The Progressive Co. (NYSE:PGR) Receives Average Recommendation of “Moderate Buy” from Brokerages

The Progressive Co. (NYSE:PGR) has received a consensus recommendation of “Moderate Buy” from the nineteen analysts that are currently covering the firm, MarketBeat reports. Six equities research 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 twelve-month price objective among brokers that have issued ratings on the stock in the last year is $269.56.

PGR has been the topic of several research reports. Barclays lifted their price objective on Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 23rd. Roth Mkm lifted their price target on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, September 16th. BMO Capital Markets decreased their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. The Goldman Sachs Group boosted their target price on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Finally, Bank of America increased their price target on shares of Progressive from $319.00 to $331.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th.

Insider Activity

In related news, insider John Jo Murphy sold 9,512 shares of Progressive stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $237.50, for a total value of $2,259,100.00. Following the completion of the sale, the insider now directly owns 45,787 shares in the company, valued at approximately $10,874,412.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider John Jo Murphy sold 9,512 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $237.50, for a total value of $2,259,100.00. Following the sale, the insider now owns 45,787 shares in the company, valued at approximately $10,874,412.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This trade represents 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 valued at $18,674,912 over the last ninety days. 0.34% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Avantax Advisory Services Inc. boosted its stake in shares of Progressive by 3.1% during the 1st quarter. Avantax Advisory Services Inc. now owns 13,090 shares of the insurance provider’s stock worth $2,707,000 after acquiring an additional 389 shares during the last quarter. Bleakley Financial Group LLC lifted its position in Progressive by 3.2% during the first quarter. Bleakley Financial Group LLC now owns 11,989 shares of the insurance provider’s stock valued at $2,480,000 after purchasing an additional 368 shares in the last quarter. Edmond DE Rothschild Holding S.A. grew its holdings in Progressive by 11.2% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 1,646 shares of the insurance provider’s stock valued at $340,000 after purchasing an additional 166 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in Progressive by 25.4% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 345,161 shares of the insurance provider’s stock worth $71,386,000 after buying an additional 69,951 shares in the last quarter. Finally, Eagle Bay Advisors LLC raised its stake in shares of Progressive by 50.3% in the first quarter. Eagle Bay Advisors LLC now owns 230 shares of the insurance provider’s stock worth $48,000 after buying an additional 77 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Performance

Shares of PGR stock opened at $262.29 on Wednesday. The firm has a market capitalization of $153.65 billion, a price-to-earnings ratio of 19.06, a PEG ratio of 0.72 and a beta of 0.36. The stock has a fifty day moving average of $251.57 and a 200 day moving average of $228.68. Progressive has a 52 week low of $149.14 and a 52 week high of $263.85. The company has a quick ratio of 0.31, a current ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping 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 firm had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. As a group, research analysts expect that Progressive will post 13.15 earnings per share for the current 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.