Evercore ISI Issues Positive Forecast for Progressive (NYSE:PGR) Stock Price

Progressive (NYSE:PGR) had its price target lifted by analysts at Evercore ISI from $277.00 to $285.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the insurance provider’s stock. Evercore ISI’s price target points to a potential upside of 12.02% from the company’s current price.

Other analysts also recently issued reports about the stock. The Goldman Sachs Group upped their target price on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Roth Mkm raised their target price on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a report on Monday, September 16th. Citigroup lowered their target price on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research note on Wednesday, July 17th. Wells Fargo & Company upped their price objective on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Finally, Jefferies Financial Group increased their price target on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Seven equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Progressive currently has an average rating of “Moderate Buy” and a consensus price target of $265.63.

Progressive Trading Up 2.6 %

Shares of PGR traded up $6.35 during mid-day trading on Wednesday, reaching $254.42. The company’s stock had a trading volume of 1,050,305 shares, compared to its average volume of 2,460,176. The stock has a market cap of $149.01 billion, a PE ratio of 18.49, a P/E/G ratio of 0.67 and a beta of 0.36. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. Progressive has a 52 week low of $149.14 and a 52 week high of $260.46. The company’s fifty day moving average price is $250.91 and its two-hundred day moving average price is $227.37.

Insider Transactions at Progressive

In other Progressive news, insider John Jo Murphy sold 9,512 shares of the business’s 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 owns 45,787 shares of the company’s stock, valued at $10,874,412.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Steven Broz sold 6,122 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the transaction, the insider now directly owns 32,316 shares in the company, valued at approximately $7,600,400.04. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John Jo Murphy sold 9,512 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the sale, the insider now directly owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 74,843 shares of company stock valued at $18,674,912 over the last quarter. Company insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PGR. Wealthstream Advisors Inc. bought a new position in shares of Progressive in the third quarter valued at about $204,000. Huntington National Bank boosted its position in Progressive by 0.8% during the 3rd quarter. Huntington National Bank now owns 26,274 shares of the insurance provider’s stock worth $6,667,000 after buying an additional 201 shares during the period. Plato Investment Management Ltd raised its holdings in Progressive by 6.2% during the 3rd quarter. Plato Investment Management Ltd now owns 25,394 shares of the insurance provider’s stock worth $6,437,000 after purchasing an additional 1,486 shares during the last quarter. Arjuna Capital bought a new stake in shares of Progressive in the 3rd quarter valued at $1,630,000. Finally, Pinnacle Financial Partners Inc boosted its holdings in Progressive by 8.4% during the 3rd quarter. Pinnacle Financial Partners Inc now owns 5,474 shares of the insurance provider’s stock worth $1,389,000 after acquiring an additional 426 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

About Progressive

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.