Progressive (NYSE:PGR) Upgraded at StockNews.com

StockNews.com upgraded shares of Progressive (NYSE:PGR) from a hold rating to a buy rating in a research note issued to investors on Tuesday.

A number of other research analysts have also commented on the stock. Keefe, Bruyette & Woods upped their price target on shares of Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. upped their price target on shares of Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Wells Fargo & Company upped their price target on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. TD Cowen upped their price target on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research note on Friday, November 8th. Finally, Morgan Stanley upped their price target on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. Five research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $269.81.

Progressive Stock Up 2.3 %

Shares of PGR stock opened at $262.90 on Tuesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The firm’s 50-day moving average is $252.85 and its 200-day moving average is $231.17. The stock has a market cap of $154.01 billion, a price-to-earnings ratio of 19.11, a PEG ratio of 0.71 and a beta of 0.36. Progressive has a 52-week low of $149.14 and a 52-week high of $263.85.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The company had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. Sell-side analysts predict that Progressive will post 13.09 EPS for the current year.

Insider Transactions at Progressive

In other news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the sale, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. This represents a 13.71 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’s 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 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 8.39 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,209 shares of company stock valued at $14,975,979. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Progressive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Anchor Investment Management LLC lifted its stake in Progressive by 55.0% in the 3rd quarter. Anchor Investment Management LLC now owns 1,583 shares of the insurance provider’s stock valued at $402,000 after purchasing an additional 562 shares during the last quarter. SkyView Investment Advisors LLC lifted its stake in Progressive by 2.2% in the 3rd quarter. SkyView Investment Advisors LLC now owns 8,054 shares of the insurance provider’s stock valued at $2,044,000 after purchasing an additional 171 shares during the last quarter. Virtu Financial LLC bought a new position in Progressive in the 3rd quarter valued at approximately $2,566,000. Hohimer Wealth Management LLC lifted its stake in Progressive by 2.6% in the 3rd quarter. Hohimer Wealth Management LLC now owns 3,753 shares of the insurance provider’s stock valued at $952,000 after purchasing an additional 95 shares during the last quarter. Finally, TD Private Client Wealth LLC lifted its stake in Progressive by 1.0% in the 3rd quarter. TD Private Client Wealth LLC now owns 10,451 shares of the insurance provider’s stock valued at $2,652,000 after purchasing an additional 106 shares during the last quarter. Institutional investors 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.