Evercore ISI Boosts Progressive (NYSE:PGR) Price Target to $285.00

Progressive (NYSE:PGR) had its price target increased by Evercore ISI from $277.00 to $285.00 in a report released on Wednesday,Benzinga reports. They currently have an outperform rating on the insurance provider’s stock.

Several other research analysts have also issued reports on the company. BMO Capital Markets dropped their target price on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. JPMorgan Chase & Co. boosted their target price on Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Citigroup lowered their price target on Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a report on Wednesday, July 17th. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target for the company in a report on Monday, August 12th. Finally, Wells Fargo & Company boosted their price target on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Seven research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $269.56.

Progressive Trading Up 2.4 %

Shares of NYSE PGR opened at $261.51 on Wednesday. Progressive has a 1-year low of $149.14 and a 1-year high of $263.39. The business’s 50 day moving average is $251.41 and its two-hundred day moving average is $228.12. The stock has a market capitalization of $153.20 billion, a P/E ratio of 19.01, a PEG ratio of 0.72 and a beta of 0.36. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.31.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The business had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. As a group, research analysts expect that Progressive will post 13.14 EPS for the current year.

Insider Transactions at Progressive

In other news, insider John Jo Murphy sold 9,512 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the transaction, the insider now directly owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Jo Murphy sold 9,512 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $237.50, for a total value of $2,259,100.00. Following the completion of the transaction, the insider now directly owns 45,787 shares in the company, valued at approximately $10,874,412.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 74,843 shares of company stock valued at $18,674,912. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Progressive

Several hedge funds have recently made changes to their positions in PGR. Rehmann Capital Advisory Group acquired a new position in shares of Progressive in the 1st quarter valued at $272,000. Csenge Advisory Group acquired a new position in shares of Progressive in the 1st quarter valued at $270,000. Manchester Capital Management LLC grew its position in Progressive by 8.6% during the 1st quarter. Manchester Capital Management LLC now owns 2,477 shares of the insurance provider’s stock worth $512,000 after purchasing an additional 197 shares during the period. Advisory Services Network LLC grew its position in Progressive by 12.7% during the 1st quarter. Advisory Services Network LLC now owns 17,880 shares of the insurance provider’s stock worth $3,698,000 after purchasing an additional 2,016 shares during the period. Finally, CFO4Life Group LLC acquired a new stake in Progressive during the 1st quarter worth about $211,000. 85.34% of the stock is owned by institutional investors and hedge funds.

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.