Buckingham Research Cuts Progressive (NYSE:PGR) Price Target to $72.00

Progressive (NYSE:PGR) had its target price reduced by stock analysts at Buckingham Research from $78.00 to $72.00 in a report issued on Friday, MarketBeat Ratings reports. The brokerage presently has a “neutral” rating on the insurance provider’s stock. Buckingham Research’s target price would suggest a potential downside of 1.34% from the company’s previous close.

Several other analysts have also weighed in on the company. Raymond James set a $93.00 target price on Progressive and gave the company a “buy” rating in a report on Thursday, September 26th. Credit Suisse Group cut their price target on Progressive from $90.00 to $85.00 and set an “outperform” rating for the company in a research note on Friday, October 18th. Evercore ISI started coverage on shares of Progressive in a research report on Thursday, October 17th. They issued an “in-line” rating and a $78.00 price objective on the stock. ValuEngine cut shares of Progressive from a “hold” rating to a “sell” rating in a research note on Monday, November 25th. Finally, Wells Fargo & Co restated a “hold” rating and set a $76.00 target price on shares of Progressive in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $82.00.

Shares of PGR stock traded up $0.54 during midday trading on Friday, reaching $72.98. 2,921,275 shares of the company traded hands, compared to its average volume of 3,103,310. The firm’s 50 day simple moving average is $71.16 and its two-hundred day simple moving average is $76.97. The firm has a market cap of $42.67 billion, a PE ratio of 16.51, a price-to-earnings-growth ratio of 1.87 and a beta of 0.66. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.36. Progressive has a 1-year low of $56.71 and a 1-year high of $84.96.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, November 13th. The insurance provider reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.30 by $0.03. Progressive had a return on equity of 26.09% and a net margin of 8.69%. As a group, research analysts anticipate that Progressive will post 5.32 earnings per share for the current fiscal year.

In other news, insider Steven Broz sold 5,000 shares of Progressive stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $70.84, for a total transaction of $354,200.00. Following the completion of the sale, the insider now directly owns 25,295 shares in the company, valued at $1,791,897.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 22,614 shares of Progressive stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $71.99, for a total transaction of $1,627,981.86. Following the sale, the chief executive officer now owns 376,308 shares of the company’s stock, valued at $27,090,412.92. The disclosure for this sale can be found here. Company insiders own 0.39% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. First Financial Corp IN purchased a new position in Progressive during the third quarter worth about $25,000. Synovus Financial Corp lifted its holdings in shares of Progressive by 752.4% during the 2nd quarter. Synovus Financial Corp now owns 358 shares of the insurance provider’s stock worth $27,000 after acquiring an additional 316 shares during the period. Mirova purchased a new position in shares of Progressive during the 2nd quarter worth about $43,000. Golden State Wealth Management LLC acquired a new stake in shares of Progressive in the third quarter worth approximately $53,000. Finally, Virtus ETF Advisers LLC acquired a new stake in shares of Progressive in the second quarter worth approximately $61,000. 78.39% of the stock is currently owned by institutional investors and hedge funds.

About Progressive

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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