Barclays Has Lowered Expectations for Progressive (NYSE:PGR) Stock Price

Progressive (NYSE:PGR) had its price objective reduced by Barclays from $277.00 to $261.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the insurance provider’s stock. Barclays‘s price objective suggests a potential upside of 8.30% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Roth Mkm boosted their price objective on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. BMO Capital Markets decreased their target price on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Hsbc Global Res cut Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. The Goldman Sachs Group raised their price objective on Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, Wells Fargo & Company upped their target price on Progressive from $299.00 to $302.00 and gave the company an “overweight” rating in a research note on Monday, December 16th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $275.00.

Progressive Trading Down 0.5 %

Shares of NYSE PGR traded down $1.22 during mid-day trading on Monday, reaching $241.00. 823,761 shares of the company’s stock were exchanged, compared to its average volume of 1,776,452. The company’s 50-day moving average is $251.55 and its 200-day moving average is $240.50. Progressive has a 52-week low of $162.35 and a 52-week high of $270.62. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The firm has a market capitalization of $141.18 billion, a price-to-earnings ratio of 17.51, a PEG ratio of 0.70 and a beta of 0.41.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The firm had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. Analysts expect that Progressive will post 13.2 EPS for the current fiscal year.

Insider Activity

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $268.09, for a total value of $2,680,900.00. Following the transaction, the chief financial officer now directly owns 292,958 shares of the company’s stock, valued at approximately $78,539,110.22. This trade represents a 3.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the transaction, the insider now owns 26,353 shares in the company, valued at $6,618,555.95. This represents a 10.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 22,981 shares of company stock worth $5,816,178. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Progressive

Hedge funds have recently bought and sold shares of the business. Davis Capital Management bought a new position in shares of Progressive during the third quarter worth about $25,000. DiNuzzo Private Wealth Inc. boosted its position in shares of Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares in the last quarter. Kimelman & Baird LLC acquired a new stake in Progressive during the second quarter worth approximately $36,000. Sachetta LLC lifted its stake in Progressive by 34.0% in the second quarter. Sachetta LLC now owns 209 shares of the insurance provider’s stock valued at $45,000 after buying an additional 53 shares during the period. Finally, Friedenthal Financial bought a new position in shares of Progressive during the 3rd quarter worth approximately $49,000. 85.34% of the stock is owned by institutional investors.

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.