Progressive (NYSE:PGR) Given New $227.00 Price Target at Keefe, Bruyette & Woods

Progressive (NYSE:PGR) had its price objective dropped by investment analysts at Keefe, Bruyette & Woods from $232.00 to $227.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “market perform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 13.24% from the stock’s previous close.

A number of other research firms have also recently weighed in on PGR. Wells Fargo & Company lifted their price objective on shares of Progressive from $214.00 to $217.00 and gave the company an “equal weight” rating in a report on Thursday. JPMorgan Chase & Co. cut their price target on Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research note on Wednesday, January 7th. Zacks Research raised Progressive from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 24th. Citigroup lowered their price target on Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a research report on Tuesday, February 3rd. Finally, Mizuho set a $240.00 price objective on Progressive in a research report on Wednesday, January 14th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $240.83.

Progressive Stock Performance

Shares of NYSE:PGR traded down $0.71 during trading on Thursday, hitting $200.47. 991,622 shares of the stock traded hands, compared to its average volume of 3,454,641. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.23. The company has a fifty day moving average price of $206.46 and a two-hundred day moving average price of $221.58. Progressive has a 52-week low of $197.92 and a 52-week high of $289.96. The company has a market cap of $117.45 billion, a price-to-earnings ratio of 10.42, a P/E/G ratio of 8.88 and a beta of 0.33.

Insiders Place Their Bets

In other Progressive news, insider Maribel Pumarejo sold 739 shares of the firm’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total value of $150,201.75. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 1,344 shares of the company’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $224.80, for a total transaction of $302,131.20. Following the sale, the insider directly owned 26,354 shares of the company’s stock, valued at $5,924,379.20. The trade was a 4.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 12,761 shares of company stock valued at $2,659,420. 0.34% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Progressive

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Progressive by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock valued at $12,584,067,000 after buying an additional 593,612 shares during the period. State Street Corp increased its holdings in Progressive by 0.3% during the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock worth $6,373,474,000 after purchasing an additional 78,374 shares during the period. Capital International Investors raised its position in Progressive by 8.9% in the 4th quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock valued at $3,398,123,000 after purchasing an additional 1,217,527 shares in the last quarter. Capital Research Global Investors boosted its stake in shares of Progressive by 26.1% in the 3rd quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock valued at $2,757,905,000 after buying an additional 2,314,864 shares during the period. Finally, Alliancebernstein L.P. boosted its stake in shares of Progressive by 32.8% in the 2nd quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock valued at $2,928,141,000 after buying an additional 2,709,417 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.