Progressive (NYSE:PGR) Price Target Raised to $291.00

Progressive (NYSE:PGR - Get Free Report) had its price objective hoisted by stock analysts at UBS Group from $285.00 to $291.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a "neutral" rating on the insurance provider's stock. UBS Group's target price would suggest a potential upside of 5.05% from the stock's current price.

A number of other analysts also recently issued reports on the stock. Barclays boosted their price objective on shares of Progressive from $285.00 to $297.00 and gave the company an "equal weight" rating in a report on Friday, April 11th. Roth Mkm upped their price target on shares of Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a report on Tuesday, February 25th. Jefferies Financial Group cut their price target on shares of Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a report on Friday, April 11th. Bank of America raised shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price target for the company in a report on Monday, April 28th. Finally, Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $288.00 price target on shares of Progressive in a report on Thursday, April 17th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $288.59.

Progressive Stock Performance

Shares of Progressive stock traded down $0.02 during trading on Wednesday, hitting $277.01. 2,270,707 shares of the stock were exchanged, compared to its average volume of 2,646,485. The stock has a market capitalization of $162.39 billion, a price-to-earnings ratio of 19.24, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40. The company has a fifty day moving average price of $275.52 and a 200-day moving average price of $263.38. Progressive has a 1-year low of $201.34 and a 1-year high of $292.99. 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 (NYSE:PGR - Get Free Report) last announced 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 net margin of 11.25% and a return on equity of 33.79%. The business had revenue of $22.21 billion for the quarter, compared to analyst estimates of $21.87 billion. As a group, equities analysts predict that Progressive will post 14.68 EPS for the current fiscal year.

Insider Transactions at Progressive

In other news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $279.94, for a total transaction of $2,799,400.00. Following the completion of the sale, the chief financial officer now directly owns 269,566 shares in the company, valued at $75,462,306.04. This represents a 3.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Carl G. Joyce sold 360 shares of the stock in a transaction on Friday, March 21st. The stock was sold at an average price of $276.17, for a total transaction of $99,421.20. Following the transaction, the chief accounting officer now directly owns 655 shares in the company, valued at approximately $180,891.35. This represents a 35.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 53,651 shares of company stock worth $14,817,180 over the last three months. 0.33% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Highline Wealth Partners LLC lifted its stake 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 valued at $26,000 after buying an additional 49 shares in the last quarter. TruNorth Capital Management LLC lifted its stake 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 buying an additional 63 shares in the last quarter. Hager Investment Management Services LLC bought a new position in shares of Progressive in the fourth quarter valued at $28,000. Atlantic Edge Private Wealth Management LLC lifted its stake in shares of Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock valued at $28,000 after buying an additional 41 shares in the last quarter. Finally, Minot DeBlois Advisors LLC bought a new position in shares of Progressive in the fourth quarter valued at $28,000. 85.34% of the stock is 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.