Progressive’s (PGR) Buy Rating Reiterated at Roth Mkm

Roth Mkm reissued their buy rating on shares of Progressive (NYSE:PGR) in a report published on Monday morning, Benzinga reports. They currently have a $185.00 price objective on the insurance provider’s stock.

Several other research firms also recently issued reports on PGR. BMO Capital Markets raised shares of Progressive from a market perform rating to an outperform rating and increased their price objective for the company from $155.00 to $180.00 in a report on Wednesday, October 25th. Piper Sandler lifted their price target on shares of Progressive from $186.00 to $188.00 and gave the stock an overweight rating in a research note on Monday. JPMorgan Chase & Co. boosted their price objective on shares of Progressive from $146.00 to $149.00 and gave the stock an overweight rating in a research report on Monday, October 2nd. Raymond James upped their price target on shares of Progressive from $145.00 to $165.00 and gave the company an outperform rating in a research report on Monday, October 16th. Finally, Oppenheimer began coverage on shares of Progressive in a research note on Thursday, November 16th. They issued a market perform rating on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $161.47.

Progressive Trading Up 1.1 %

NYSE:PGR opened at $159.35 on Monday. Progressive has a 52 week low of $111.41 and a 52 week high of $161.98. The firm has a 50 day moving average of $150.11 and a 200 day moving average of $137.14. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $93.23 billion, a price-to-earnings ratio of 34.57, a PEG ratio of 1.16 and a beta of 0.43.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Friday, October 13th. The insurance provider reported $2.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.71 by $0.38. Progressive had a net margin of 4.67% and a return on equity of 17.36%. The business had revenue of $15.71 billion for the quarter, compared to analyst estimates of $15.66 billion. As a group, sell-side analysts anticipate that Progressive will post 5.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Progressive news, insider Daniel P. Mascaro sold 1,570 shares of the firm’s stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $140.39, for a total transaction of $220,412.30. Following the completion of the sale, the insider now directly owns 31,706 shares in the company, valued at approximately $4,451,205.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Daniel P. Mascaro sold 1,570 shares of Progressive stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $140.39, for a total transaction of $220,412.30. Following the completion of the sale, the insider now directly owns 31,706 shares in the company, valued at approximately $4,451,205.34. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Stuart B. Burgdoerfer sold 6,720 shares of the business’s stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $155.30, for a total value of $1,043,616.00. Following the completion of the sale, the director now owns 14,039 shares of the company’s stock, valued at $2,180,256.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 69,021 shares of company stock worth $9,594,007. 0.34% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Cary Street Partners Investment Advisory LLC increased its position in shares of Progressive by 10.2% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock valued at $93,000 after purchasing an additional 62 shares during the period. IFP Advisors Inc boosted its stake in Progressive by 1.2% in the third quarter. IFP Advisors Inc now owns 5,860 shares of the insurance provider’s stock worth $816,000 after purchasing an additional 71 shares in the last quarter. Aaron Wealth Advisors LLC lifted its stake in shares of Progressive by 1.3% during the third quarter. Aaron Wealth Advisors LLC now owns 5,430 shares of the insurance provider’s stock valued at $756,000 after acquiring an additional 71 shares during the period. Steward Financial Group LLC boosted its holdings in Progressive by 20.3% in the third quarter. Steward Financial Group LLC now owns 421 shares of the insurance provider’s stock valued at $58,000 after acquiring an additional 71 shares during the last quarter. Finally, Chesley Taft & Associates LLC boosted its holdings in Progressive by 0.4% in the third quarter. Chesley Taft & Associates LLC now owns 18,960 shares of the insurance provider’s stock valued at $2,641,000 after acquiring an additional 75 shares during the last quarter. 83.66% of the stock is owned by institutional investors.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.