Progressive (NYSE:PGR) Given "Buy (B)" Rating at Weiss Ratings

Key Points

• Progressive's stock has been reaffirmed with a "buy (B)" rating by Weiss Ratings, indicating strong confidence in the company's performance.
• Despite this positive rating, Progressive's stock has seen a 0.3% decline recently, highlighting potential volatility in the market.
• Analysts currently maintain a consensus rating of "Hold" with an average price target of $278.63, revealing mixed sentiments about its future growth potential.

Progressive (NYSE:PGR - Get Free Report)'s stock had its "buy (b)" rating reaffirmed by equities researchers at Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

Several other research analysts also recently commented on PGR. Cantor Fitzgerald raised Progressive to a "hold" rating in a research note on Wednesday, August 13th. Bank of America upped their target price on Progressive from $343.00 to $350.00 and gave the company a "buy" rating in a report on Monday, September 29th. Morgan Stanley dropped their target price on Progressive from $267.00 to $265.00 and set an "equal weight" rating for the company in a report on Monday, September 22nd. Barclays set a $271.00 target price on Progressive in a report on Wednesday. Finally, Evercore ISI dropped their target price on Progressive from $275.00 to $273.00 and set an "in-line" rating for the company in a report on Wednesday, October 1st. Seven investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat.com, Progressive currently has a consensus rating of "Hold" and an average price target of $278.63.

Progressive Stock Down 0.3%

NYSE PGR opened at $243.07 on Wednesday. The business has a fifty day moving average price of $245.21 and a 200 day moving average price of $260.20. Progressive has a one year low of $228.54 and a one year high of $292.99. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The company has a market cap of $142.49 billion, a P/E ratio of 13.69, a P/E/G ratio of 1.36 and a beta of 0.32.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating the consensus estimate of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The firm had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. During the same period in the prior year, the company earned $2.48 EPS. The firm's revenue was up 12.1% compared to the same quarter last year. Research analysts anticipate that Progressive will post 14.68 EPS for the current fiscal year.

Insider Buying and Selling

In other Progressive news, insider Patrick K. Callahan sold 6,420 shares of the stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the sale, the insider owned 15,192 shares of the company's stock, valued at $3,679,806.24. This trade represents a 29.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Lori A. Niederst sold 8,063 shares of the stock in a transaction dated 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 completion of the sale, the insider directly owned 39,040 shares in the company, valued at $9,767,027.20. This represents a 17.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 130,045 shares of company stock worth $31,997,390 over the last ninety days. Company insiders own 0.34% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Baron Silver Stevens Financial Advisors LLC purchased a new position in shares of Progressive in the 2nd quarter valued at approximately $306,000. State of Alaska Department of Revenue grew its stake in shares of Progressive by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider's stock valued at $19,426,000 after purchasing an additional 1,800 shares during the last quarter. Trust Co. of Oklahoma purchased a new position in shares of Progressive in the 2nd quarter valued at approximately $439,000. Belmont Capital LLC purchased a new position in shares of Progressive in the 1st quarter valued at approximately $580,000. Finally, Zurich Insurance Group Ltd FI boosted its stake in shares of Progressive by 87.9% in the first quarter. Zurich Insurance Group Ltd FI now owns 414,183 shares of the insurance provider's stock valued at $117,218,000 after buying an additional 193,800 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.

About Progressive

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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