The Progressive Co. (NYSE:PGR) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of The Progressive Co. (NYSE:PGR) have been given a consensus rating of “Moderate Buy” by the nineteen brokerages that are currently covering the firm, Marketbeat reports. Six analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $269.56.

A number of brokerages have issued reports on PGR. Barclays increased their price objective on shares of Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a report on Wednesday, October 23rd. Bank of America lifted their price target on shares of Progressive from $319.00 to $331.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Morgan Stanley lifted their target price on Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Finally, Keefe, Bruyette & Woods increased their price target on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 2,981 shares of the company’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the transaction, the insider now directly owns 26,353 shares in the company, valued at approximately $6,618,555.95. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Steven Broz sold 2,981 shares of the business’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the transaction, the insider now owns 26,353 shares in the company, valued at $6,618,555.95. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction on Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the sale, 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 disclosure for this sale can be found here. In the last quarter, insiders sold 74,843 shares of company stock worth $18,674,912. 0.34% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Progressive

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Progressive by 0.6% during the first quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider’s stock valued at $10,703,318,000 after buying an additional 285,070 shares during the period. Capital International Investors grew its holdings in Progressive by 15.7% during the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after acquiring an additional 670,006 shares in the last quarter. Legal & General Group Plc increased its position in Progressive by 1.9% during the 2nd quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock valued at $1,022,507,000 after purchasing an additional 92,212 shares during the period. Jennison Associates LLC raised its holdings in shares of Progressive by 21.6% in the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock valued at $1,205,266,000 after purchasing an additional 842,109 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Progressive by 1.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,836,218 shares of the insurance provider’s stock worth $973,479,000 after purchasing an additional 39,675 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Up 0.9 %

PGR opened at $262.29 on Wednesday. The stock has a market cap of $153.65 billion, a price-to-earnings ratio of 19.06, a price-to-earnings-growth ratio of 0.72 and a beta of 0.36. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.31 and a current ratio of 0.30. The firm’s fifty day moving average is $251.57 and its 200 day moving average is $228.68. Progressive has a fifty-two week low of $149.14 and a fifty-two week high of $263.85.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The business had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. On average, sell-side analysts forecast that Progressive will post 13.15 earnings per share for the current fiscal year.

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.