Progressive (NYSE:PGR) Raised to Buy at Wall Street Zen

Progressive (NYSE:PGR - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Saturday.

A number of other equities research analysts have also commented on PGR. Jefferies Financial Group reduced their price target on Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. BMO Capital Markets boosted their price target on Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a research note on Thursday, April 17th. Bank of America upgraded Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price target on the stock in a report on Monday, April 28th. Morgan Stanley set a $330.00 target price on shares of Progressive and gave the company an "overweight" rating in a research report on Monday, May 19th. Finally, Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $288.00 target price on shares of Progressive in a research report on Thursday, April 17th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $288.88.

Progressive Trading Up 0.4%

NYSE PGR opened at $261.26 on Friday. The business's 50-day moving average price is $275.34 and its two-hundred day moving average price is $264.44. Progressive has a 12 month low of $204.88 and a 12 month high of $292.99. The firm has a market capitalization of $153.15 billion, a PE ratio of 17.62, a price-to-earnings-growth ratio of 1.63 and a beta of 0.40. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24.

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

Insider Activity

In other news, Director Devin C. Johnson sold 400 shares of the firm's stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $275.04, for a total value of $110,016.00. Following the completion of the transaction, the director now directly owns 8,370 shares of the company's stock, valued at $2,302,084.80. This trade represents a 4.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven Broz sold 1,267 shares of the firm's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $277.81, for a total value of $351,985.27. Following the completion of the transaction, the insider now directly owns 28,888 shares of the company's stock, valued at $8,025,375.28. The trade was a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,157 shares of company stock valued at $9,352,400 over the last three months. Corporate insiders own 0.34% of the company's stock.

Hedge Funds Weigh In On Progressive

Large investors have recently made changes to their positions in the stock. Highline Wealth Partners LLC boosted its holdings in shares of Progressive by 114.0% in the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after acquiring an additional 49 shares during the period. TruNorth Capital Management LLC boosted its stake in 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. Minot DeBlois Advisors LLC bought a new stake in Progressive during the fourth quarter valued at $28,000. HWG Holdings LP bought a new stake in Progressive during the first quarter valued at $28,000. Finally, Atala Financial Inc bought a new stake in Progressive during the fourth quarter valued at $32,000. 85.34% of the stock is owned by institutional investors.

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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