Keefe, Bruyette & Woods Lowers Progressive (NYSE:PGR) Price Target to $210.00

Key Points

• Keefe, Bruyette & Woods lowered Progressive's price target to $210 (from $227) and kept a "market perform" rating, implying roughly a 6.23% upside from the recent close.
• The analyst consensus is a Hold with a consensus price target of $237.44, based on 6 Buy, 14 Hold and 2 Sell ratings.
• Shares traded near $197.69, below the 50‑day ($204.71) and 200‑day ($217.23) moving averages, and insiders have sold 11,687 shares (~$2.4M) in the past 90 days while owning just 0.34% of the stock.

Progressive (NYSE:PGR - Get Free Report) had its target price cut by Keefe, Bruyette & Woods from $227.00 to $210.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a "market perform" rating on the insurance provider's stock. Keefe, Bruyette & Woods' target price suggests a potential upside of 6.23% from the company's previous close.

A number of other brokerages have also issued reports on PGR. Zacks Research upgraded shares of Progressive from a "strong sell" rating to a "hold" rating in a research report on Tuesday, February 24th. Roth Mkm set a $235.00 target price on shares of Progressive in a research report on Thursday, February 19th. Piper Sandler restated an "overweight" rating and set a $259.00 target price on shares of Progressive in a research report on Monday, March 2nd. Wells Fargo & Company raised their target price on shares of Progressive from $214.00 to $217.00 and gave the stock an "equal weight" rating in a research report on Thursday, March 19th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Progressive from $303.00 to $275.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 7th. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $237.44.

Progressive Price Performance

Shares of PGR stock traded up $1.31 during trading hours on Tuesday, hitting $197.69. The company's stock had a trading volume of 935,845 shares, compared to its average volume of 3,406,212. The business has a fifty day moving average of $204.71 and a 200-day moving average of $217.23. The stock has a market cap of $115.64 billion, a price-to-earnings ratio of 10.28, a P/E/G ratio of 5.65 and a beta of 0.34. Progressive has a twelve month low of $192.02 and a twelve month high of $289.96. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23.

Insider Activity at Progressive

In other Progressive news, CAO Carl G. Joyce sold 270 shares of the stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the transaction, the chief accounting officer owned 558 shares of the company's stock, valued at $115,227. This trade represents a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CIO Jonathan S. Bauer sold 3,105 shares of the stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total transaction of $634,506.75. Following the transaction, the executive directly owned 26,249 shares in the company, valued at approximately $5,363,983.15. This represents a 10.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 11,687 shares of company stock valued at $2,413,044 over the last 90 days. 0.34% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Progressive

A number of large investors have recently bought and sold shares of the stock. Davis Capital Management acquired a new stake in Progressive during the 3rd quarter valued at $25,000. Bard Associates Inc. acquired a new stake in Progressive during the 4th quarter valued at $27,000. Dagco Inc. acquired a new stake in Progressive during the 4th quarter valued at $28,000. Ameriflex Group Inc. grew its holdings in Progressive by 106.6% during the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock valued at $31,000 after purchasing an additional 65 shares in the last quarter. Finally, IFC & Insurance Marketing Inc. acquired a new stake in Progressive during the 4th quarter valued at $29,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.

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