Progressive (NYSE:PGR) Price Target Raised to $266.00 at Wells Fargo & Company

Key Points

• Wells Fargo & Company raised the price target for Progressive (PGR) to $266.00, indicating a potential upside of 8.71% from the stock's previous close.
• Progressive has received mixed ratings from analysts, with seven giving a Buy rating and twelve labeling it as a Hold, reflecting a consensus rating of "Hold" and an average price target of $279.06.
• Insider trading activity has seen substantial sales, with insiders selling shares valued at over $31 million, which suggests potential insider sentiment regarding the stock's future performance.

Progressive (NYSE:PGR - Get Free Report) had its price objective hoisted by research analysts at Wells Fargo & Company from $265.00 to $266.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the insurance provider's stock. Wells Fargo & Company's price objective would indicate a potential upside of 8.71% from the stock's previous close.

A number of other analysts also recently weighed in on PGR. Morgan Stanley reduced their target price on shares of Progressive from $267.00 to $265.00 and set an "equal weight" rating on the stock in a report on Monday, September 22nd. Keefe, Bruyette & Woods upped their price target on shares of Progressive from $268.00 to $270.00 and gave the company a "market perform" rating in a report on Thursday, September 18th. Weiss Ratings reiterated a "buy (b)" rating on shares of Progressive in a report on Saturday, September 27th. Citigroup reiterated a "buy" rating on shares of Progressive in a report on Friday, August 29th. Finally, UBS Group cut their price target on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a report on Monday, July 21st. Seven equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Progressive currently has a consensus rating of "Hold" and an average price target of $279.06.

Progressive Price Performance

PGR stock traded up $0.81 during mid-day trading on Wednesday, hitting $244.70. The company had a trading volume of 174,416 shares, compared to its average volume of 3,149,194. The company has a market capitalization of $143.44 billion, a price-to-earnings ratio of 13.76, a P/E/G ratio of 1.34 and a beta of 0.32. Progressive has a 12-month low of $228.54 and a 12-month high of $292.99. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The company has a 50-day moving average price of $245.18 and a 200 day moving average price of $260.32.

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

Insiders Place Their Bets

In other Progressive news, insider Karen Bailo sold 8,922 shares of the firm's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $2,223,719.28. Following the completion of the transaction, the insider owned 32,346 shares of the company's stock, valued at approximately $8,061,917.04. This trade represents a 21.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Patrick K. Callahan sold 6,420 shares of the stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the sale, the insider owned 15,192 shares in the company, valued at $3,679,806.24. The trade was a 29.71% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 130,045 shares of company stock valued at $31,997,390. Corporate insiders own 0.33% of the company's stock.

Institutional Trading of Progressive

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PGR. Integrated Advisors Network LLC lifted its holdings in Progressive by 1.0% during the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock worth $1,078,000 after purchasing an additional 36 shares in the last quarter. Rise Advisors LLC lifted its holdings in Progressive by 7.4% during the 1st quarter. Rise Advisors LLC now owns 521 shares of the insurance provider's stock worth $147,000 after purchasing an additional 36 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC lifted its holdings in Progressive by 2.1% during the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider's stock worth $545,000 after purchasing an additional 39 shares in the last quarter. LRI Investments LLC lifted its holdings in Progressive by 13.4% during the 2nd quarter. LRI Investments LLC now owns 338 shares of the insurance provider's stock worth $90,000 after purchasing an additional 40 shares in the last quarter. Finally, True North Advisors LLC increased its stake in Progressive by 4.0% in the 1st quarter. True North Advisors LLC now owns 1,055 shares of the insurance provider's stock worth $299,000 after acquiring an additional 41 shares during the last quarter. Institutional investors and hedge funds 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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