Progressive (NYSE:PGR) Price Target Raised to $300.00 at Keefe, Bruyette & Woods

Progressive (NYSE:PGR) had its target price increased by research analysts at Keefe, Bruyette & Woods from $294.00 to $300.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 9.81% from the stock’s current price.

PGR has been the topic of several other reports. BMO Capital Markets decreased their target price on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. JPMorgan Chase & Co. raised their target price on shares of Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a report on Friday, January 3rd. Roth Mkm raised their target price on shares of Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. StockNews.com lowered shares of Progressive from a “buy” rating to a “hold” rating in a report on Friday, March 14th. Finally, Wells Fargo & Company raised their target price on shares of Progressive from $313.00 to $317.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Progressive has a consensus rating of “Moderate Buy” and a consensus price target of $281.06.

Progressive Price Performance

NYSE:PGR opened at $273.19 on Thursday. Progressive has a 52 week low of $201.34 and a 52 week high of $292.99. The firm has a market cap of $160.14 billion, a price-to-earnings ratio of 18.97, a P/E/G ratio of 1.70 and a beta of 0.35. The firm’s 50-day simple moving average is $260.59 and its 200 day simple moving average is $254.70. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. As a group, sell-side analysts predict that Progressive will post 14.68 earnings per share for the current year.

Insider Buying and Selling

In related news, CIO Jonathan S. Bauer sold 1,696 shares of Progressive stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $282.66, for a total transaction of $479,391.36. Following the sale, the executive now directly owns 26,697 shares in the company, valued at $7,546,174.02. This trade represents a 5.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the completion of the transaction, 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 have sold a total of 65,495 shares of company stock worth $16,668,034 in the last ninety days. Company insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

Institutional investors have recently modified their holdings of the company. Versant Capital Management Inc boosted its stake in shares of Progressive by 98.2% in the 4th quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider’s stock valued at $189,000 after purchasing an additional 391 shares during the last quarter. Townsquare Capital LLC boosted its stake in shares of Progressive by 90.9% in the 3rd quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider’s stock valued at $1,983,000 after purchasing an additional 3,720 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of 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 valued at $1,286,036,000 after purchasing an additional 330,667 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Progressive by 2,262.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 433,999 shares of the insurance provider’s stock valued at $103,990,000 after purchasing an additional 415,628 shares during the last quarter. Finally, Signal Advisors Wealth LLC boosted its stake in Progressive by 42.3% during the fourth quarter. Signal Advisors Wealth LLC now owns 11,889 shares of the insurance provider’s stock worth $2,849,000 after acquiring an additional 3,534 shares in the last quarter. 85.34% of the stock is 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.