JPMorgan Chase & Co. Raises Progressive (NYSE:PGR) Price Target to $251.00

Progressive (NYSE:PGRGet Free Report) had its price target upped by JPMorgan Chase & Co. from $242.00 to $251.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential downside of 0.18% from the company’s current price.

Several other equities research analysts have also recently weighed in on PGR. Citigroup reduced their price objective on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 17th. The Goldman Sachs Group upped their target price on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Keefe, Bruyette & Woods upped their target price on Progressive from $255.00 to $275.00 and gave the stock an “outperform” rating in a report on Tuesday, September 3rd. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Finally, Morgan Stanley increased their price objective on Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, September 16th. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $260.53.

Get Our Latest Report on PGR

Progressive Stock Up 0.3 %

PGR stock traded up $0.70 on Thursday, reaching $251.46. 796,221 shares of the company traded hands, compared to its average volume of 2,490,078. Progressive has a one year low of $142.07 and a one year high of $260.46. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The company has a market cap of $147.28 billion, a P/E ratio of 25.74, a price-to-earnings-growth ratio of 0.71 and a beta of 0.35. The firm has a fifty day simple moving average of $243.73 and a 200-day simple moving average of $221.93.

Progressive (NYSE:PGRGet Free Report) last posted its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $17.54 billion. During the same quarter last year, the company earned $0.57 EPS. The company’s quarterly revenue was up 21.6% compared to the same quarter last year. Research analysts anticipate that Progressive will post 13.01 earnings per share for the current year.

Insider Activity at Progressive

In other Progressive news, Director Philip Bleser sold 2,129 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total transaction of $466,421.32. Following the sale, the director now owns 974 shares in the company, valued at approximately $213,383.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Progressive news, CEO Susan Patricia Griffith sold 43,371 shares of Progressive stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $9,281,827.71. Following the completion of the transaction, the chief executive officer now directly owns 517,105 shares in the company, valued at $110,665,641.05. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Philip Bleser sold 2,129 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total value of $466,421.32. Following the sale, the director now directly owns 974 shares in the company, valued at approximately $213,383.92. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 146,512 shares of company stock valued at $33,912,874 in the last three months. 0.34% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Progressive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Baird Financial Group Inc. lifted its position in Progressive by 2.5% during the 4th quarter. Baird Financial Group Inc. now owns 3,577,731 shares of the insurance provider’s stock worth $569,861,000 after acquiring an additional 86,686 shares during the last quarter. Guardian Wealth Advisors LLC NC raised its holdings in Progressive by 5.3% in the fourth quarter. Guardian Wealth Advisors LLC NC now owns 11,013 shares of the insurance provider’s stock worth $1,754,000 after purchasing an additional 559 shares during the period. Grayhawk Investment Strategies Inc. acquired a new stake in Progressive in the fourth quarter worth $949,000. Palestra Capital Management LLC raised its holdings in shares of Progressive by 26.0% during the fourth quarter. Palestra Capital Management LLC now owns 842,147 shares of the insurance provider’s stock worth $134,137,000 after acquiring an additional 173,584 shares during the period. Finally, United Advisor Group LLC acquired a new stake in shares of Progressive during the fourth quarter worth $1,084,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Progressive (NYSE:PGR)

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