Barclays Has Lowered Expectations for Progressive (NYSE:PGR) Stock Price

Key Points

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Progressive (NYSE:PGR - Get Free Report) had its price objective reduced by equities research analysts at Barclays from $287.00 to $281.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the insurance provider's stock. Barclays's price objective points to a potential upside of 13.74% from the company's current price.

PGR has been the subject of several other research reports. Keefe, Bruyette & Woods dropped their price objective on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a report on Thursday, July 17th. Evercore ISI lowered shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price target on the stock. in a research report on Thursday, July 17th. Wells Fargo & Company increased their price objective on Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Bank of America reduced their price objective on shares of Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a research note on Thursday, July 17th. Finally, BMO Capital Markets cut their price target on Progressive from $288.00 to $281.00 and set an "outperform" rating on the stock in a research note on Friday, July 18th. Ten analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Progressive currently has an average rating of "Hold" and an average target price of $284.53.

Progressive Price Performance

PGR opened at $247.05 on Tuesday. The company's 50-day moving average price is $252.66 and its 200 day moving average price is $266.51. The firm has a market cap of $144.82 billion, a price-to-earnings ratio of 13.92, a price-to-earnings-growth ratio of 1.46 and a beta of 0.33. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. Progressive has a fifty-two week low of $228.54 and a fifty-two week high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating the consensus estimate of $4.43 by $0.45. The business had revenue of $20.08 billion during the quarter, compared to analyst estimates of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The business's quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the business earned $2.48 earnings per share. As a group, sell-side analysts expect that Progressive will post 14.68 earnings per share for the current year.

Insiders Place Their Bets

In other Progressive news, CFO John P. Sauerland sold 16,664 shares of Progressive stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the completion of the sale, the chief financial officer directly owned 228,024 shares of the company's stock, valued at $56,832,701.76. The trade was a 6.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Patrick K. Callahan sold 6,232 shares of Progressive stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $242.16, for a total value of $1,509,141.12. Following the completion of the sale, the insider owned 27,844 shares of the company's stock, valued at $6,742,703.04. The trade was a 18.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 112,313 shares of company stock worth $28,349,549. 0.34% of the stock is owned by company insiders.

Institutional Investors Weigh In On Progressive

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Highline Wealth Partners LLC grew its stake in shares of Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after buying an additional 49 shares during the period. TruNorth Capital Management LLC raised its holdings in shares of Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after buying an additional 63 shares during the period. Minot DeBlois Advisors LLC purchased a new position in shares of Progressive in the fourth quarter valued at approximately $28,000. HWG Holdings LP acquired a new position in shares of Progressive in the first quarter valued at approximately $28,000. Finally, Garde Capital Inc. purchased a new stake in shares of Progressive during the first quarter worth $33,000. 85.34% of the stock is owned by institutional investors and hedge funds.

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.

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