The Progressive Corporation (PGR) - What Are Analysts Thinking About This Stock?

Key Points

• Analysts’ consensus is “Hold”: 12 of 23 brokerages rate Progressive a hold, nine recommend buying, and two recommend selling; the average 12-month price target is $234.45.
• Recent analyst actions were mixed: Piper Sandler and JPMorgan raised their price targets, while TD Cowen cut its target from $266 to $222; several firms maintained neutral or market-perform ratings.
• Insiders sold 48,352 shares worth about $10.5 million over the past three months, while institutional investors own 85.34% of the stock.

Shares of The Progressive Corporation (NYSE:PGR - Get Free Report) have been given an average recommendation of "Hold" by the twenty-three brokerages that are currently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, twelve have given a hold recommendation and nine have given a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $234.45.

Several analysts recently commented on the stock. Piper Sandler increased their price objective on shares of Progressive from $241.00 to $242.00 and gave the company an "overweight" rating in a research report on Thursday, August 20th. TD Cowen decreased their target price on shares of Progressive from $266.00 to $222.00 and set a "hold" rating for the company in a report on Wednesday, July 29th. BMO Capital Markets reaffirmed a "market perform" rating on shares of Progressive in a report on Thursday, October 15th. JPMorgan Chase & Co. upped their target price on shares of Progressive from $241.00 to $250.00 and gave the stock a "neutral" rating in a research note on Monday, October 5th. Finally, UBS Group reiterated a "neutral" rating and issued a $238.00 target price on shares of Progressive in a research note on Monday, October 19th.

Insider Buying and Selling

In related news, CEO Susan Griffith sold 37,338 shares of the business's stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total value of $8,195,691.00. Following the completion of the transaction, the chief executive officer directly owned 485,438 shares in the company, valued at $106,553,641. The trade was a 7.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,225 shares of the company's stock in a transaction that occurred on Thursday, October 22nd. The shares were sold at an average price of $223.32, for a total value of $273,567.00. Following the completion of the transaction, the insider directly owned 28,807 shares in the company, valued at $6,433,179.24. This trade represents a 4.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 48,352 shares of company stock worth $10,524,258 in the last three months. Insiders own 0.32% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PGR. BlackRock Inc. purchased a new position in Progressive in the 2nd quarter worth about $10,496,271,000. State Street Corp boosted its holdings in shares of Progressive by 2.5% during the 2nd quarter. State Street Corp now owns 26,526,959 shares of the insurance provider's stock valued at $5,794,814,000 after acquiring an additional 656,249 shares during the last quarter. Bank of America Corp DE purchased a new stake in shares of Progressive during the 2nd quarter valued at about $2,682,342,000. Aberdeen Group plc grew its stake in shares of Progressive by 1,884.2% in the third quarter. Aberdeen Group plc now owns 9,754,316 shares of the insurance provider's stock worth $2,022,167,000 after acquiring an additional 9,262,715 shares during the period. Finally, GQG Partners LLC bought a new stake in shares of Progressive in the second quarter worth approximately $1,538,570,000. 85.34% of the stock is owned by institutional investors.

Progressive Price Performance

Shares of NYSE:PGR opened at $227.96 on Friday. Progressive has a 1-year low of $189.20 and a 1-year high of $241.02. 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 business has a fifty day moving average price of $218.74 and a 200-day moving average price of $209.98. The company has a market capitalization of $132.07 billion, a PE ratio of 11.48, a PEG ratio of 2.63 and a beta of 0.22.

About Progressive

Progressive Corporation is an insurance company founded in 1937 and headquartered in Mayfield Village, Ohio. It provides personal and commercial insurance, with a major focus on automobile coverage.

The company offers auto insurance for individuals and businesses, as well as coverage for motorcycles, boats, recreational vehicles, homes and renters. Progressive sells through independent insurance agents and directly to customers, including through digital channels. Its Snapshot program uses driving data to help determine auto insurance rates for participating customers.

Progressive serves customers across the United States.

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