Progressive (NYSE:PGR – Get Rating) had its price target lifted by analysts at Wells Fargo & Company from $100.00 to $114.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has an “underweight” rating on the insurance provider’s stock. Wells Fargo & Company‘s price objective suggests a potential downside of 9.47% from the stock’s previous close.
Several other research firms have also commented on PGR. Jefferies Financial Group raised Progressive from a “hold” rating to a “buy” rating and upped their target price for the company from $123.00 to $142.00 in a report on Friday, October 7th. Citigroup lowered their target price on Progressive from $106.00 to $104.00 and set a “sell” rating for the company in a report on Tuesday, November 22nd. TheStreet raised Progressive from a “c+” rating to a “b-” rating in a report on Friday, November 4th. Barclays upped their target price on Progressive from $104.00 to $109.00 and gave the company an “underweight” rating in a report on Thursday, December 15th. Finally, StockNews.com lowered Progressive from a “buy” rating to a “hold” rating in a report on Friday, October 14th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Progressive presently has an average rating of “Hold” and a consensus price target of $122.00.
Progressive Stock Down 1.8 %
Shares of Progressive stock opened at $125.92 on Wednesday. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.45. The firm has a market cap of $73.67 billion, a P/E ratio of 89.31, a P/E/G ratio of 1.00 and a beta of 0.46. Progressive has a fifty-two week low of $100.81 and a fifty-two week high of $135.45. The business has a 50-day moving average price of $129.76 and a 200 day moving average price of $124.39.
Insiders Place Their Bets
Institutional Investors Weigh In On Progressive
A number of institutional investors and hedge funds have recently modified their holdings of the stock. NorthRock Partners LLC acquired a new stake in Progressive during the 2nd quarter valued at $232,000. Ellevest Inc. raised its stake in Progressive by 244.0% during the 2nd quarter. Ellevest Inc. now owns 891 shares of the insurance provider’s stock valued at $104,000 after purchasing an additional 632 shares during the period. Ascent Group LLC raised its stake in Progressive by 80.8% during the 2nd quarter. Ascent Group LLC now owns 4,070 shares of the insurance provider’s stock valued at $468,000 after purchasing an additional 1,819 shares during the period. Texas Permanent School Fund raised its stake in Progressive by 7.1% during the 3rd quarter. Texas Permanent School Fund now owns 82,762 shares of the insurance provider’s stock valued at $9,618,000 after purchasing an additional 5,508 shares during the period. Finally, Renaissance Technologies LLC raised its stake in Progressive by 1.8% during the 2nd quarter. Renaissance Technologies LLC now owns 675,500 shares of the insurance provider’s stock valued at $78,540,000 after purchasing an additional 11,900 shares during the period. Institutional investors and hedge funds own 83.19% 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, 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.
- Get a free copy of the StockNews.com research report on Progressive (PGR)
- Exxon Mobil Stock: Within Striking Distance Of Buy Point
- High-Dividend-Yielding BHP Sees China Driving ’23 Growth
- Is Airbnb Setting Up To Rally 38%, As Analysts Are Forecasting?
- Does a Price Cut for Tesla Vehicles Mean the Same for TSLA Stock?
- Microsoft Layoffs Signal Layoffs for Other Tech Companies?
Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.