Goldman Sachs Group initiated coverage on shares of Progressive (NYSE:PGR) in a report released on Monday morning. The brokerage issued a buy rating and a $57.00 price objective on the insurance provider’s stock.
A number of other equities analysts have also recently commented on PGR. Barclays lifted their price objective on shares of Progressive from $39.00 to $41.00 and gave the stock an underweight rating in a research note on Friday, August 11th. BidaskClub raised shares of Progressive from a buy rating to a strong-buy rating in a research note on Friday, August 11th. Wells Fargo & Company reaffirmed a hold rating on shares of Progressive in a research note on Wednesday, August 16th. Citigroup lifted their price target on shares of Progressive from $49.00 to $50.00 and gave the stock a neutral rating in a research note on Thursday, August 17th. Finally, ValuEngine raised shares of Progressive from a hold rating to a buy rating in a research note on Friday, September 1st. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. Progressive has an average rating of Hold and a consensus price target of $49.71.
Shares of Progressive (PGR) traded up $0.76 during trading hours on Monday, hitting $54.36. 3,373,500 shares of the company’s stock were exchanged, compared to its average volume of 3,090,536. Progressive has a 1-year low of $33.28 and a 1-year high of $54.54. The stock has a market cap of $31,173.76, a PE ratio of 23.41, a P/E/G ratio of 3.06 and a beta of 0.94. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.36.
In related news, CMO M Jeffrey Charney sold 6,000 shares of Progressive stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $49.50, for a total transaction of $297,000.00. Following the completion of the sale, the chief marketing officer now owns 102,038 shares in the company, valued at approximately $5,050,881. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jeffrey W. Basch sold 9,000 shares of Progressive stock in a transaction dated Wednesday, October 18th. The shares were sold at an average price of $48.23, for a total transaction of $434,070.00. Following the sale, the insider now owns 70,965 shares of the company’s stock, valued at approximately $3,422,641.95. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,000 shares of company stock valued at $1,024,470. 0.56% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio lifted its holdings in Progressive by 145.3% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 898,307 shares of the insurance provider’s stock valued at $43,496,000 after buying an additional 532,117 shares in the last quarter. GSA Capital Partners LLP lifted its holdings in Progressive by 31.3% during the 3rd quarter. GSA Capital Partners LLP now owns 7,736 shares of the insurance provider’s stock valued at $375,000 after buying an additional 1,846 shares in the last quarter. Coastline Trust Co bought a new stake in shares of Progressive in the 3rd quarter valued at about $271,000. Sterling Capital Management LLC raised its holdings in shares of Progressive by 96.7% in the 3rd quarter. Sterling Capital Management LLC now owns 121,220 shares of the insurance provider’s stock valued at $5,869,000 after purchasing an additional 59,580 shares in the last quarter. Finally, California Public Employees Retirement System raised its holdings in shares of Progressive by 4.3% in the 3rd quarter. California Public Employees Retirement System now owns 1,481,329 shares of the insurance provider’s stock valued at $71,726,000 after purchasing an additional 61,118 shares in the last quarter. Institutional investors own 79.55% of the company’s stock.
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The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.
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