Hsbc Global Res Downgrades Progressive (NYSE:PGR) to Hold

Progressive (NYSE:PGR) was downgraded by equities researchers at Hsbc Global Res from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other brokerages have also issued reports on PGR. Evercore ISI raised their target price on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Keefe, Bruyette & Woods lifted their target price on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Bank of America upped their price target on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research note on Monday, November 18th. Wells Fargo & Company increased their target price on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Finally, HSBC lowered Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective on the stock. in a research report on Tuesday. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Progressive has an average rating of “Moderate Buy” and a consensus target price of $270.69.

Progressive Stock Down 0.2 %

Progressive stock opened at $247.30 on Tuesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The firm has a market capitalization of $144.87 billion, a price-to-earnings ratio of 17.97, a price-to-earnings-growth ratio of 0.70 and a beta of 0.38. The stock’s fifty day moving average is $254.52 and its two-hundred day moving average is $235.83. Progressive has a fifty-two week low of $149.14 and a fifty-two week high of $270.62.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping 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 company had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Analysts predict that Progressive will post 13.2 EPS for the current fiscal year.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 2,982 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the sale, the insider now directly owns 29,334 shares in the company, valued at $7,626,840. This represents a 9.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Patrick K. Callahan sold 7,696 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $255.21, for a total value of $1,964,096.16. Following the transaction, the insider now directly owns 15,189 shares of the company’s stock, valued at $3,876,384.69. This represents a 33.63 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,839 shares of company stock valued at $6,718,965. 0.34% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PGR. Davis Capital Management acquired a new position in Progressive during the 3rd quarter valued at $25,000. WR Wealth Planners LLC increased its position in shares of Progressive by 119.6% during the second 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 period. DiNuzzo Private Wealth Inc. boosted its position 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 valued at $35,000 after acquiring an additional 73 shares in the last quarter. Kimelman & Baird LLC acquired a new stake in Progressive in the 2nd quarter valued at $36,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Progressive in the 3rd quarter valued at $49,000. 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.