Progressive (NYSE:PGR) Cut to In-Line at Evercore ISI

Progressive (NYSE:PGR - Get Free Report) was downgraded by analysts at Evercore ISI from an "outperform" rating to an "in-line" rating in a research note issued to investors on Thursday, Marketbeat.com reports. They currently have a $275.00 price objective on the insurance provider's stock. Evercore ISI's target price indicates a potential upside of 11.57% from the company's current price.

A number of other research firms have also weighed in on PGR. Wells Fargo & Company increased their target price on Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a research note on Friday, June 20th. JPMorgan Chase & Co. raised their price target on Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a research note on Tuesday, April 8th. Wall Street Zen upgraded Progressive from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Barclays cut their price target on Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a research note on Monday, July 7th. Finally, Morgan Stanley cut their price target on Progressive from $290.00 to $280.00 and set an "equal weight" rating on the stock in a research note on Monday. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Progressive presently has a consensus rating of "Moderate Buy" and a consensus price target of $287.63.

Progressive Trading Down 0.3%

PGR stock traded down $0.79 during midday trading on Thursday, reaching $246.48. The company's stock had a trading volume of 2,966,465 shares, compared to its average volume of 2,841,431. 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 fifty day simple moving average of $268.43 and a two-hundred day simple moving average of $265.68. Progressive has a 1 year low of $208.13 and a 1 year high of $292.99. The firm has a market capitalization of $144.49 billion, a price-to-earnings ratio of 13.89, a PEG ratio of 1.53 and a beta of 0.37.

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

Insiders Place Their Bets

In other news, insider Steven Broz sold 1,267 shares of the company's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.38, for a total transaction of $329,901.46. Following the transaction, the insider owned 27,621 shares in the company, valued at $7,191,955.98. This represents a 4.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Dyke Kahina Van sold 2,490 shares of the company's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total transaction of $691,398.30. Following the transaction, the director owned 12,429 shares in the company, valued at approximately $3,451,160.43. This trade represents a 16.69% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,705 shares of company stock valued at $11,450,948. 0.34% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Progressive

Hedge funds have recently modified their holdings of the stock. Brighton Jones LLC increased its holdings in Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock worth $813,000 after buying an additional 457 shares during the period. Revolve Wealth Partners LLC acquired a new position in Progressive in the 4th quarter worth approximately $269,000. Highview Capital Management LLC DE increased its holdings in Progressive by 3.2% in the 4th quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock worth $2,645,000 after buying an additional 339 shares during the period. Proficio Capital Partners LLC increased its holdings in Progressive by 54.1% in the 4th quarter. Proficio Capital Partners LLC now owns 2,371 shares of the insurance provider's stock worth $568,000 after buying an additional 832 shares during the period. Finally, Harbour Investments Inc. increased its holdings in Progressive by 27.7% in the 4th quarter. Harbour Investments Inc. now owns 332 shares of the insurance provider's stock worth $80,000 after buying an additional 72 shares during the period. Institutional investors and hedge funds own 85.34% of the company's stock.

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.