Progressive (NYSE:PGR) Sets New 52-Week High - Here's What Happened

The Progressive Co. (NYSE:PGR - Get Free Report) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $264.00 and last traded at $264.00, with a volume of 54521 shares trading hands. The stock had previously closed at $257.50.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on PGR shares. Roth Mkm lifted their target price on Progressive from $270.00 to $290.00 and gave the stock a "buy" rating in a research report on Monday, September 16th. Jefferies Financial Group lifted their price target on Progressive from $257.00 to $295.00 and gave the stock a "buy" rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. increased their price objective on Progressive from $242.00 to $251.00 and gave the company an "overweight" rating in a report on Thursday, October 10th. TD Cowen lifted their target price on shares of Progressive from $197.00 to $237.00 and gave the company a "hold" rating in a report on Friday, November 8th. Finally, Bank of America increased their price target on shares of Progressive from $319.00 to $331.00 and gave the stock a "buy" rating in a research note on Wednesday, October 16th. Seven investment 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $269.56.

Progressive Stock Down 0.7 %

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's 50 day simple moving average is $252.08 and its 200 day simple moving average is $229.48. The company has a market cap of $149.84 billion, a price-to-earnings ratio of 18.86, a price-to-earnings-growth ratio of 0.73 and a beta of 0.36.

Progressive (NYSE:PGR - Get Free Report) last announced its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The firm had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. Sell-side analysts anticipate that The Progressive Co. will post 13.11 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Steven Broz sold 6,122 shares of the 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 completion of the sale, the insider now directly owns 32,316 shares in the company, valued at approximately $7,600,400.04. This trade represents a 15.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the transaction, the chief executive officer now owns 473,735 shares in the company, valued at $119,475,967. This represents a 8.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 65,331 shares of company stock valued at $16,415,812 over the last quarter. Corporate insiders own 0.34% of the company's stock.

Institutional Investors Weigh In On Progressive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Davis Capital Management acquired a new stake in Progressive in the 3rd quarter valued at approximately $25,000. WR Wealth Planners LLC raised its stake in Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 67 shares during the last quarter. Hilltop National Bank boosted its holdings in Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider's stock valued at $34,000 after purchasing an additional 92 shares during the period. DiNuzzo Private Wealth Inc. increased its holdings in shares of Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider's stock worth $35,000 after purchasing an additional 73 shares during the period. Finally, LRI Investments LLC bought a new position in Progressive during the first quarter valued at about $36,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

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.