Progressive (NYSE:PGR) Price Target Raised to $287.00 at JPMorgan Chase & Co.

Progressive (NYSE:PGR - Get Free Report) had its price objective hoisted by equities research analysts at JPMorgan Chase & Co. from $267.00 to $287.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the insurance provider's stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 4.07% from the company's current price.

A number of other research analysts have also recently weighed in on PGR. Hsbc Global Res cut shares of Progressive from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 10th. Morgan Stanley boosted their price objective on Progressive from $300.00 to $307.00 and gave the company an "overweight" rating in a research report on Friday, January 31st. Wells Fargo & Company increased their target price on Progressive from $313.00 to $317.00 and gave the stock an "overweight" rating in a research report on Thursday, February 20th. Raymond James raised Progressive from a "market perform" rating to an "outperform" rating and set a $305.00 price target on the stock in a report on Thursday, December 26th. Finally, StockNews.com lowered shares of 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.com, the company has an average rating of "Moderate Buy" and a consensus price target of $283.71.

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Progressive Stock Performance

NYSE:PGR traded up $2.60 during mid-day trading on Tuesday, hitting $275.78. 3,052,599 shares of the company traded hands, compared to its average volume of 2,657,216. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The stock's fifty day moving average price is $271.85 and its 200-day moving average price is $257.20. The firm has a market cap of $161.67 billion, a price-to-earnings ratio of 19.15, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38. Progressive has a one year low of $201.34 and a one year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Research analysts anticipate that Progressive will post 14.68 earnings per share for the current fiscal year.

Insider Transactions at Progressive

In related news, CAO Mariann Wojtkun Marshall sold 585 shares of the stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total value of $142,324.65. Following the sale, the chief accounting officer now directly owns 3,983 shares of the company's stock, valued at $969,024.07. This represents a 12.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the firm's stock in a transaction dated Friday, March 28th. The stock was sold at an average price of $275.94, for a total transaction of $2,759,400.00. Following the completion of the sale, the chief financial officer now directly owns 258,024 shares of the company's stock, valued at approximately $71,199,142.56. The trade was a 3.73 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 56,317 shares of company stock worth $14,844,282. 0.34% of the stock is currently owned by company insiders.

Institutional Trading of Progressive

A number of hedge funds and other institutional investors have recently bought and sold shares of PGR. Webster Bank N. A. bought a new position in shares of Progressive in the fourth quarter worth about $26,000. Hager Investment Management Services LLC bought a new position in Progressive in the 4th quarter worth about $28,000. Atlantic Edge Private Wealth Management LLC increased its position in shares of Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock worth $28,000 after acquiring an additional 41 shares during the period. Minot DeBlois Advisors LLC bought a new stake in shares of Progressive during the fourth quarter valued at approximately $28,000. Finally, Valley National Advisers Inc. boosted its holdings in shares of Progressive by 3,000.0% in the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider's stock valued at $29,000 after purchasing an additional 120 shares during the period. Hedge funds and other institutional investors 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.