Progressive (NYSE:PGR) Given New $188.00 Price Target at Piper Sandler

Progressive (NYSE:PGR) had its price target increased by Piper Sandler from $186.00 to $188.00 in a report issued on Monday morning, Benzinga reports. The brokerage currently has an overweight rating on the insurance provider’s stock.

A number of other analysts also recently commented on PGR. Raymond James boosted their target price on shares of Progressive from $145.00 to $165.00 and gave the stock an outperform rating in a report on Monday, October 16th. Oppenheimer started coverage on shares of Progressive in a report on Thursday, November 16th. They set a market perform rating on the stock. Bank of America cut their price target on shares of Progressive from $203.00 to $199.00 in a report on Tuesday, October 3rd. BMO Capital Markets upgraded shares of Progressive from a market perform rating to an outperform rating and boosted their price target for the company from $155.00 to $180.00 in a report on Wednesday, October 25th. Finally, Morgan Stanley boosted their price target on shares of Progressive from $160.00 to $164.00 and gave the company an equal weight rating in a report on Monday. One analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $161.47.

Progressive Trading Up 1.1 %

Shares of NYSE:PGR opened at $159.35 on Monday. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.41. The company has a 50 day moving average of $150.11 and a 200-day moving average of $137.14. Progressive has a twelve month low of $111.41 and a twelve month high of $161.98. The firm has a market cap of $93.23 billion, a P/E ratio of 34.57, a P/E/G ratio of 1.16 and a beta of 0.43.

Progressive (NYSE:PGR) last released its earnings results on Friday, October 13th. The insurance provider reported $2.09 EPS for the quarter, topping analysts’ consensus estimates of $1.71 by $0.38. Progressive had a net margin of 4.67% and a return on equity of 17.36%. The business had revenue of $15.71 billion for the quarter, compared to the consensus estimate of $15.66 billion. As a group, analysts anticipate that Progressive will post 5.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Progressive news, Director Stuart B. Burgdoerfer sold 6,720 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director now directly 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 Securities & Exchange Commission, which is accessible through this hyperlink. In other Progressive news, Director Stuart B. Burgdoerfer sold 6,720 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director now directly 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 Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $130.46, for a total transaction of $1,565,520.00. Following the completion of the sale, the chief financial officer now directly owns 297,507 shares of the company’s stock, valued at $38,812,763.22. The disclosure for this sale can be found here. Insiders sold 69,021 shares of company stock valued at $9,594,007 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Institutional Trading of Progressive

Several large investors have recently modified their holdings of the company. Cary Street Partners Investment Advisory LLC boosted its holdings in shares of Progressive by 10.2% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock worth $93,000 after buying an additional 62 shares during the period. IFP Advisors Inc boosted its holdings in shares of Progressive by 1.2% during the 3rd quarter. IFP Advisors Inc now owns 5,860 shares of the insurance provider’s stock worth $816,000 after buying an additional 71 shares during the period. Aaron Wealth Advisors LLC boosted its holdings in shares of Progressive by 1.3% during the 3rd quarter. Aaron Wealth Advisors LLC now owns 5,430 shares of the insurance provider’s stock worth $756,000 after buying an additional 71 shares during the period. Steward Financial Group LLC boosted its holdings in Progressive by 20.3% in the 3rd quarter. Steward Financial Group LLC now owns 421 shares of the insurance provider’s stock valued at $58,000 after purchasing an additional 71 shares during the period. Finally, Chesley Taft & Associates LLC boosted its holdings in Progressive by 0.4% in the 3rd quarter. Chesley Taft & Associates LLC now owns 18,960 shares of the insurance provider’s stock valued at $2,641,000 after purchasing an additional 75 shares during the period. 83.66% of the stock is owned by institutional investors.

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.