Progressive (NYSE:PGR) Given New $285.00 Price Target at Evercore ISI

Progressive (NYSE:PGR) had its target price lifted by Evercore ISI from $277.00 to $285.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Evercore ISI currently has an outperform rating on the insurance provider’s stock.

A number of other research analysts have also recently commented on PGR. Wells Fargo & Company upped their price target on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Morgan Stanley increased their target price on shares of Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. StockNews.com downgraded shares of Progressive from a “buy” rating to a “hold” rating in a report on Friday, November 1st. Finally, Barclays boosted their target price on shares of Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a report on Wednesday, October 23rd. Seven investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Progressive currently has an average rating of “Moderate Buy” and an average price target of $269.56.

Progressive Price Performance

PGR opened at $261.52 on Wednesday. Progressive has a fifty-two week low of $149.14 and a fifty-two week high of $263.39. The firm has a 50-day moving average of $251.41 and a 200 day moving average of $228.12. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.31 and a current ratio of 0.30. The firm has a market cap of $153.20 billion, a P/E ratio of 19.01, a PEG ratio of 0.72 and a beta of 0.36.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.40 by $0.18. The company had revenue of $19.43 billion during 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, research analysts expect that Progressive will post 13.14 EPS for the current year.

Insider Transactions at Progressive

In other news, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction dated 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 directly owns 473,735 shares in the company, valued at approximately $119,475,967. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Susan Patricia Griffith sold 43,370 shares of the company’s 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 completion of the sale, the chief executive officer now owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Broz sold 6,122 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the transaction, the insider now directly owns 32,316 shares in the company, valued at approximately $7,600,400.04. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 74,843 shares of company stock valued at $18,674,912. 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. LPL Financial LLC grew its position in shares of Progressive by 20.5% in the 3rd quarter. LPL Financial LLC now owns 391,273 shares of the insurance provider’s stock worth $99,290,000 after buying an additional 66,628 shares during the period. Trustmark National Bank Trust Department boosted its stake in Progressive by 40.2% during the third quarter. Trustmark National Bank Trust Department now owns 1,363 shares of the insurance provider’s stock worth $346,000 after acquiring an additional 391 shares in the last quarter. Intech Investment Management LLC grew its holdings in Progressive by 6.7% in the third quarter. Intech Investment Management LLC now owns 413,293 shares of the insurance provider’s stock worth $104,877,000 after purchasing an additional 25,838 shares during the period. Cornerstone Advisors LLC increased its stake in shares of Progressive by 0.8% during the third quarter. Cornerstone Advisors LLC now owns 36,600 shares of the insurance provider’s stock valued at $9,288,000 after purchasing an additional 300 shares in the last quarter. Finally, Citizens Financial Group Inc. RI lifted its holdings in shares of Progressive by 11.0% during the third quarter. Citizens Financial Group Inc. RI now owns 14,381 shares of the insurance provider’s stock valued at $3,649,000 after purchasing an additional 1,421 shares during the last quarter. 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.