insider Activity at Progressive

In other Progressive news, insider Patrick K. Callahan sold 29,675 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total value of $5,645,965.50. Following the completion of the transaction, the insider now directly owns 15,189 shares in the company, valued at $2,889,859.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Andrew J. Quigg sold 551 shares of the company’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $169.24, for a total transaction of $93,251.24. Following the transaction, the insider now owns 27,921 shares in the company, valued at $4,725,350.04. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Patrick K. Callahan sold 29,675 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the transaction, the insider now owns 15,189 shares in the company, valued at approximately $2,889,859.14. The disclosure for this sale can be found here. Insiders sold 58,949 shares of company stock worth $10,671,740 over the last three months. 0.34% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Progressive

Large investors have recently bought and sold shares of the company. HighPoint Advisor Group LLC purchased a new position in Progressive during the 4th quarter valued at about $908,000. Quadrature Capital Ltd boosted its stake in shares of Progressive by 11.8% in the 4th quarter. Quadrature Capital Ltd now owns 183,192 shares of the insurance provider’s stock valued at $29,188,000 after buying an additional 19,284 shares during the period. Grayhawk Investment Strategies Inc. purchased a new position in shares of Progressive in the 4th quarter valued at about $964,000. Global Frontier Investments LLC boosted its stake in shares of Progressive by 28.2% in the 4th quarter. Global Frontier Investments LLC now owns 182,000 shares of the insurance provider’s stock valued at $28,988,000 after buying an additional 40,000 shares during the period. Finally, Sivia Capital Partners LLC acquired a new stake in shares of Progressive during the 4th quarter worth about $264,000. Hedge funds and other institutional investors 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.