Cantor Fitzgerald Issues Pessimistic Forecast for Progressive (NYSE:PGR) Stock Price

Progressive (NYSE:PGR) had its target price cut by equities research analysts at Cantor Fitzgerald from $220.00 to $200.00 in a report issued on Monday,Benzinga reports. The firm presently has a “neutral” rating on the insurance provider’s stock. Cantor Fitzgerald’s target price would suggest a potential downside of 4.53% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on the stock. Morgan Stanley upgraded shares of Progressive from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $190.00 to $210.00 in a research note on Friday, July 24th. William Blair restated a “market perform” rating on shares of Progressive in a research note on Wednesday, July 15th. BMO Capital Markets lowered their price target on shares of Progressive from $220.00 to $205.00 and set a “market perform” rating on the stock in a report on Thursday, July 16th. Mizuho set a $236.00 target price on shares of Progressive in a research report on Wednesday, August 5th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Progressive in a research note on Monday, August 3rd. Five analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $233.16.

Progressive Stock Performance

PGR opened at $209.48 on Monday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The stock’s 50 day moving average price is $214.36 and its two-hundred day moving average price is $206.46. The firm has a market capitalization of $121.79 billion, a P/E ratio of 10.51, a price-to-earnings-growth ratio of 2.82 and a beta of 0.27. Progressive has a 12-month low of $189.20 and a 12-month high of $254.93.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.64 by $1.03. The business had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. Progressive’s quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter last year, the company posted $5.40 earnings per share. On average, equities analysts forecast that Progressive will post 17.57 earnings per share for the current year.

Insider Transactions at Progressive

In related news, CEO Susan Patricia Griffith sold 37,338 shares of the firm’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $7,942,165.98. Following the completion of the sale, the chief executive officer directly owned 522,776 shares of the company’s stock, valued at $111,199,682.96. This trade represents a 6.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the business’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total value of $1,514,310.00. Following the completion of the transaction, the director directly owned 22,546 shares in the company, valued at approximately $4,877,376.18. This represents a 23.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 74,885 shares of company stock valued at $15,880,459. 0.32% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PGR. Meeder Asset Management Inc. bought a new position in shares of Progressive in the second quarter worth about $26,000. Bard Associates Inc. acquired a new stake in shares of Progressive in the fourth quarter valued at approximately $27,000. IMG Wealth Management Inc. bought a new position in Progressive in the 2nd quarter worth approximately $26,000. Bogart Wealth LLC raised its position in Progressive by 235.1% in the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 87 shares during the last quarter. Finally, Kilter Group LLC acquired a new position in Progressive during the 2nd quarter worth $27,000. 85.34% of the stock is owned by institutional investors.

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.