Progressive (NYSE:PGR) Given New $221.00 Price Target at HSBC

Key Points

• HSBC raised its price target on Progressive from $214 to $221, while keeping a hold rating. The new target implies a slight downside from the current stock price.
• Analyst sentiment remains cautious overall: Progressive now has an average Hold rating and a consensus price target of $235.37, with mixed views from firms including Keefe, Bruyette & Woods, Evercore, Jefferies, and Barclays.
• Progressive recently reported better-than-expected EPS of $4.80, though revenue missed estimates. The company also saw insider selling, including transactions by Director Jeffrey D. Kelly and insider John Jo Murphy.

Progressive (NYSE:PGR - Get Free Report) had its price objective boosted by analysts at HSBC from $214.00 to $221.00 in a research note issued to investors on Monday, MarketBeat reports. The firm presently has a "hold" rating on the insurance provider's stock. HSBC's price objective would suggest a potential downside of 4.64% from the stock's current price.

Several other research analysts have also recently weighed in on PGR. Keefe, Bruyette & Woods lifted their price target on Progressive from $208.00 to $210.00 and gave the company a "market perform" rating in a research report on Thursday, June 18th. Evercore reaffirmed a "negative" rating on shares of Progressive in a report on Wednesday, March 18th. Jefferies Financial Group lowered their price target on shares of Progressive from $216.00 to $215.00 and set a "hold" rating on the stock in a report on Tuesday, March 24th. Weiss Ratings downgraded shares of Progressive from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, May 6th. Finally, Barclays set a $247.00 price objective on Progressive in a report on Wednesday, March 18th. Six analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $235.37.

Progressive Stock Down 0.2%

NYSE:PGR opened at $231.75 on Monday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27. The company's fifty day moving average price is $203.97 and its 200-day moving average price is $206.60. Progressive has a 1-year low of $189.20 and a 1-year high of $261.66. The firm has a market capitalization of $135.42 billion, a P/E ratio of 11.78, a PEG ratio of 7.03 and a beta of 0.26.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating the consensus estimate of $4.67 by $0.13. The company had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm's revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the company earned $4.37 earnings per share. As a group, equities research analysts anticipate that Progressive will post 17.12 EPS for the current year.

Insiders Place Their Bets

In other Progressive news, Director Jeffrey D. Kelly sold 7,000 shares of the stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the completion of the transaction, the director owned 22,546 shares of the company's stock, valued at $4,877,376.18. This represents a 23.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Jo Murphy sold 5,916 shares of Progressive stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $200.00, for a total value of $1,183,200.00. Following the completion of the sale, the insider directly owned 41,290 shares in the company, valued at $8,258,000. This represents a 12.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 15,230 shares of company stock worth $3,165,817. Corporate insiders own 0.32% of the company's stock.

Institutional Investors Weigh In On Progressive

A number of large investors have recently made changes to their positions in the stock. Bogart Wealth LLC grew its holdings in Progressive by 235.1% in the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock valued at $25,000 after buying an additional 87 shares in the last quarter. Bard Associates Inc. purchased a new position in shares of Progressive during the 4th quarter worth $27,000. Dagco Inc. acquired a new position in shares of Progressive during the 4th quarter valued at about $28,000. HHM Wealth Advisors LLC boosted its position in shares of Progressive by 700.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider's stock valued at $29,000 after acquiring an additional 126 shares during the last quarter. Finally, IFC & Insurance Marketing Inc. purchased a new stake in shares of Progressive in the fourth quarter valued at about $29,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Company Profile

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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