Progressive (NYSE:PGR) Price Target Raised to $333.00

Progressive (NYSE:PGR) had its target price raised by Wells Fargo & Company from $328.00 to $333.00 in a research report released on Friday morning,Benzinga reports. They currently have an overweight rating on the insurance provider’s stock.

A number of other analysts have also recently commented on PGR. Morgan Stanley set a $330.00 price target on Progressive and gave the company an “overweight” rating in a research note on Monday, May 19th. Bank of America raised Progressive from a “neutral” rating to a “buy” rating and set a $312.00 price target for the company in a research note on Monday, April 28th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $288.00 price target on shares of Progressive in a research note on Thursday, April 17th. UBS Group upped their price target on Progressive from $285.00 to $291.00 and gave the company a “neutral” rating in a research note on Wednesday, May 28th. Finally, JPMorgan Chase & Co. upped their price target on Progressive from $267.00 to $287.00 and gave the company an “overweight” rating in a research note on Tuesday, April 8th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Progressive currently has an average rating of “Moderate Buy” and a consensus target price of $288.88.

Progressive Stock Performance

Shares of NYSE:PGR opened at $261.26 on Friday. The stock has a market capitalization of $153.15 billion, a P/E ratio of 17.62, a P/E/G ratio of 1.62 and a beta of 0.40. Progressive has a 1-year low of $204.88 and a 1-year high of $292.99. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The business has a 50-day moving average price of $275.34 and a two-hundred day moving average price of $264.49.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.28 by $0.37. The firm had revenue of $22.21 billion during the quarter, compared to analysts’ expectations of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. Equities analysts predict that Progressive will post 14.68 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $275.37, for a total transaction of $2,753,700.00. Following the completion of the sale, the chief financial officer now directly owns 238,024 shares of the company’s stock, valued at approximately $65,544,668.88. This represents a 4.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven Broz sold 1,267 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $277.81, for a total value of $351,985.27. Following the sale, the insider now directly owns 28,888 shares of the company’s stock, valued at approximately $8,025,375.28. The trade was a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 34,157 shares of company stock valued at $9,352,400. 0.33% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Progressive

A number of large investors have recently bought and sold shares of PGR. Highline Wealth Partners LLC boosted its position in Progressive by 114.0% during the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 49 shares during the last quarter. TruNorth Capital Management LLC boosted its position in Progressive by 210.0% during the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 63 shares during the last quarter. Minot DeBlois Advisors LLC acquired a new position in Progressive during the 4th quarter worth approximately $28,000. HWG Holdings LP acquired a new position in Progressive during the 1st quarter worth approximately $28,000. Finally, Atala Financial Inc acquired a new position in Progressive during the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

About Progressive

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.