Progressive (NYSE:PGR) Given New $288.00 Price Target at BMO Capital Markets

Progressive (NYSE:PGR) had its target price boosted by analysts at BMO Capital Markets from $282.00 to $288.00 in a report released on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the insurance provider’s stock. BMO Capital Markets’ target price points to a potential upside of 6.57% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. StockNews.com cut Progressive from a “buy” rating to a “hold” rating in a research report on Friday, April 4th. Bank of America increased their price target on shares of Progressive from $289.00 to $297.00 and gave the company a “neutral” rating in a report on Thursday. UBS Group boosted their price objective on shares of Progressive from $275.00 to $285.00 and gave the stock a “neutral” rating in a report on Friday, March 14th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $288.00 target price on shares of Progressive in a report on Thursday. Finally, Morgan Stanley upped their price target on Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Nine equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $285.53.

Progressive Stock Performance

Shares of NYSE PGR traded down $4.89 during mid-day trading on Thursday, hitting $270.24. 884,700 shares of the company were exchanged, compared to its average volume of 2,634,094. The firm has a market cap of $158.42 billion, a price-to-earnings ratio of 18.72, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. Progressive has a 1-year low of $201.34 and a 1-year high of $292.99. The stock has a 50 day simple moving average of $273.44 and a 200-day simple moving average of $257.68.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, sell-side analysts forecast that Progressive will post 14.68 EPS for the current fiscal year.

Insider Activity at Progressive

In other news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction that occurred on Friday, March 28th. The stock was sold at an average price of $275.94, for a total transaction of $2,759,400.00. Following the sale, the chief financial officer now owns 258,024 shares of the company’s stock, valued at approximately $71,199,142.56. The trade was a 3.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Andrew J. Quigg sold 962 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $234,044.98. Following the completion of the transaction, the insider now directly owns 34,787 shares of the company’s stock, valued at $8,463,329.23. This trade represents a 2.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 56,317 shares of company stock worth $14,844,282 in the last 90 days. 0.34% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Integrated Advisors Network LLC raised its stake in shares of Progressive by 1.0% during the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider’s stock valued at $1,078,000 after purchasing an additional 36 shares in the last quarter. Pines Wealth Management LLC increased its stake in Progressive by 3.0% during the 1st quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider’s stock valued at $335,000 after buying an additional 37 shares during the period. Contravisory Investment Management Inc. raised its position in shares of Progressive by 2.0% during the 1st quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider’s stock worth $549,000 after buying an additional 38 shares in the last quarter. Beacon Financial Group lifted its stake in shares of Progressive by 1.1% in the 1st quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider’s stock worth $1,036,000 after acquiring an additional 39 shares during the period. Finally, Kesler Norman & Wride LLC boosted its holdings in shares of Progressive by 1.1% in the fourth quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider’s stock valued at $885,000 after acquiring an additional 40 shares in the last quarter. 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.