Progressive (NYSE:PGR) Coverage Initiated at BMO Capital Markets

Equities research analysts at BMO Capital Markets initiated coverage on shares of Progressive (NYSE:PGRGet Rating) in a research report issued on Thursday, The Fly reports. The firm set an “outperform” rating and a $155.00 price target on the insurance provider’s stock. BMO Capital Markets’ price objective suggests a potential upside of 21.44% from the stock’s previous close.

A number of other analysts have also issued reports on the stock. Jefferies Financial Group upgraded shares of Progressive from a “hold” rating to a “buy” rating and boosted their price target for the stock from $123.00 to $142.00 in a research note on Friday, October 7th. Citigroup dropped their price target on shares of Progressive from $106.00 to $104.00 and set a “sell” rating on the stock in a research note on Tuesday, November 22nd. Evercore ISI dropped their price target on shares of Progressive to $133.00 in a research note on Thursday, October 20th. StockNews.com lowered shares of Progressive from a “buy” rating to a “hold” rating in a research note on Friday, October 14th. Finally, TheStreet upgraded shares of Progressive from a “c+” rating to a “b-” rating in a research note on Friday, November 4th. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $124.36.

Progressive Stock Performance

Shares of Progressive stock opened at $127.63 on Thursday. Progressive has a 52 week low of $100.81 and a 52 week high of $135.45. The business’s fifty day simple moving average is $129.79 and its 200-day simple moving average is $124.45. The firm has a market cap of $74.67 billion, a PE ratio of 90.52, a price-to-earnings-growth ratio of 1.00 and a beta of 0.46. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.45.

Insider Buying and Selling at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 26,885 shares of the firm’s stock in a transaction on Wednesday, January 4th. The stock was sold at an average price of $130.36, for a total value of $3,504,728.60. Following the completion of the sale, the chief executive officer now owns 431,810 shares of the company’s stock, valued at $56,290,751.60. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Progressive news, CEO Susan Patricia Griffith sold 26,885 shares of the firm’s stock in a transaction on Wednesday, January 4th. The stock was sold at an average price of $130.36, for a total value of $3,504,728.60. Following the completion of the sale, the chief executive officer now owns 431,810 shares of the company’s stock, valued at $56,290,751.60. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Patrick K. Callahan sold 3,644 shares of the firm’s stock in a transaction on Wednesday, January 4th. The shares were sold at an average price of $130.36, for a total value of $475,031.84. Following the completion of the transaction, the insider now owns 15,186 shares of the company’s stock, valued at approximately $1,979,646.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 68,559 shares of company stock valued at $8,822,843. 0.33% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PGR. Price T Rowe Associates Inc. MD increased its position in shares of Progressive by 530.4% in the second quarter. Price T Rowe Associates Inc. MD now owns 11,158,996 shares of the insurance provider’s stock valued at $1,297,456,000 after buying an additional 9,388,746 shares in the last quarter. Ontario Teachers Pension Plan Board increased its position in Progressive by 1,235.2% during the 3rd quarter. Ontario Teachers Pension Plan Board now owns 3,762,311 shares of the insurance provider’s stock worth $437,218,000 after purchasing an additional 3,480,538 shares in the last quarter. Principal Financial Group Inc. increased its position in Progressive by 42.6% during the 2nd quarter. Principal Financial Group Inc. now owns 7,084,686 shares of the insurance provider’s stock worth $823,736,000 after purchasing an additional 2,114,902 shares in the last quarter. FMR LLC increased its position in Progressive by 14.3% during the 2nd quarter. FMR LLC now owns 8,854,883 shares of the insurance provider’s stock worth $1,029,557,000 after purchasing an additional 1,110,545 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Progressive by 15.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 6,142,690 shares of the insurance provider’s stock worth $713,841,000 after purchasing an additional 799,553 shares in the last quarter. Hedge funds and other institutional investors own 83.19% of the company’s stock.

Progressive Company Profile

(Get Rating)

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.

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