TD Cowen Increases Progressive (NYSE:PGR) Price Target to $237.00

Progressive (NYSE:PGR) had its price target hoisted by equities researchers at TD Cowen from $197.00 to $237.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “hold” rating on the insurance provider’s stock. TD Cowen’s price target suggests a potential downside of 9.38% from the stock’s current price.

Several other equities research analysts have also recently weighed in on PGR. Piper Sandler raised their price objective on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. Jefferies Financial Group upped their price objective on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Evercore ISI lifted their target price on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research note on Wednesday. Keefe, Bruyette & Woods boosted their target price on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Wells Fargo & Company raised 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 investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $269.56.

Progressive Price Performance

Progressive stock opened at $261.52 on Friday. The business has a 50 day simple moving average of $251.41 and a 200 day simple moving average of $228.12. Progressive has a one year low of $149.14 and a one year high of $263.39. The company has a market capitalization of $153.20 billion, a PE ratio of 19.01, a price-to-earnings-growth 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, topping analysts’ consensus estimates of $3.40 by $0.18. The business had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. On average, sell-side analysts forecast that Progressive will post 13.14 EPS for the current fiscal year.

Insider Activity

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at approximately $119,475,967. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steven Broz sold 6,122 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the completion of the sale, the insider now owns 32,316 shares of the company’s stock, valued at approximately $7,600,400.04. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 74,843 shares of company stock worth $18,674,912 over the last ninety days. Insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

Several hedge funds have recently added to or reduced their stakes in PGR. Davis Capital Management acquired a new stake in Progressive during the third quarter worth approximately $25,000. WR Wealth Planners LLC boosted its stake in Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares during the period. Hilltop National Bank grew its holdings in Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after buying an additional 92 shares in the last quarter. DiNuzzo Private Wealth Inc. increased its position in Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after buying an additional 73 shares during the period. Finally, LRI Investments LLC bought a new position in Progressive during the 1st quarter worth $36,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Company Profile

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.