Progressive (NYSE:PGR) Downgraded to “Hold” at StockNews.com

Progressive (NYSE:PGR) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

Other analysts also recently issued research reports about the stock. JPMorgan Chase & Co. boosted their price objective on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Wells Fargo & Company boosted their price target on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Morgan Stanley raised their price objective on Progressive from $260.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Bank of America boosted their target price on Progressive from $319.00 to $331.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Jefferies Financial Group raised their price target on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Seven research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $262.12.

Progressive Stock Up 1.5 %

NYSE:PGR traded up $3.77 during trading hours on Wednesday, hitting $255.37. The company’s stock had a trading volume of 2,433,647 shares, compared to its average volume of 2,497,271. Progressive has a 52-week low of $149.14 and a 52-week high of $260.46. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $149.57 billion, a P/E ratio of 26.14, a price-to-earnings-growth ratio of 0.69 and a beta of 0.35. The stock has a fifty day moving average of $247.56 and a 200-day moving average of $223.57.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.61. The business had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business’s quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter last year, the company earned $0.57 EPS. On average, equities analysts forecast that Progressive will post 13.07 earnings per share for the current year.

Insider Buying and Selling at Progressive

In other news, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the transaction, the director now directly owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the transaction, the director now directly owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Andrew J. Quigg sold 3,975 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $850,689.75. Following the completion of the sale, the insider now owns 32,780 shares of the company’s stock, valued at $7,015,247.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 144,383 shares of company stock valued at $33,446,453. 0.34% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Progressive

Hedge funds have recently bought and sold shares of the company. Sunbelt Securities Inc. grew its holdings in Progressive by 21.3% in the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock valued at $54,000 after purchasing an additional 46 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its stake in Progressive by 11.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock valued at $95,000 after acquiring an additional 48 shares during the last quarter. Farmers & Merchants Investments Inc. increased its holdings in Progressive by 10.4% during the 2nd quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock valued at $106,000 after acquiring an additional 48 shares in the last quarter. Graypoint LLC raised its position in Progressive by 1.2% during the second quarter. Graypoint LLC now owns 4,202 shares of the insurance provider’s stock worth $873,000 after acquiring an additional 49 shares during the last quarter. Finally, Regent Peak Wealth Advisors LLC lifted its holdings in shares of Progressive by 0.3% in the third quarter. Regent Peak Wealth Advisors LLC now owns 18,556 shares of the insurance provider’s stock valued at $4,709,000 after purchasing an additional 49 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.