Progressive (NYSE:PGR) had its price objective raised by research analysts at MKM Partners to $80.00 in a note issued to investors on Friday, The Fly reports. The firm presently has a “buy” rating on the insurance provider’s stock. MKM Partners’ target price would suggest a potential upside of 17.23% from the stock’s current price.
Several other brokerages have also recently commented on PGR. Wells Fargo & Co reiterated a “hold” rating and issued a $64.00 price objective on shares of Progressive in a research note on Wednesday, August 15th. Deutsche Bank raised their price objective on shares of Progressive from $60.00 to $62.00 and gave the company a “hold” rating in a research note on Monday, May 21st. Citigroup reduced their price objective on shares of Progressive from $66.00 to $63.00 and set a “neutral” rating for the company in a research note on Thursday, July 12th. ValuEngine upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, September 4th. Finally, Argus upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a research note on Friday, July 27th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $63.07.
Shares of NYSE PGR opened at $68.24 on Friday. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.37. Progressive has a 52 week low of $45.90 and a 52 week high of $69.01. The stock has a market capitalization of $39.82 billion, a P/E ratio of 25.95, a P/E/G ratio of 2.07 and a beta of 0.70.
In other Progressive news, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction dated Wednesday, July 18th. The shares were sold at an average price of $59.33, for a total transaction of $711,960.00. Following the completion of the transaction, the chief financial officer now owns 455,377 shares in the company, valued at $27,017,517.41. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider William M. Cody sold 50,000 shares of Progressive stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $66.90, for a total transaction of $3,345,000.00. Following the transaction, the insider now owns 116,838 shares of the company’s stock, valued at approximately $7,816,462.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 94,103 shares of company stock valued at $6,088,405. 0.70% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in PGR. Massachusetts Financial Services Co. MA acquired a new position in Progressive during the first quarter worth about $359,000. Aperio Group LLC grew its holdings in shares of Progressive by 13.5% during the first quarter. Aperio Group LLC now owns 332,160 shares of the insurance provider’s stock worth $20,239,000 after buying an additional 39,392 shares in the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Progressive by 528.9% during the first quarter. Thrivent Financial for Lutherans now owns 173,223 shares of the insurance provider’s stock worth $10,554,000 after buying an additional 145,679 shares in the last quarter. Signaturefd LLC purchased a new stake in shares of Progressive during the first quarter worth about $122,000. Finally, US Bancorp DE grew its holdings in shares of Progressive by 11.1% during the first quarter. US Bancorp DE now owns 78,652 shares of the insurance provider’s stock worth $4,793,000 after buying an additional 7,842 shares in the last quarter. Institutional investors own 80.24% of the company’s stock.
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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