Progressive (NYSE:PGR) Cut to Hold at StockNews.com

by · The Cerbat Gem

StockNews.com lowered shares of Progressive (NYSE:PGR – Free Report) from a buy rating to a hold rating in a research note published on Monday morning.

Several other research firms also recently commented on PGR. JPMorgan Chase & Co. upped their price objective on shares of Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. BMO Capital Markets decreased their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Morgan Stanley raised their target price on Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. TD Cowen raised their price objective on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research note on Friday, November 8th. Finally, Barclays increased their price target on shares of Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 23rd. Seven investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $269.56.

View Our Latest Stock Analysis on PGR

Progressive Stock Performance

Shares of PGR stock opened at $261.37 on Monday. The business has a fifty day moving average of $251.77 and a 200 day moving average of $229.06. Progressive has a 1 year low of $149.14 and a 1 year high of $263.85. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The firm has a market capitalization of $153.11 billion, a price-to-earnings ratio of 18.99, a price-to-earnings-growth ratio of 0.73 and a beta of 0.36.

Progressive (NYSE:PGR – Get Free Report) last announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. As a group, research analysts expect that Progressive will post 13.15 earnings per share for the current year.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 2,981 shares of the stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the sale, the insider now owns 26,353 shares in the company, valued at approximately $6,618,555.95. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Progressive news, insider Steven Broz sold 2,981 shares of the business’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $251.15, for a total transaction of $748,678.15. Following the transaction, the insider now owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. The trade was a 0.00 % 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 Patrick K. Callahan sold 7,696 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $255.21, for a total value of $1,964,096.16. Following the completion of the sale, the insider now directly owns 15,189 shares of the company’s stock, valued at $3,876,384.69. This trade represents 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 65,331 shares of company stock worth $16,415,812. 0.34% of the stock is owned by insiders.

Hedge Funds Weigh In On Progressive

Several institutional investors and hedge funds have recently bought and sold shares of the company. CreativeOne Wealth LLC purchased a new stake in shares of Progressive during the 3rd quarter valued at approximately $230,000. BNP Paribas purchased a new stake in Progressive in the third quarter valued at $3,515,000. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Progressive by 102.3% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,024,992 shares of the insurance provider’s stock valued at $260,102,000 after purchasing an additional 518,262 shares during the last quarter. Blueshift Asset Management LLC grew its holdings in shares of Progressive by 122.1% during the 3rd quarter. Blueshift Asset Management LLC now owns 13,616 shares of the insurance provider’s stock worth $3,455,000 after purchasing an additional 7,486 shares during the period. Finally, Cynosure Group LLC increased its position in shares of Progressive by 153.1% during the 3rd quarter. Cynosure Group LLC now owns 5,132 shares of the insurance provider’s stock worth $1,302,000 after purchasing an additional 3,104 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

About Progressive

(Get Free Report)

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.

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