Progressive (NYSE:PGR) Rating Lowered to Hold at StockNews.com

Progressive (NYSE:PGR - Get Free Report) was downgraded by stock analysts at StockNews.com from a "buy" rating to a "hold" rating in a report issued on Wednesday.

A number of other research analysts also recently issued reports on the company. Roth Mkm lifted their price target on Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a report on Tuesday, February 25th. Wells Fargo & Company lifted their target price on Progressive from $324.00 to $328.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. UBS Group increased their price target on shares of Progressive from $275.00 to $285.00 and gave the company a "neutral" rating in a research report on Friday, March 14th. Jefferies Financial Group cut their price objective on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Finally, Barclays boosted their price objective on shares of Progressive from $285.00 to $297.00 and gave the stock an "equal weight" rating in a research note on Friday, April 11th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $288.24.

Progressive Price Performance

Shares of PGR opened at $285.37 on Wednesday. The firm has a fifty day simple moving average of $275.68 and a two-hundred day simple moving average of $262.29. The firm has a market cap of $167.29 billion, a PE ratio of 19.82, a P/E/G ratio of 1.70 and a beta of 0.40. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. Progressive has a 1-year low of $201.34 and a 1-year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last posted 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. The business had revenue of $22.21 billion for the quarter, compared to analysts' expectations of $21.87 billion. Progressive had a return on equity of 33.79% and a net margin of 11.25%. On average, equities analysts anticipate that Progressive will post 14.68 EPS for the current year.

Insider Activity at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the company's stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $268.59, for a total value of $2,685,900.00. Following the completion of the transaction, the chief financial officer now directly owns 248,024 shares in the company, valued at approximately $66,616,766.16. This represents a 3.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CIO Jonathan S. Bauer sold 1,696 shares of the company's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $282.66, for a total transaction of $479,391.36. Following the transaction, the executive now owns 26,697 shares in the company, valued at $7,546,174.02. This represents a 5.97% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 39,894 shares of company stock valued at $11,020,097 over the last quarter. 0.34% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Progressive

Institutional investors have recently added to or reduced their stakes in the stock. Highline Wealth Partners LLC raised its holdings in Progressive by 114.0% during 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 during the period. TruNorth Capital Management LLC grew 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 in the last quarter. HWG Holdings LP bought a new stake in shares of Progressive during the 1st quarter valued at $28,000. Webster Bank N. A. purchased a new stake in Progressive during the 4th quarter worth about $26,000. Finally, Hager Investment Management Services LLC purchased a new stake in Progressive during the 4th quarter worth about $28,000. 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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