Progressive (NYSE:PGR) Price Target Lowered to $288.00 at Keefe, Bruyette & Woods

Progressive (NYSE:PGR - Get Free Report) had its target price decreased by investment analysts at Keefe, Bruyette & Woods from $300.00 to $288.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the insurance provider's stock. Keefe, Bruyette & Woods' target price would suggest a potential upside of 4.43% from the company's previous close.

PGR has been the subject of several other research reports. Hsbc Global Res downgraded Progressive from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 10th. Raymond James raised shares of Progressive from a "market perform" rating to an "outperform" rating and set a $305.00 price objective for the company in a research note on Thursday, December 26th. UBS Group raised their target price on shares of Progressive from $275.00 to $285.00 and gave the company a "neutral" rating in a research report on Friday, March 14th. BMO Capital Markets lowered their price target on shares of Progressive from $273.00 to $267.00 and set an "outperform" rating for the company in a report on Monday, December 16th. Finally, StockNews.com downgraded Progressive from a "buy" rating to a "hold" rating in a report on Friday, April 4th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $283.71.

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Progressive Price Performance

Shares of NYSE PGR traded up $2.60 during trading hours on Wednesday, hitting $275.78. 3,052,599 shares of the stock were exchanged, compared to its average volume of 2,657,216. Progressive has a 1-year low of $201.34 and a 1-year high of $292.99. The company has a market cap of $161.67 billion, a PE ratio of 19.15, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The company's fifty day simple moving average is $271.85 and its two-hundred day simple moving average is $257.20.

Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating analysts' consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. On average, sell-side analysts predict that Progressive will post 14.68 EPS for the current year.

Insider Transactions at Progressive

In related news, CEO Susan Patricia Griffith sold 11,021 shares of the company's stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total transaction of $2,681,299.09. Following the sale, the chief executive officer now owns 473,736 shares in the company, valued at $115,255,231.44. This represents a 2.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Carl G. Joyce sold 360 shares of Progressive stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $276.17, for a total value of $99,421.20. Following the completion of the sale, the chief accounting officer now owns 655 shares of the company's stock, valued at approximately $180,891.35. The trade was a 35.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 56,317 shares of company stock worth $14,844,282 over the last three months. 0.34% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of PGR. Versant Capital Management Inc increased its stake in Progressive by 98.2% in the fourth quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider's stock valued at $189,000 after purchasing an additional 391 shares in the last quarter. Assenagon Asset Management S.A. increased its position in Progressive by 2,262.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 433,999 shares of the insurance provider's stock valued at $103,990,000 after buying an additional 415,628 shares in the last quarter. Signal Advisors Wealth LLC raised its stake in Progressive by 42.3% during the 4th quarter. Signal Advisors Wealth LLC now owns 11,889 shares of the insurance provider's stock worth $2,849,000 after buying an additional 3,534 shares during the period. Nordea Investment Management AB raised its stake in Progressive by 30.5% during the 4th quarter. Nordea Investment Management AB now owns 1,069,697 shares of the insurance provider's stock worth $255,882,000 after buying an additional 249,958 shares during the period. Finally, Oddo BHF Asset Management Sas bought a new position in Progressive in the third quarter worth approximately $35,253,000. Institutional investors and hedge funds own 85.34% of the company's stock.

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.