BMO Capital Markets Has Lowered Expectations for Progressive (NYSE:PGR) Stock Price

Progressive (NYSE:PGR) had its price objective decreased by equities researchers at BMO Capital Markets from $273.00 to $267.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the insurance provider’s stock. BMO Capital Markets’ target price suggests a potential upside of 6.04% from the stock’s previous close.

Other analysts have also issued reports about the stock. Keefe, Bruyette & Woods upped their price objective 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. Evercore ISI lifted their price target on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. The Goldman Sachs Group boosted their price target on Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Morgan Stanley reissued an “overweight” rating and set a $310.00 price target on shares of Progressive in a report on Friday. Finally, TD Cowen boosted their price objective on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $272.56.

Progressive Stock Up 3.7 %

PGR opened at $251.80 on Monday. The stock has a market capitalization of $147.51 billion, a P/E ratio of 18.30, a price-to-earnings-growth ratio of 0.70 and a beta of 0.38. Progressive has a one year low of $149.14 and a one year high of $270.62. The business’s 50-day simple moving average is $253.91 and its 200-day simple moving average is $237.02. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The company had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. Analysts anticipate that Progressive will post 13.2 EPS for the current year.

Insider Buying and Selling

In other news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the completion of the sale, the chief financial officer now owns 292,958 shares of the company’s stock, valued at $78,539,110.22. The trade was a 3.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Steven Broz sold 2,982 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the completion of the sale, the insider now owns 29,334 shares of the company’s stock, valued at $7,626,840. This trade represents a 9.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,839 shares of company stock valued at $6,718,965 over the last three months. 0.34% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Brookstone Capital Management bought a new position in Progressive during the 2nd quarter valued at $200,000. Apollon Wealth Management LLC raised its holdings in shares of Progressive by 6.6% during the second quarter. Apollon Wealth Management LLC now owns 11,921 shares of the insurance provider’s stock worth $2,476,000 after acquiring an additional 737 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in shares of Progressive by 14.2% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 142,798 shares of the insurance provider’s stock worth $29,661,000 after purchasing an additional 17,794 shares in the last quarter. First Horizon Advisors Inc. increased its stake in shares of Progressive by 12.9% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,184 shares of the insurance provider’s stock worth $454,000 after purchasing an additional 249 shares during the last quarter. Finally, First Citizens Bank & Trust Co. lifted its position in shares of Progressive by 2.6% in the second quarter. First Citizens Bank & Trust Co. now owns 2,047 shares of the insurance provider’s stock worth $425,000 after buying an additional 51 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

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.