JPMorgan Chase & Co. Cuts Progressive (NYSE:PGR) Price Target to $241.00

by · The Markets Daily

Progressive (NYSE:PGR – Get Free Report) had its target price dropped by equities researchers at JPMorgan Chase & Co. from $250.00 to $241.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 14.70% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a report on Friday, May 22nd. Bank of America lowered their target price on Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a report on Thursday, July 16th. Wells Fargo & Company dropped their price target on Progressive from $205.00 to $198.00 and set an “underweight” rating on the stock in a research note on Thursday, July 16th. Mizuho increased their target price on shares of Progressive from $217.00 to $243.00 and gave the stock a “neutral” rating in a research note on Thursday, July 9th. Finally, Morgan Stanley upgraded Progressive from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $190.00 to $210.00 in a research report on Friday, July 24th. Five investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $235.63.

Check Out Our Latest Stock Report on Progressive

Progressive Trading Down 0.2%

Progressive stock traded down $0.35 during midday trading on Tuesday, hitting $210.10. 883,607 shares of the stock were exchanged, compared to its average volume of 3,254,957. The company has a fifty day simple moving average of $211.55 and a two-hundred day simple moving average of $206.01. Progressive has a 52 week low of $189.20 and a 52 week high of $254.93. The company has a quick ratio of 0.27, a current ratio of 0.32 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $122.77 billion, a PE ratio of 10.54, a P/E/G ratio of 2.86 and a beta of 0.27.

Insider Buying and Selling at Progressive

In other news, CFO Andrew J. Quigg sold 3,499 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total transaction of $769,780.00. Following the completion of the transaction, the chief financial officer directly owned 42,595 shares of the company’s stock, valued at $9,370,900. This represents a 7.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of Progressive stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $1,797,824.92. Following the completion of the sale, the insider owned 32,348 shares in the company, valued at approximately $6,880,743.08. The trade was a 20.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 74,885 shares of company stock worth $15,880,459. Corporate insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Progressive

Several hedge funds have recently made changes to their positions in the company. Bard Associates Inc. purchased a new stake in Progressive during the 4th quarter valued at approximately $27,000. Bogart Wealth LLC raised its position in Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after acquiring an additional 87 shares in the last quarter. IFC & Insurance Marketing Inc. purchased a new stake in Progressive during the 4th quarter worth about $29,000. HHM Wealth Advisors LLC raised its position in Progressive by 700.0% in the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 126 shares during the period. Finally, Acumen Wealth Advisors LLC purchased a new position in shares of Progressive in the fourth quarter valued at $33,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Company Profile

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Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.

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