Progressive (NYSE:PGR) Price Target Raised to $307.00 at Morgan Stanley

Progressive (NYSE:PGR) had its price objective lifted by investment analysts at Morgan Stanley from $300.00 to $307.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the insurance provider’s stock. Morgan Stanley’s price objective indicates a potential upside of 23.41% from the company’s previous close.

A number of other equities analysts also recently issued reports on the company. Barclays cut their target price on Progressive from $277.00 to $261.00 and set an “equal weight” rating for the company in a research note on Monday, January 6th. Evercore ISI increased their price objective on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. BMO Capital Markets decreased their target price on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. HSBC cut shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective for the company. in a research note on Tuesday, December 10th. Finally, Raymond James upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 target price on the stock in a research report on Thursday, December 26th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $275.71.

Progressive Trading Up 1.0 %

NYSE PGR opened at $248.76 on Friday. The firm’s fifty day moving average is $247.40 and its two-hundred day moving average is $244.30. Progressive has a one year low of $176.37 and a one year high of $270.62. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The firm has a market cap of $145.72 billion, a PE ratio of 17.28, a P/E/G ratio of 0.64 and a beta of 0.41.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 34.32% and a net margin of 11.25%. Analysts expect that Progressive will post 14.03 earnings per share for the current year.

Insiders Place Their Bets

In other Progressive news, Director Jeffrey D. Kelly sold 10,000 shares of the stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $250.00, for a total transaction of $2,500,000.00. Following the transaction, the director now owns 27,741 shares of the company’s stock, valued at $6,935,250. This trade represents a 26.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the business’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $46,241.10. Following the sale, the chief accounting officer now directly owns 3,982 shares of the company’s stock, valued at $964,042.20. This represents a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 52,506 shares of company stock valued at $13,031,159. Company insiders own 0.34% of the company’s stock.

Institutional Trading of Progressive

Institutional investors have recently modified their holdings of the company. Sunbelt Securities Inc. lifted its position in Progressive by 21.3% during the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock valued at $54,000 after buying an additional 46 shares in the last quarter. EP Wealth Advisors LLC raised its stake in shares of Progressive by 19.8% in the 2nd quarter. EP Wealth Advisors LLC now owns 1,892 shares of the insurance provider’s stock valued at $393,000 after acquiring an additional 313 shares during the period. Cetera Investment Advisers lifted its holdings in shares of Progressive by 1.8% during the 2nd quarter. Cetera Investment Advisers now owns 68,273 shares of the insurance provider’s stock valued at $14,181,000 after acquiring an additional 1,199 shares in the last quarter. Anchor Investment Management LLC boosted its position in Progressive by 5.5% during the 2nd quarter. Anchor Investment Management LLC now owns 1,021 shares of the insurance provider’s stock worth $212,000 after purchasing an additional 53 shares during the period. Finally, Abacus Planning Group Inc. acquired a new stake in Progressive in the 3rd quarter valued at $319,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Company Profile

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.