Progressive (NYSE:PGR) Price Target Increased to $160.00 by Analysts at The Goldman Sachs Group

Progressive (NYSE:PGR) had its price objective hoisted by The Goldman Sachs Group from $140.00 to $160.00 in a report published on Tuesday, Benzinga reports. They currently have a neutral rating on the insurance provider’s stock.

Other equities analysts also recently issued reports about the company. Raymond James boosted their price objective on Progressive from $145.00 to $165.00 and gave the company an outperform rating in a research report on Monday, October 16th. JPMorgan Chase & Co. boosted their target price on Progressive from $146.00 to $149.00 and gave the stock an overweight rating in a research report on Monday, October 2nd. Morgan Stanley upgraded Progressive from an underweight rating to an equal weight rating and boosted their target price for the stock from $135.00 to $160.00 in a research report on Wednesday, November 1st. Barclays boosted their target price on Progressive from $107.00 to $109.00 and gave the stock an underweight rating in a research report on Thursday, August 17th. Finally, Keefe, Bruyette & Woods boosted their target price on Progressive from $135.00 to $145.00 and gave the stock a market perform rating in a research report on Tuesday, October 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $159.53.

Progressive Stock Performance

NYSE:PGR opened at $158.65 on Tuesday. The stock has a 50-day simple moving average of $145.74 and a two-hundred day simple moving average of $135.42. Progressive has a 52-week low of $111.41 and a 52-week high of $161.00. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.33 and a current ratio of 0.33. The firm has a market capitalization of $92.82 billion, a PE ratio of 34.41, a P/E/G ratio of 1.18 and a beta of 0.43.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Friday, October 13th. The insurance provider reported $2.09 EPS for the quarter, beating the consensus estimate of $1.71 by $0.38. Progressive had a return on equity of 17.36% and a net margin of 4.67%. The business had revenue of $15.71 billion for the quarter, compared to the consensus estimate of $15.66 billion. Analysts forecast that Progressive will post 5.33 EPS for the current year.

Insider Activity

In other news, Director Stuart B. Burgdoerfer sold 6,720 shares of the company’s stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $155.30, for a total transaction of $1,043,616.00. Following the transaction, the director now owns 14,039 shares of the company’s stock, valued at $2,180,256.70. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Progressive news, Director Jeffrey D. Kelly sold 15,000 shares of the firm’s stock in a transaction on Friday, October 13th. The stock was sold at an average price of $150.00, for a total transaction of $2,250,000.00. Following the transaction, the director now directly owns 36,809 shares in the company, valued at approximately $5,521,350. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Stuart B. Burgdoerfer sold 6,720 shares of Progressive stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $155.30, for a total value of $1,043,616.00. Following the sale, the director now directly owns 14,039 shares of the company’s stock, valued at $2,180,256.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 69,021 shares of company stock valued at $9,594,007. 0.34% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Progressive

Institutional investors have recently made changes to their positions in the company. Bank Julius Baer & Co. Ltd Zurich raised its holdings in shares of Progressive by 97,906.9% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 372,104,935 shares of the insurance provider’s stock valued at $49,255,530,000 after purchasing an additional 371,725,263 shares in the last quarter. BlackRock Inc. raised its stake in Progressive by 2.4% in the second quarter. BlackRock Inc. now owns 43,918,940 shares of the insurance provider’s stock worth $5,813,550,000 after buying an additional 1,019,643 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Progressive by 1.0% during the first quarter. JPMorgan Chase & Co. now owns 26,382,534 shares of the insurance provider’s stock worth $3,774,286,000 after buying an additional 254,125 shares during the period. State Street Corp boosted its position in Progressive by 2.3% during the 2nd quarter. State Street Corp now owns 24,956,012 shares of the insurance provider’s stock valued at $3,303,427,000 after acquiring an additional 560,479 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in Progressive by 0.5% during the 1st quarter. Bank of America Corp DE now owns 19,131,690 shares of the insurance provider’s stock valued at $2,736,980,000 after acquiring an additional 87,687 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

About Progressive

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.