Progressive (NYSE:PGR) Stock Gets Price Target Bump from JPMorgan Chase & Co.

Progressive (NYSE:PGR) had its target price upped by stock analysts at JPMorgan Chase & Co. from $241.00 to $250.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has a “neutral” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 17.81% from the stock’s previous close.

Other research analysts also recently issued reports about the company. Weiss Ratings raised Progressive from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, August 28th. Roth Capital reaffirmed a “buy” rating and set a $245.00 target price on shares of Progressive in a research note on Thursday, August 20th. HSBC upped their target price on shares of Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a report on Monday, July 6th. Wells Fargo & Company increased their target price on shares of Progressive from $198.00 to $201.00 and gave the company an “underweight” rating in a research report on Thursday, August 20th. Finally, Evercore set a $240.00 price target on shares of Progressive in a research note on Friday, July 10th. Seven research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $235.37.

Progressive Price Performance

NYSE:PGR opened at $212.20 on Monday. Progressive has a 12 month low of $189.20 and a 12 month high of $245.64. The stock has a 50 day moving average of $214.18 and a two-hundred day moving average of $208.69. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The firm has a market cap of $123.37 billion, a P/E ratio of 10.64, a price-to-earnings-growth ratio of 2.33 and a beta of 0.25.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, beating analysts’ consensus estimates of $4.64 by $1.03. The business had revenue of $23.61 billion during the quarter, compared to analysts’ expectations of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The business’s revenue was up 5.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.40 earnings per share. On average, analysts expect that Progressive will post 17.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Progressive news, CEO Susan Griffith sold 37,338 shares of the company’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $219.50, for a total value of $8,195,691.00. Following the completion of the sale, the chief executive officer directly owned 485,438 shares in the company, valued at $106,553,641. This represents a 7.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the firm’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $1,797,824.92. Following the completion of the sale, the insider directly owned 32,348 shares of the company’s stock, valued at $6,880,743.08. This trade represents a 20.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 106,782 shares of company stock worth $22,965,332 over the last quarter. Corporate insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Progressive

A number of institutional investors have recently bought and sold shares of PGR. BlackRock Inc. purchased a new position in Progressive during the 2nd quarter valued at about $10,496,271,000. State Street Corp boosted its position in Progressive by 2.5% in the 2nd quarter. State Street Corp now owns 26,526,959 shares of the insurance provider’s stock valued at $5,794,814,000 after buying an additional 656,249 shares during the period. Bank of America Corp DE acquired a new stake in shares of Progressive in the second quarter valued at $2,682,342,000. GQG Partners LLC purchased a new position in Progressive in the second quarter valued at approximately $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Progressive by 6.4% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,784,205 shares of the insurance provider’s stock worth $1,482,010,000 after purchasing an additional 410,326 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

About Progressive

Progressive Corporation is an insurance holding company that provides personal and commercial insurance products in the United States. Its primary business is automobile insurance, serving consumers through direct channels, independent agents and other distribution partners.

The company offers coverage for personal vehicles, motorcycles, recreational vehicles, boats and other specialty vehicles. Its personal insurance portfolio also includes homeowners, renters, condominium and other property coverage, while its commercial business provides insurance for commercial vehicles and related risks.