BMO Capital Markets Lowers Progressive (NYSE:PGR) Price Target to $281.00

Progressive (NYSE:PGR - Get Free Report) had its price objective reduced by research analysts at BMO Capital Markets from $288.00 to $281.00 in a report issued on Friday,Benzinga reports. The firm currently has an "outperform" rating on the insurance provider's stock. BMO Capital Markets' target price would suggest a potential upside of 13.90% from the company's current price.

Several other research firms have also issued reports on PGR. Keefe, Bruyette & Woods decreased their price target on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a research report on Thursday. Jefferies Financial Group decreased their price target on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Bank of America decreased their price target on shares of Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a research report on Thursday. Wall Street Zen upgraded shares of Progressive from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Finally, Barclays decreased their target price on shares of Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a research report on Monday, July 7th. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $287.63.

Progressive Stock Down 0.2%

Shares of Progressive stock traded down $0.56 during midday trading on Friday, reaching $246.71. 225,305 shares of the company's stock traded hands, compared to its average volume of 2,830,923. The company has a market cap of $144.63 billion, a price-to-earnings ratio of 13.92, a price-to-earnings-growth ratio of 1.53 and a beta of 0.37. The company's 50 day simple moving average is $268.43 and its 200 day simple moving average is $265.68. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.29 and a current ratio of 0.34. Progressive has a 52 week low of $208.13 and a 52 week high of $292.99.

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

Insider Buying and Selling at Progressive

In other Progressive news, Director Stuart B. Burgdoerfer sold 3,681 shares of the company's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $260.43, for a total value of $958,642.83. Following the completion of the sale, the director owned 12,217 shares of the company's stock, valued at approximately $3,181,673.31. This represents a 23.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 1,267 shares of the company's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $260.38, for a total transaction of $329,901.46. Following the completion of the sale, the insider directly owned 27,621 shares of the company's stock, valued at $7,191,955.98. The trade was a 4.39% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,705 shares of company stock valued at $11,450,948 over the last 90 days. Company insiders own 0.34% of the company's stock.

Institutional Investors Weigh In On Progressive

Large investors have recently bought and sold shares of the company. Brighton Jones LLC increased its position in shares of Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock worth $813,000 after acquiring an additional 457 shares in the last quarter. Revolve Wealth Partners LLC bought a new stake in shares of Progressive during the fourth quarter worth $269,000. Highview Capital Management LLC DE increased its position in shares of Progressive by 3.2% during the fourth quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock worth $2,645,000 after acquiring an additional 339 shares in the last quarter. Proficio Capital Partners LLC increased its position in shares of Progressive by 54.1% during the fourth quarter. Proficio Capital Partners LLC now owns 2,371 shares of the insurance provider's stock worth $568,000 after acquiring an additional 832 shares in the last quarter. Finally, Harbour Investments Inc. increased its position in shares of Progressive by 27.7% during the fourth quarter. Harbour Investments Inc. now owns 332 shares of the insurance provider's stock worth $80,000 after acquiring an additional 72 shares in the last quarter. Institutional investors 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.

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