Progressive (NYSE:PGR) Stock Price Expected to Rise, Roth Mkm Analyst Says

Progressive (NYSE:PGR) had its price objective lifted by Roth Mkm from $290.00 to $315.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the insurance provider’s stock. Roth Mkm’s price objective suggests a potential upside of 15.33% from the company’s previous close.

Several other equities analysts also recently weighed in on the company. Bank of America boosted their target price on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research report on Monday, November 18th. Hsbc Global Res cut Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. JPMorgan Chase & Co. boosted their price objective on Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a report on Friday, January 3rd. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Evercore ISI boosted their price objective on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $277.59.

Progressive Stock Performance

NYSE PGR opened at $273.13 on Tuesday. The company has a market cap of $160.00 billion, a P/E ratio of 18.97, a P/E/G ratio of 1.70 and a beta of 0.42. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The business’s 50 day moving average price is $248.63 and its 200-day moving average price is $250.30. Progressive has a fifty-two week low of $186.94 and a fifty-two week high of $280.25.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Sell-side analysts predict that Progressive will post 14.68 earnings per share for the current year.

Insider Activity at Progressive

In related news, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the transaction, the chief financial officer now directly owns 282,958 shares of the company’s stock, valued at $67,530,756.28. This represents a 3.41 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $46,241.10. Following the completion of the transaction, the chief accounting officer now directly owns 3,982 shares in the company, valued at $964,042.20. This represents a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 56,361 shares of company stock valued at $13,983,575 in the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PGR. Webster Bank N. A. purchased a new stake in shares of Progressive in the fourth quarter worth about $26,000. Hager Investment Management Services LLC purchased a new stake in shares of Progressive in the fourth quarter worth about $28,000. Atlantic Edge Private Wealth Management LLC boosted its stake in shares of Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after buying an additional 41 shares during the last quarter. Minot DeBlois Advisors LLC purchased a new stake in shares of Progressive in the fourth quarter worth about $28,000. Finally, Valley National Advisers Inc. boosted its stake in shares of Progressive by 3,000.0% in the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock worth $29,000 after buying an additional 120 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

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.