Progressive (NYSE:PGR) Given New $317.00 Price Target at Wells Fargo & Company

Progressive (NYSE:PGR) had its target price boosted by research analysts at Wells Fargo & Company from $313.00 to $317.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the insurance provider’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 17.53% from the stock’s current price.

A number of other brokerages also recently weighed in on PGR. BMO Capital Markets cut their target price on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. HSBC lowered Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target on the stock. in a report on Tuesday, December 10th. Hsbc Global Res lowered Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Bank of America increased their price target on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research report on Monday, November 18th. Finally, StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $276.12.

Progressive Trading Up 2.2 %

Shares of Progressive stock opened at $269.71 on Thursday. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The stock has a fifty day simple moving average of $246.11 and a 200 day simple moving average of $248.36. Progressive has a 12-month low of $186.94 and a 12-month high of $270.79. The company has a market capitalization of $158.00 billion, a P/E ratio of 18.73, a price-to-earnings-growth ratio of 0.67 and a beta of 0.42.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating 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%. On average, sell-side analysts anticipate that Progressive will post 14.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Mariann Wojtkun Marshall sold 191 shares of the company’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $46,241.10. Following the transaction, the chief accounting officer now owns 3,982 shares of the company’s stock, valued at approximately $964,042.20. This represents a 4.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction on Monday, December 30th. The stock was sold at an average price of $238.66, for a total value of $2,386,600.00. Following the completion of the sale, the chief financial officer now owns 282,958 shares in the company, valued at $67,530,756.28. This trade represents a 3.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 56,361 shares of company stock worth $13,983,575 in the last quarter. 0.34% of the stock is owned by company insiders.

Hedge Funds Weigh In On Progressive

Institutional investors have recently added to or reduced their stakes in the business. Webster Bank N. A. purchased a new position in shares of Progressive during the fourth quarter worth about $26,000. Hager Investment Management Services LLC bought a new position in shares of Progressive in the 4th quarter worth $28,000. Atlantic Edge Private Wealth Management LLC raised its position in shares of Progressive by 54.7% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after buying an additional 41 shares in the last quarter. Minot DeBlois Advisors LLC bought a new stake in shares of Progressive during the 4th quarter worth $28,000. Finally, Valley National Advisers Inc. grew its position in Progressive by 3,000.0% in the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 120 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

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.