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.
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.
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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