Keefe, Bruyette & Woods Has Lowered Expectations for Progressive (NYSE:PGR) Stock Price

Key Points

• Keefe, Bruyette & Woods has reduced Progressive's target stock price from $270 to $262, suggesting a potential upside of 17.29% from its current price.
• Analysts have a mixed perspective on the stock, with seven recommending a "Buy" rating and thirteen assigning a "Hold" rating, alongside an average price target of $276.96.
• Progressive's recent quarterly earnings report showed an EPS of $4.45, missing estimates by $0.59, with revenue also falling short of expectations at $21.38 billion.

Progressive (NYSE:PGR - Get Free Report) had its target price decreased by analysts at Keefe, Bruyette & Woods from $270.00 to $262.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a "market perform" rating on the insurance provider's stock. Keefe, Bruyette & Woods' price objective would suggest a potential upside of 17.29% from the stock's current price.

PGR has been the topic of a number of other reports. Wolfe Research began coverage on shares of Progressive in a research report on Monday, September 15th. They set a "peer perform" rating on the stock. Zacks Research cut shares of Progressive from a "strong-buy" rating to a "hold" rating in a research report on Friday, October 10th. Cantor Fitzgerald raised shares of Progressive to a "hold" rating in a research report on Wednesday, August 13th. Evercore ISI reduced their price target on shares of Progressive from $275.00 to $273.00 and set an "in-line" rating on the stock in a research report on Wednesday, October 1st. Finally, Wells Fargo & Company reduced their price target on shares of Progressive from $266.00 to $246.00 and set an "equal weight" rating on the stock in a research report on Thursday. Seven analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $276.96.

Progressive Trading Down 1.4%

PGR stock traded down $3.13 during midday trading on Thursday, reaching $223.38. The company's stock had a trading volume of 1,708,242 shares, compared to its average volume of 3,187,389. Progressive has a 52 week low of $217.20 and a 52 week high of $292.99. The stock has a market cap of $130.94 billion, a PE ratio of 12.60, a price-to-earnings-growth ratio of 1.33 and a beta of 0.32. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The business's 50-day simple moving average is $244.63 and its 200-day simple moving average is $258.89.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.04 by ($0.59). Progressive had a net margin of 12.66% and a return on equity of 35.37%. The business had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. During the same period in the previous year, the business posted $3.58 earnings per share. As a group, sell-side analysts expect that Progressive will post 14.68 EPS for the current year.

Insiders Place Their Bets

In related news, insider Lori A. Niederst sold 8,063 shares of the business's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $250.18, for a total value of $2,017,201.34. Following the sale, the insider directly owned 39,040 shares of the company's stock, valued at approximately $9,767,027.20. The trade was a 17.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $536,977.80. Following the completion of the sale, the insider owned 43,506 shares in the company, valued at $10,532,802.60. The trade was a 4.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 130,045 shares of company stock worth $31,997,390 in the last ninety days. 0.34% of the stock is owned by insiders.

Institutional Investors Weigh In On Progressive

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rise Advisors LLC increased its stake in Progressive by 7.4% in the 1st quarter. Rise Advisors LLC now owns 521 shares of the insurance provider's stock valued at $147,000 after buying an additional 36 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC increased its stake in Progressive by 2.1% in the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider's stock valued at $545,000 after buying an additional 39 shares during the last quarter. LRI Investments LLC increased its stake in shares of Progressive by 13.4% during the 2nd quarter. LRI Investments LLC now owns 338 shares of the insurance provider's stock worth $90,000 after purchasing an additional 40 shares during the last quarter. True North Advisors LLC increased its stake in shares of Progressive by 4.0% during the 1st quarter. True North Advisors LLC now owns 1,055 shares of the insurance provider's stock worth $299,000 after purchasing an additional 41 shares during the last quarter. Finally, GenTrust LLC increased its stake in shares of Progressive by 3.5% during the 1st quarter. GenTrust LLC now owns 1,234 shares of the insurance provider's stock worth $349,000 after purchasing an additional 42 shares during the last quarter. 85.34% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.