Progressive (NYSE:PGR) PT Raised to $245.00 at Jefferies Financial Group

Progressive (NYSE:PGRGet Free Report) had its target price increased by stock analysts at Jefferies Financial Group from $241.00 to $245.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the insurance provider’s stock. Jefferies Financial Group’s target price would indicate a potential upside of 18.05% from the stock’s previous close.

Several other equities research analysts also recently weighed in on PGR. Citigroup upped their price target on Progressive from $192.00 to $202.00 and gave the stock a “neutral” rating in a report on Monday, March 18th. Piper Sandler restated an “overweight” rating and set a $240.00 price target on shares of Progressive in a report on Monday, April 1st. Wells Fargo & Company upped their price target on Progressive from $232.00 to $238.00 and gave the stock an “overweight” rating in a report on Thursday. UBS Group upped their price target on Progressive from $159.00 to $170.00 and gave the stock a “neutral” rating in a report on Wednesday, January 10th. Finally, Keefe, Bruyette & Woods upped their price target on Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $206.88.

Check Out Our Latest Stock Analysis on Progressive

Progressive Trading Up 1.8 %

Shares of PGR stock traded up $3.64 on Monday, hitting $207.54. The stock had a trading volume of 1,526,479 shares, compared to its average volume of 2,553,162. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.31. The firm has a market capitalization of $121.56 billion, a P/E ratio of 21.19, a P/E/G ratio of 0.86 and a beta of 0.35. Progressive has a 1 year low of $111.41 and a 1 year high of $212.24. The company’s 50 day moving average price is $197.15 and its 200-day moving average price is $173.13.

Progressive (NYSE:PGRGet Free Report) last posted its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.20 by $0.74. The firm had revenue of $18.96 billion for the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The company’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.65 EPS. Analysts anticipate that Progressive will post 10.5 earnings per share for the current year.

Insider Buying and Selling at Progressive

In other Progressive news, insider Andrew J. Quigg sold 551 shares of the stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total transaction of $93,251.24. Following the sale, the insider now owns 27,921 shares in the company, valued at approximately $4,725,350.04. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Andrew J. Quigg sold 551 shares of the firm’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total transaction of $93,251.24. Following the sale, the insider now owns 27,921 shares in the company, valued at $4,725,350.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick K. Callahan sold 29,675 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total value of $5,645,965.50. Following the sale, the insider now owns 15,189 shares in the company, valued at approximately $2,889,859.14. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,629 shares of company stock worth $8,348,176. 0.34% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Progressive by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 51,466,781 shares of the insurance provider’s stock valued at $8,197,629,000 after acquiring an additional 218,809 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Progressive by 14.1% in the third quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock valued at $3,002,542,000 after acquiring an additional 2,666,449 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Progressive by 3.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 14,935,652 shares of the insurance provider’s stock valued at $2,378,951,000 after acquiring an additional 520,742 shares during the last quarter. Alliancebernstein L.P. raised its position in Progressive by 4.3% in the second quarter. Alliancebernstein L.P. now owns 9,754,850 shares of the insurance provider’s stock valued at $1,291,249,000 after purchasing an additional 403,527 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Progressive by 10.5% in the third quarter. Bank of New York Mellon Corp now owns 6,916,460 shares of the insurance provider’s stock valued at $963,463,000 after purchasing an additional 655,706 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Company Profile

(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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