Progressive (NYSE:PGR) Rating Lowered to Hold at Wall Street Zen

Key Points

• Progressive (NYSE:PGR) has been downgraded from a "buy" to a "hold" rating by analysts at Wall Street Zen, reflecting shifting market confidence.
• Analysts have set varied price targets for Progressive, with the average price target currently at $279.44, and a consensus rating of "hold" among research reports.
• Insider selling has been notable, with CFO John P. Sauerland and another insider selling shares valued at a total of approximately $6.4 million in recent transactions.

Progressive (NYSE:PGR - Get Free Report) was downgraded by analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Sunday.

PGR has been the subject of several other research reports. Evercore ISI lowered shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 target price for the company. in a research note on Thursday, July 17th. Morgan Stanley boosted their price target on shares of Progressive from $265.00 to $267.00 and gave the stock an "equal weight" rating in a report on Friday, August 22nd. Barclays cut their price target on shares of Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 19th. BMO Capital Markets set a $252.00 price target on shares of Progressive in a report on Thursday. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Progressive from $268.00 to $270.00 and gave the stock a "market perform" rating in a report on Thursday. Six analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. According to data from MarketBeat.com, Progressive currently has a consensus rating of "Hold" and an average price target of $279.44.

Progressive Stock Performance

NYSE PGR opened at $242.26 on Friday. Progressive has a 1 year low of $228.54 and a 1 year high of $292.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The firm has a market cap of $142.02 billion, a price-to-earnings ratio of 13.65, a PEG ratio of 1.38 and a beta of 0.32. The company has a fifty day moving average price of $245.83 and a 200-day moving average price of $263.34.

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

Insider Buying and Selling

In related news, CFO John P. Sauerland sold 16,664 shares of the company's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $4,153,335.36. Following the transaction, the chief financial officer directly owned 228,024 shares in the company, valued at approximately $56,832,701.76. This represents a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Karen Bailo sold 8,922 shares of the company's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $2,223,719.28. Following the completion of the transaction, the insider owned 32,346 shares in the company, valued at approximately $8,061,917.04. This trade represents a 21.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 130,062 shares of company stock valued at $32,217,635 in the last 90 days. 0.34% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Highline Wealth Partners LLC grew its position in Progressive by 114.0% during the first 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 last quarter. TruNorth Capital Management LLC grew its position 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 acquiring an additional 63 shares during the last quarter. HWG Holdings LP bought a new position in Progressive during the first quarter valued at approximately $28,000. Garde Capital Inc. bought a new position in Progressive during the first quarter valued at approximately $33,000. Finally, Atlantic Union Bankshares Corp bought a new position in Progressive during the second quarter valued at approximately $33,000. 85.34% of the stock is currently owned by institutional investors.

About Progressive

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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