Progressive (NYSE:PGR) Upgraded at StockNews.com

StockNews.com upgraded shares of Progressive (NYSE:PGR - Free Report) from a hold rating to a buy rating in a research note published on Tuesday.

Several other analysts have also recently commented on PGR. Evercore ISI raised their price target on Progressive from $277.00 to $285.00 and gave the company an "outperform" rating in a report on Wednesday, November 6th. TD Cowen raised their target price on Progressive from $197.00 to $237.00 and gave the company a "hold" rating in a report on Friday, November 8th. Morgan Stanley upped their price target on shares of Progressive from $300.00 to $310.00 and gave the stock an "overweight" rating in a research note on Friday, October 18th. Piper Sandler raised their price objective on shares of Progressive from $250.00 to $252.00 and gave the company an "overweight" rating in a research note on Thursday, August 15th. Finally, Jefferies Financial Group upped their target price on shares of Progressive from $257.00 to $295.00 and gave the stock a "buy" rating in a research report on Wednesday, October 9th. Five equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $269.81.

Progressive Stock Performance

Shares of NYSE PGR traded down $2.01 during mid-day trading on Tuesday, hitting $254.51. 1,735,940 shares of the company were exchanged, compared to its average volume of 2,457,139. The stock has a 50 day simple moving average of $252.32 and a 200-day simple moving average of $230.44. Progressive has a 1-year low of $149.14 and a 1-year high of $263.85. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The firm has a market cap of $149.09 billion, a price-to-earnings ratio of 18.49, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.40 by $0.18. The business had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. On average, sell-side analysts forecast that Progressive will post 13.09 EPS for the current fiscal year.

Insider Activity at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the transaction, the chief executive officer now owns 473,735 shares in the company, valued at $119,475,967. This trade represents a 8.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Steven Broz sold 2,981 shares of the company's stock in a transaction on Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the sale, the insider now owns 26,353 shares of the company's stock, valued at approximately $6,618,555.95. The trade was a 10.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,209 shares of company stock valued at $14,975,979. 0.34% of the stock is owned by insiders.

Institutional Investors Weigh In On Progressive

A number of institutional investors have recently added to or reduced their stakes in PGR. State Street Corp increased its holdings in Progressive by 1.3% in the 3rd quarter. State Street Corp now owns 24,683,807 shares of the insurance provider's stock valued at $6,263,763,000 after purchasing an additional 315,411 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Progressive by 13.2% during the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider's stock valued at $3,652,235,000 after buying an additional 1,682,213 shares during the period. FMR LLC lifted its position in Progressive by 1.6% during the 3rd quarter. FMR LLC now owns 10,518,615 shares of the insurance provider's stock worth $2,669,204,000 after acquiring an additional 170,618 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Progressive by 7.0% in the 3rd 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 acquiring an additional 330,667 shares during the period. Finally, Capital International Investors grew its position in Progressive by 15.7% in the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider's stock valued at $1,018,592,000 after acquiring an additional 670,006 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.

Progressive Company Profile

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.