Progressive (NYSE:PGR) Given New $250.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan raised Progressive’s price target from $241 to $250 while maintaining a “neutral” rating, implying 18.55% upside from the previous close.
• Analyst sentiment remains mixed: Progressive has an average “Hold” rating and a consensus price target of $235.37, based on seven Buy, thirteen Hold, and two Sell ratings.
• Progressive exceeded quarterly expectations, reporting $5.67 in earnings per share versus the $4.64 consensus and $23.61 billion in revenue; insiders sold $22.97 million of shares over the past three months.

Progressive (NYSE:PGR - Get Free Report) had its price target hoisted by stock analysts at JPMorgan Chase & Co. from $241.00 to $250.00 in a report released on Monday, Benzinga reports. The brokerage presently has a "neutral" rating on the insurance provider's stock. JPMorgan Chase & Co.'s price objective points to a potential upside of 18.55% from the stock's previous close.

Other equities research analysts also recently issued research reports about the stock. BMO Capital Markets restated a "market perform" rating on shares of Progressive in a research note on Monday, September 21st. Roth Capital reissued a "buy" rating and set a $245.00 price target on shares of Progressive in a report on Thursday, August 20th. The Goldman Sachs Group restated a "buy" rating and issued a $230.00 price target on shares of Progressive in a research report on Wednesday, August 19th. UBS Group reaffirmed a "neutral" rating on shares of Progressive in a research note on Monday, September 21st. Finally, Morgan Stanley raised shares of Progressive from an "underweight" rating to an "equal weight" rating and raised their price objective for the stock from $190.00 to $210.00 in a report on Friday, July 24th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $235.37.

Progressive Price Performance

Shares of Progressive stock traded up $0.56 during midday trading on Monday, hitting $210.88. 815,518 shares of the company were exchanged, compared to its average volume of 3,090,368. The firm has a 50 day simple moving average of $214.40 and a 200-day simple moving average of $208.55. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a market cap of $122.60 billion, a P/E ratio of 10.58, a PEG ratio of 2.31 and a beta of 0.25. Progressive has a 52 week low of $189.20 and a 52 week high of $245.64.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, beating analysts' consensus estimates of $4.64 by $1.03. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The firm had revenue of $23.61 billion for the quarter, compared to analysts' expectations of $19.49 billion. During the same period in the prior year, the business posted $5.40 earnings per share. The business's revenue was up 5.0% compared to the same quarter last year. Research analysts forecast that Progressive will post 17.92 earnings per share for the current year.

Insider Buying and Selling at Progressive

In related news, insider Steven Broz sold 1,225 shares of the business's stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $204.29, for a total value of $250,255.25. Following the completion of the transaction, the insider owned 30,032 shares in the company, valued at $6,135,237.28. The trade was a 3.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the company's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $1,797,824.92. Following the transaction, the insider directly owned 32,348 shares in the company, valued at approximately $6,880,743.08. This represents a 20.72% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 106,782 shares of company stock valued at $22,965,332 over the last three months. Insiders own 0.32% of the company's stock.

Institutional Investors Weigh In On Progressive

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Meeder Asset Management Inc. bought a new stake in Progressive during the 2nd quarter worth about $26,000. Bard Associates Inc. acquired a new stake in shares of Progressive during the 4th quarter worth approximately $27,000. IMG Wealth Management Inc. bought a new stake in shares of Progressive during the second quarter worth approximately $26,000. Bogart Wealth LLC lifted its holdings in Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock valued at $25,000 after buying an additional 87 shares during the period. Finally, Kilter Group LLC bought a new position in Progressive in the second quarter valued at approximately $27,000. Institutional investors own 85.34% of the company's stock.

Progressive Company Profile

Progressive Corporation is an insurance holding company that provides personal and commercial insurance products in the United States. Its primary business is automobile insurance, serving consumers through direct channels, independent agents and other distribution partners.

The company offers coverage for personal vehicles, motorcycles, recreational vehicles, boats and other specialty vehicles. Its personal insurance portfolio also includes homeowners, renters, condominium and other property coverage, while its commercial business provides insurance for commercial vehicles and related risks.

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