Progressive (NYSE:PGR) Price Target Raised to $285.00 at Evercore ISI

Progressive (NYSE:PGR) had its price target boosted by Evercore ISI from $277.00 to $285.00 in a report issued on Wednesday,Benzinga reports. They currently have an outperform rating on the insurance provider’s stock.

Several other equities research analysts have also recently weighed in on PGR. JPMorgan Chase & Co. upped their target price on Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Wells Fargo & Company lifted their target price on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Barclays increased their target price 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. Piper Sandler lifted their price target on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Finally, Citigroup cut their target price on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. Seven investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $269.56.

Progressive Price Performance

Progressive stock opened at $261.52 on Wednesday. The firm has a market cap 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. The stock’s fifty day moving average price is $251.41 and its two-hundred day moving average price is $228.12. Progressive has a one year low of $149.14 and a one year high of $263.39.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The business had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. As a group, research analysts expect that Progressive will post 13.14 EPS for the current fiscal year.

Insider Activity at Progressive

In other Progressive news, insider John Jo Murphy sold 9,512 shares of Progressive stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $237.50, for a total value of $2,259,100.00. Following the completion of the sale, the insider now directly owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider John Jo Murphy sold 9,512 shares of Progressive stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $237.50, for a total value of $2,259,100.00. Following the completion of the sale, the insider now owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Steven Broz sold 6,122 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the transaction, the insider now owns 32,316 shares in the company, valued at approximately $7,600,400.04. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 74,843 shares of company stock worth $18,674,912 in the last 90 days. Corporate insiders own 0.34% of the company’s stock.

Institutional Trading of Progressive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PGR. Concurrent Investment Advisors LLC boosted its position in shares of Progressive by 66.4% during the first quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock valued at $1,409,000 after buying an additional 2,719 shares during the last quarter. Diversified Trust Co grew its stake in shares of Progressive by 84.3% in the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock worth $6,531,000 after acquiring an additional 11,770 shares in the last quarter. Councilmark Asset Management LLC purchased a new stake in shares of Progressive in the first quarter valued at about $1,890,000. Sycomore Asset Management lifted its position in shares of Progressive by 9.5% during the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock valued at $5,856,000 after purchasing an additional 2,450 shares in the last quarter. Finally, Sumitomo Life Insurance Co. purchased a new position in Progressive during the second quarter worth about $981,000. 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.