Progressive (NYSE:PGR) Downgraded by HSBC to "Hold"

Progressive (NYSE:PGR - Get Free Report) was downgraded by equities researchers at HSBC from a "buy" rating to a "hold" rating in a report issued on Tuesday, Marketbeat Ratings reports. They presently have a $267.00 price objective on the insurance provider's stock. HSBC's target price points to a potential upside of 7.98% from the company's previous close.

Other equities research analysts have also issued reports about the company. TD Cowen boosted their price objective on Progressive from $197.00 to $237.00 and gave the stock a "hold" rating in a research note on Friday, November 8th. Piper Sandler increased their price objective on Progressive from $250.00 to $252.00 and gave the company an "overweight" rating in a research note on Thursday, August 15th. Keefe, Bruyette & Woods lifted their target price on shares of Progressive from $280.00 to $290.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 16th. Wells Fargo & Company increased their target price on shares of Progressive from $281.00 to $282.00 and gave the company an "overweight" rating in a research report on Tuesday, September 10th. Finally, The Goldman Sachs Group boosted their price target on shares of Progressive from $262.00 to $280.00 and gave the stock a "buy" rating in a research report on Wednesday, September 18th. Six analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Progressive has an average rating of "Moderate Buy" and an average price target of $270.69.

Progressive Price Performance

Shares of NYSE:PGR traded down $0.59 during midday trading on Tuesday, reaching $247.27. 2,346,215 shares of the company's stock traded hands, compared to its average volume of 2,468,024. The company has a fifty day simple moving average of $254.52 and a two-hundred day simple moving average of $235.83. Progressive has a 1 year low of $149.14 and a 1 year high of $270.62. The company has a market cap of $144.85 billion, a P/E ratio of 18.01, a PEG ratio of 0.70 and a beta of 0.38. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.18. The business had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. Equities analysts predict that Progressive will post 13.2 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the sale, the chief financial officer now owns 292,958 shares of the company's stock, valued at approximately $78,539,110.22. This represents a 3.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Patrick K. Callahan sold 7,696 shares of Progressive stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $255.21, for a total transaction of $1,964,096.16. Following the completion of the transaction, the insider now owns 15,189 shares of the company's stock, valued at $3,876,384.69. This trade represents a 33.63 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,839 shares of company stock valued at $6,718,965. Corporate insiders own 0.34% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PGR. Townsquare Capital LLC boosted its stake in shares of Progressive by 90.9% in the 3rd quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider's stock valued at $1,983,000 after buying an additional 3,720 shares during the period. Diversified Trust Co increased its holdings in Progressive by 84.3% in the third quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider's stock valued at $6,531,000 after buying an additional 11,770 shares during the last quarter. Sycomore Asset Management increased its holdings in Progressive by 9.5% in the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider's stock valued at $5,856,000 after buying an additional 2,450 shares during the last quarter. Sumitomo Life Insurance Co. acquired a new stake in shares of Progressive during the 2nd quarter worth about $981,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Progressive by 7.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider's stock worth $1,286,036,000 after purchasing an additional 330,667 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other 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.