The Progressive Co. (NYSE:PGR - Get Free Report) shares dropped 4.7% during trading on Monday . The company traded as low as $267.28 and last traded at $266.15. Approximately 583,924 shares were traded during trading, a decline of 78% from the average daily volume of 2,649,165 shares. The stock had previously closed at $279.32.
Analyst Ratings Changes
PGR has been the topic of a number of research analyst reports. BMO Capital Markets raised their price target on Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a report on Thursday, April 17th. Jefferies Financial Group lowered their price target on Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Morgan Stanley set a $330.00 price target on Progressive and gave the company an "overweight" rating in a report on Monday, May 19th. Wall Street Zen lowered Progressive from a "buy" rating to a "hold" rating in a report on Wednesday, May 21st. Finally, UBS Group raised their price target on Progressive from $285.00 to $291.00 and gave the company a "neutral" rating in a report on Wednesday, May 28th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Progressive presently has a consensus rating of "Moderate Buy" and a consensus target price of $288.59.
Check Out Our Latest Stock Report on Progressive
Progressive Price Performance
The stock has a 50 day moving average of $275.67 and a two-hundred day moving average of $264.53. The stock has a market cap of $157.24 billion, a PE ratio of 18.63, a PEG ratio of 1.70 and a beta of 0.40. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31.
Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, topping analysts' consensus estimates of $4.28 by $0.37. The firm 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%. Equities analysts anticipate that The Progressive Co. will post 14.68 EPS for the current year.
Insider Buying and Selling
In other Progressive news, CIO Jonathan S. Bauer sold 1,696 shares of the firm's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $282.66, for a total transaction of $479,391.36. Following the completion of the sale, the executive now directly owns 26,697 shares in the company, valued at approximately $7,546,174.02. This trade represents a 5.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Steven Broz sold 1,267 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $277.81, for a total value of $351,985.27. Following the sale, the insider now 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. In the last quarter, insiders have sold 37,755 shares of company stock valued at $10,367,074. 0.34% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Progressive
A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Progressive by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider's stock worth $15,289,037,000 after acquiring an additional 622,590 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Progressive by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 14,615,430 shares of the insurance provider's stock valued at $3,498,363,000 after buying an additional 189,638 shares during the last quarter. GQG Partners LLC lifted its holdings in shares of Progressive by 61.4% during the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock valued at $2,362,039,000 after buying an additional 3,174,632 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Progressive by 15.2% during the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider's stock valued at $2,338,556,000 after buying an additional 1,091,828 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Progressive during the 4th quarter valued at about $1,843,045,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.
About Progressive
(
Get Free Report)
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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