Progressive (NYSE:PGR) Hits New 12-Month High on Analyst Upgrade

The Progressive Co. (NYSE:PGR)’s stock price hit a new 52-week high during mid-day trading on Friday after TD Cowen raised their price target on the stock from $197.00 to $237.00. TD Cowen currently has a hold rating on the stock. Progressive traded as high as $262.85 and last traded at $262.32, with a volume of 318050 shares traded. The stock had previously closed at $255.27.

Other equities research analysts also recently issued research reports about the stock. Roth Mkm boosted their target price on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective for the company in a report on Monday, August 12th. Jefferies Financial Group upped their price objective on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. lifted their target price on Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Finally, Evercore ISI upped their price target on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research report on Wednesday. Seven research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Progressive currently has a consensus rating of “Moderate Buy” and an average price target of $269.56.

Insider Activity at Progressive

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the transaction, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the transaction, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 74,843 shares of company stock worth $18,674,912 in the last ninety days. 0.34% of the stock is owned by insiders.

Institutional Trading of Progressive

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Jennison Associates LLC increased its stake in shares of Progressive by 21.6% during the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock valued at $1,205,266,000 after acquiring an additional 842,109 shares during the period. Canada Pension Plan Investment Board increased its position in shares of Progressive by 548.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock valued at $167,866,000 after purchasing an additional 686,433 shares during the period. Capital International Investors raised its stake in shares of Progressive by 15.7% in the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after buying an additional 670,006 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in shares of Progressive by 29,701.6% in the third quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock valued at $151,325,000 after buying an additional 594,330 shares during the period. Finally, SG Americas Securities LLC boosted its stake in Progressive by 206.8% during the third quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock valued at $222,207,000 after buying an additional 590,235 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Trading Up 2.4 %

The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.31. The business has a fifty day moving average of $251.41 and a 200-day moving average of $228.12. The stock has a market capitalization of $153.20 billion, a price-to-earnings ratio of 19.01, a price-to-earnings-growth ratio of 0.72 and a beta of 0.36.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The company had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. On average, equities analysts anticipate that The Progressive Co. will post 13.14 earnings per share for the current fiscal year.

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.