Progressive Corp (NYSE:PGR) gapped up before the market opened on Thursday . The stock had previously closed at $74.79, but opened at $73.12. Progressive shares last traded at $73.34, with a volume of 87897 shares changing hands.
Several equities research analysts have recently commented on PGR shares. Wells Fargo & Co restated a “hold” rating and set a $64.00 price objective on shares of Progressive in a report on Wednesday, August 15th. MKM Partners upped their price target on Progressive to $85.00 and gave the stock a “buy” rating in a report on Wednesday, September 26th. Credit Suisse Group set a $79.00 price target on Progressive and gave the stock a “buy” rating in a report on Friday, November 2nd. ValuEngine downgraded Progressive from a “buy” rating to a “hold” rating in a report on Tuesday, October 2nd. Finally, Argus upgraded Progressive from a “hold” rating to a “buy” rating and set a $68.00 price target for the company in a report on Friday, July 27th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Progressive presently has a consensus rating of “Hold” and an average target price of $69.79.
The firm has a market capitalization of $42.59 billion, a PE ratio of 15.33, a price-to-earnings-growth ratio of 2.07 and a beta of 0.71. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.34.
In other Progressive news, insider John A. Barbagallo sold 50,000 shares of the company’s stock in a transaction on Friday, October 26th. The stock was sold at an average price of $68.02, for a total value of $3,401,000.00. Following the completion of the transaction, the insider now owns 177,368 shares in the company, valued at approximately $12,064,571.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 12,600 shares of the company’s stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $64.14, for a total value of $808,164.00. Following the completion of the transaction, the chief executive officer now owns 265,856 shares of the company’s stock, valued at approximately $17,052,003.84. The disclosure for this sale can be found here. Insiders sold a total of 124,600 shares of company stock valued at $8,325,164 in the last 90 days. Corporate insiders own 0.70% of the company’s stock.
Large investors have recently made changes to their positions in the business. Capital Advisors Ltd. LLC grew its stake in Progressive by 409.1% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 1,400 shares of the insurance provider’s stock valued at $105,000 after purchasing an additional 1,125 shares during the period. ELM Advisors LLC bought a new position in Progressive in the 3rd quarter valued at $107,000. Harvest Fund Management Co. Ltd bought a new position in Progressive in the 3rd quarter valued at $112,000. Trust Co. of Vermont grew its stake in Progressive by 82.4% in the 2nd quarter. Trust Co. of Vermont now owns 2,006 shares of the insurance provider’s stock valued at $119,000 after purchasing an additional 906 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. grew its stake in Progressive by 8,571.8% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,382 shares of the insurance provider’s stock valued at $200,000 after purchasing an additional 3,343 shares during the period. Hedge funds and other institutional investors own 79.89% of the company’s stock.
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Progressive Company Profile (NYSE:PGR)
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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