Morgan Stanley Increases Progressive (NYSE:PGR) Price Target to $300.00

Progressive (NYSE:PGR) had its price objective lifted by stock analysts at Morgan Stanley from $260.00 to $300.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the insurance provider’s stock. Morgan Stanley’s target price would indicate a potential upside of 16.77% from the company’s current price.

A number of other brokerages also recently commented on PGR. Roth Mkm raised their target price on shares of Progressive from $235.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. JPMorgan Chase & Co. raised their price objective on Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th. Bank of America upped their target price on Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Piper Sandler raised their target price on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Finally, Evercore ISI upped their price target on Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Progressive has an average rating of “Moderate Buy” and an average price target of $256.12.

Progressive Price Performance

Shares of Progressive stock opened at $256.91 on Monday. The business’s fifty day moving average price is $231.42 and its 200 day moving average price is $216.02. Progressive has a twelve month low of $137.59 and a twelve month high of $260.46. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $150.47 billion, a P/E ratio of 26.30, a PEG ratio of 0.82 and a beta of 0.35.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. During the same period in the previous year, the company posted $0.57 EPS. The company’s revenue was up 21.6% compared to the same quarter last year. As a group, research analysts anticipate that Progressive will post 12.29 earnings per share for the current year.

Insider Transactions at Progressive

In other Progressive news, insider Steven Broz sold 3,050 shares of the business’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $209.81, for a total transaction of $639,920.50. Following the completion of the sale, the insider now owns 32,453 shares in the company, valued at $6,808,963.93. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Steven Broz sold 3,050 shares of Progressive stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $209.81, for a total value of $639,920.50. Following the completion of the transaction, the insider now directly owns 32,453 shares of the company’s stock, valued at approximately $6,808,963.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $210.40, for a total transaction of $2,104,000.00. Following the sale, the chief financial officer now directly owns 302,958 shares of the company’s stock, valued at approximately $63,742,363.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 146,704 shares of company stock worth $33,367,408. 0.34% of the stock is currently owned by corporate insiders.

Institutional Trading of Progressive

Several hedge funds have recently made changes to their positions in the stock. 1832 Asset Management L.P. lifted its position in Progressive by 237.8% in the 4th quarter. 1832 Asset Management L.P. now owns 1,485,750 shares of the insurance provider’s stock valued at $236,650,000 after purchasing an additional 1,045,883 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Progressive by 4,545.0% during the first quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider’s stock valued at $145,858,000 after buying an additional 690,060 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Progressive by 548.2% during the first quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock worth $167,866,000 after buying an additional 686,433 shares during the period. Capital International Investors grew its holdings in 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. Finally, Swedbank AB acquired a new stake in Progressive in the 1st quarter valued at approximately $116,852,000. Institutional investors own 85.34% of the company’s stock.

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.