Morgan Stanley Forecasts Strong Price Appreciation for Progressive (NYSE:PGR) Stock

Progressive (NYSE:PGR) had its price objective lifted by stock analysts at Morgan Stanley from $265.00 to $267.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the insurance provider’s stock. Morgan Stanley’s price target would suggest a potential upside of 7.26% from the company’s previous close.

Other equities analysts also recently issued research reports about the company. Barclays lowered their price target on Progressive from $287.00 to $281.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 19th. Cantor Fitzgerald raised Progressive to a “hold” rating in a research report on Wednesday, August 13th. Jefferies Financial Group lowered their price target on Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a research report on Monday, August 11th. Citigroup assumed coverage on Progressive in a research report on Wednesday, August 13th. They set a “buy” rating and a $312.00 price target on the stock. Finally, UBS Group lowered their price target on Progressive from $280.00 to $268.00 and set a “neutral” rating on the stock in a research report on Monday, July 21st. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $284.18.

Progressive Stock Performance

PGR opened at $248.9370 on Friday. The business’s 50-day simple moving average is $251.40 and its 200 day simple moving average is $266.43. The firm has a market capitalization of $145.93 billion, a PE ratio of 14.02, a PEG ratio of 1.46 and a beta of 0.33. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. Progressive has a 52-week low of $228.54 and a 52-week high of $292.99.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping analysts’ consensus estimates of $4.43 by $0.45. The firm had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The business’s revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.48 earnings per share. As a group, sell-side analysts expect that Progressive will post 14.68 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider John Jo Murphy sold 2,218 shares of the business’s stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $552,814.32. Following the completion of the sale, the insider directly owned 47,942 shares in the company, valued at approximately $11,949,064.08. The trade was a 4.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Patrick K. Callahan sold 6,232 shares of the business’s stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $242.16, for a total value of $1,509,141.12. Following the completion of the sale, the insider owned 27,844 shares of the company’s stock, valued at approximately $6,742,703.04. This trade represents a 18.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 108,556 shares of company stock valued at $27,306,166 in the last quarter. Company insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

Institutional investors have recently made changes to their positions in the stock. Highline Wealth Partners LLC boosted its stake in shares of Progressive by 114.0% in the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock valued at $26,000 after buying an additional 49 shares during the period. TruNorth Capital Management LLC lifted its stake in Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 63 shares during the last quarter. HWG Holdings LP bought a new stake in Progressive during the first quarter worth $28,000. Minot DeBlois Advisors LLC bought a new stake in Progressive during the fourth quarter worth $28,000. Finally, Garde Capital Inc. bought a new stake in Progressive during the first quarter worth $33,000. 85.34% of the stock is currently owned by institutional investors.

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.