Progressive (NYSE:PGR) Price Target Cut to $280.00 by Analysts at Morgan Stanley

Progressive (NYSE:PGR - Get Free Report) had its price objective cut by equities researchers at Morgan Stanley from $290.00 to $280.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an "equal weight" rating on the insurance provider's stock. Morgan Stanley's target price indicates a potential upside of 15.74% from the stock's current price.

Several other research analysts have also commented on the company. Jefferies Financial Group cut their price objective on Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a report on Friday, April 11th. BMO Capital Markets boosted their price objective on Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a report on Thursday, April 17th. UBS Group cut their price objective on Progressive from $291.00 to $280.00 and set a "neutral" rating for the company in a report on Wednesday, July 9th. Wells Fargo & Company boosted their price objective on Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Finally, Wall Street Zen raised Progressive from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $284.82.

Progressive Price Performance

PGR stock traded down $5.45 during mid-day trading on Monday, reaching $241.92. 5,196,173 shares of the company traded hands, compared to its average volume of 2,831,441. 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 company has a market capitalization of $141.82 billion, a P/E ratio of 16.31, a P/E/G ratio of 1.56 and a beta of 0.37. Progressive has a 52-week low of $208.13 and a 52-week high of $292.99. The company has a fifty day moving average price of $269.97 and a 200-day moving average price of $265.77.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, beating analysts' consensus estimates of $4.28 by $0.37. The business had revenue of $22.21 billion during the quarter, compared to analyst estimates of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. As a group, analysts anticipate that Progressive will post 14.68 earnings per share for the current year.

Insider Transactions at Progressive

In other Progressive news, insider Steven Broz sold 1,267 shares of the business's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $260.38, for a total value of $329,901.46. Following the completion of the sale, the insider owned 27,621 shares in the company, valued at approximately $7,191,955.98. The trade was a 4.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Dyke Kahina Van sold 2,490 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total value of $691,398.30. Following the completion of the sale, the director owned 12,429 shares of the company's stock, valued at $3,451,160.43. The trade was a 16.69% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 42,705 shares of company stock valued at $11,450,948. Insiders own 0.33% of the company's stock.

Institutional Trading of Progressive

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Highline Wealth Partners LLC increased its stake in shares of Progressive by 114.0% during the first 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 increased its stake in shares of Progressive by 210.0% during the first 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. HWG Holdings LP purchased a new stake in Progressive in the first quarter worth $28,000. Minot DeBlois Advisors LLC purchased a new stake in Progressive in the fourth quarter worth $28,000. Finally, Garde Capital Inc. purchased a new stake in Progressive in the first quarter worth $33,000. 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.