Progressive (NYSE:PGR) Coverage Initiated at Barclays

Barclays began coverage on shares of Progressive (NYSE:PGR) in a research note issued on Wednesday, MarketBeat.com reports. The brokerage set an “equal weight” rating and a $367.00 price target on the insurance provider’s stock. Barclays‘s price objective indicates a potential upside of 47.09% from the company’s previous close.

A number of other brokerages also recently weighed in on PGR. Morgan Stanley lowered their price target on Progressive from $256.00 to $255.00 and set an “overweight” rating for the company in a report on Monday, June 10th. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Roth Mkm lifted their price target on shares of Progressive from $235.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Wells Fargo & Company increased their price objective on shares of Progressive from $262.00 to $281.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Finally, Evercore ISI lifted their target price on Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $252.24.

Progressive Stock Down 1.7 %

PGR stock opened at $249.51 on Wednesday. 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 firm has a 50 day simple moving average of $224.65 and a 200-day simple moving average of $212.25. The company has a market capitalization of $146.13 billion, a P/E ratio of 25.54, a PEG ratio of 0.83 and a beta of 0.35. Progressive has a twelve month low of $133.51 and a twelve month high of $254.83.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.61. The company had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same period last year, the business earned $0.57 EPS. On average, equities research analysts predict that Progressive will post 12.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Progressive news, CAO Mariann Wojtkun Marshall sold 650 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $208.11, for a total transaction of $135,271.50. Following the completion of the transaction, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at approximately $828,485.91. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Progressive news, CAO Mariann Wojtkun Marshall sold 650 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $208.11, for a total value of $135,271.50. Following the completion of the sale, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at approximately $828,485.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Broz sold 3,050 shares of Progressive stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $209.81, for a total transaction of $639,920.50. Following the completion of the transaction, the insider now directly owns 32,453 shares in the company, valued at approximately $6,808,963.93. The disclosure for this sale can be found here. Insiders have sold a total of 147,354 shares of company stock valued at $33,502,680 over the last quarter. Corporate insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

Several large investors have recently modified their holdings of the stock. Sanctuary Advisors LLC acquired a new position in shares of Progressive in the 2nd quarter valued at $35,022,000. Sycomore Asset Management boosted its holdings in shares of Progressive by 9.5% in the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock worth $5,856,000 after buying an additional 2,450 shares during the period. Kestra Investment Management LLC purchased a new position in shares of Progressive in the second quarter worth approximately $728,000. New Wave Wealth Advisors LLC acquired a new stake in shares of Progressive during the second quarter valued at approximately $366,000. Finally, New Century Financial Group LLC lifted its position in shares of Progressive by 53.4% in the 2nd quarter. New Century Financial Group LLC now owns 1,844 shares of the insurance provider’s stock valued at $383,000 after acquiring an additional 642 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

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.