Progressive’s (PGR) “Buy” Rating Reaffirmed at Roth Mkm

Progressive (NYSE:PGR)‘s stock had its “buy” rating reaffirmed by analysts at Roth Mkm in a research report issued on Wednesday, Benzinga reports. They presently have a $235.00 target price on the insurance provider’s stock. Roth Mkm’s price target indicates a potential upside of 14.46% from the company’s previous close.

A number of other analysts have also issued reports on the stock. UBS Group boosted their price target on shares of Progressive from $216.00 to $218.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. Citigroup upped their price target on Progressive from $230.00 to $232.00 and gave the company a “neutral” rating in a report on Monday, June 17th. Piper Sandler reaffirmed an “overweight” rating and issued a $240.00 price target on shares of Progressive in a report on Monday, April 1st. HSBC increased their price objective on Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a report on Thursday, March 28th. Finally, Morgan Stanley cut their price target on Progressive from $256.00 to $255.00 and set an “overweight” rating for the company in a research note on Monday, June 10th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $216.81.

Progressive Price Performance

PGR traded down $2.96 on Wednesday, hitting $205.32. 851,308 shares of the company’s stock were exchanged, compared to its average volume of 2,569,539. Progressive has a fifty-two week low of $111.41 and a fifty-two week high of $217.77. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.32. The firm has a 50-day moving average price of $209.62 and a 200-day moving average price of $192.86. The stock has a market cap of $120.26 billion, a price-to-earnings ratio of 21.00, a P/E/G ratio of 0.80 and a beta of 0.35.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping the consensus estimate of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The business had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. During the same quarter in the previous year, the firm earned $0.65 EPS. The company’s quarterly revenue was up 17.7% compared to the same quarter last year. As a group, equities analysts anticipate that Progressive will post 11.34 earnings per share for the current year.

Insider Activity at Progressive

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the sale, the director now directly owns 7,176 shares in the company, valued at approximately $1,494,976.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Progressive news, insider Steven Broz sold 7,361 shares of Progressive stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the sale, the insider now owns 35,503 shares of the company’s stock, valued at approximately $7,357,996.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the sale, the director now directly owns 7,176 shares in the company, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 24,518 shares of company stock worth $5,055,674. 0.34% of the stock is currently owned by company insiders.

Institutional Trading of Progressive

Hedge funds have recently added to or reduced their stakes in the business. Sachetta LLC purchased a new position in shares of Progressive during the fourth quarter valued at $25,000. Northwest Bank & Trust Co bought a new stake in Progressive in the fourth quarter worth $25,000. Valley National Advisers Inc. raised its holdings in Progressive by 143.6% during the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after buying an additional 112 shares in the last quarter. Indiana Trust & Investment Management CO bought a new stake in Progressive during the first quarter worth approximately $32,000. Finally, Register Financial Advisors LLC bought a new stake in shares of Progressive during the 1st quarter worth $35,000. Institutional investors 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.