Progressive (NYSE:PGR) Given New $268.00 Price Target at UBS Group

Progressive (NYSE:PGR - Get Free Report) had its target price dropped by research analysts at UBS Group from $280.00 to $268.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the insurance provider's stock. UBS Group's price target would suggest a potential upside of 8.89% from the stock's current price.

Other analysts have also recently issued research reports about the stock. Morgan Stanley dropped their price objective on shares of Progressive from $290.00 to $280.00 and set an "equal weight" rating on the stock in a report on Monday, July 14th. Wells Fargo & Company lifted their price target on Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a report on Friday, June 20th. Bank of America decreased their price objective on Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a report on Thursday. JPMorgan Chase & Co. lifted their target price on Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a research note on Tuesday, April 8th. Finally, Barclays lowered their price target on Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a report on Monday, July 7th. Nine equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $286.88.

Progressive Stock Performance

Shares of NYSE PGR traded down $0.28 during trading on Monday, reaching $246.13. The stock had a trading volume of 1,088,610 shares, compared to its average volume of 2,830,626. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.29 and a current ratio of 0.34. The stock has a market cap of $144.29 billion, a PE ratio of 13.86, a P/E/G ratio of 1.50 and a beta of 0.37. Progressive has a one year low of $208.13 and a one year high of $292.99. The firm's 50 day moving average price is $267.67 and its two-hundred day moving average price is $266.09.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.43 by $0.45. The company had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The company's revenue for the quarter was up 12.1% on a year-over-year basis. During the same period last year, the firm posted $2.48 EPS. On average, research analysts forecast that Progressive will post 14.68 earnings per share for the current fiscal year.

Insider Activity at Progressive

In other news, insider John Jo Murphy sold 4,000 shares of the stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $260.38, for a total value of $1,041,520.00. Following the completion of the sale, the insider directly owned 41,289 shares of the company's stock, valued at $10,750,829.82. This represents a 8.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven Broz sold 1,267 shares of the stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $260.38, for a total transaction of $329,901.46. Following the completion of the sale, the insider owned 27,621 shares of the company's stock, valued at approximately $7,191,955.98. The trade was a 4.39% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,705 shares of company stock worth $11,450,948. Company insiders own 0.33% of the company's stock.

Institutional Investors Weigh In On Progressive

Several large investors have recently made changes to their positions in the company. Highline Wealth Partners LLC raised its stake in shares of Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 49 shares in the last quarter. TruNorth Capital Management LLC raised its position in shares of Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 63 shares during the period. Minot DeBlois Advisors LLC bought a new position in shares of Progressive in the fourth quarter valued at approximately $28,000. HWG Holdings LP acquired a new stake in shares of Progressive in the first quarter worth $28,000. Finally, Garde Capital Inc. bought a new stake in shares of Progressive during the 1st 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.

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