Progressive (NYSE:PGR) Earns “Buy (B-)” Rating from Weiss Ratings

Progressive (NYSE:PGR)‘s stock had its “buy (b-)” rating reaffirmed by equities research analysts at Weiss Ratings in a report released on Friday,Weiss Ratings reports.

PGR has been the subject of several other reports. Citigroup decreased their price objective on shares of Progressive from $312.00 to $301.38 and set a “buy” rating for the company in a research report on Thursday, October 16th. Wells Fargo & Company decreased their price objective on shares of Progressive from $266.00 to $246.00 and set an “equal weight” rating for the company in a research report on Thursday, October 16th. Evercore ISI decreased their price objective on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research report on Wednesday, October 1st. Wall Street Zen lowered shares of Progressive from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. Finally, Cantor Fitzgerald raised shares of Progressive to a “hold” rating in a research report on Wednesday, August 13th. Eight investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $268.90.

Progressive Stock Performance

PGR stock opened at $205.97 on Friday. The firm has a market cap of $120.74 billion, a price-to-earnings ratio of 11.30, a PEG ratio of 1.19 and a beta of 0.32. The firm has a 50-day simple moving average of $237.11 and a two-hundred day simple moving average of $254.01. Progressive has a one year low of $205.55 and a one year high of $292.99. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). The firm had revenue of $21.38 billion for the quarter, compared to analysts’ expectations of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same period in the previous year, the company posted $3.58 earnings per share. On average, equities analysts forecast that Progressive will post 14.68 EPS for the current fiscal year.

Insider Activity at Progressive

In other news, insider Lori A. Niederst sold 8,063 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the sale, the insider owned 39,040 shares of the company’s stock, valued at $9,767,027.20. This trade represents a 17.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Susan Patricia Griffith sold 30,659 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the sale, the chief executive officer directly owned 476,286 shares in the company, valued at $117,194,933.16. The trade was a 6.05% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 58,500 shares of company stock worth $14,430,089 in the last ninety days. 0.34% of the stock is owned by company insiders.

Institutional Investors Weigh In On Progressive

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of Jackson Hole Trust grew its stake in shares of Progressive by 14.9% during the 3rd quarter. Bank of Jackson Hole Trust now owns 1,129 shares of the insurance provider’s stock worth $279,000 after purchasing an additional 146 shares during the period. AEGON ASSET MANAGEMENT UK Plc grew its stake in shares of Progressive by 5.7% during the 3rd quarter. AEGON ASSET MANAGEMENT UK Plc now owns 216,630 shares of the insurance provider’s stock worth $53,490,000 after purchasing an additional 11,650 shares during the period. Avantax Planning Partners Inc. grew its stake in shares of Progressive by 10.6% during the 3rd quarter. Avantax Planning Partners Inc. now owns 1,034 shares of the insurance provider’s stock worth $255,000 after purchasing an additional 99 shares during the period. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Progressive by 5.0% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 17,370 shares of the insurance provider’s stock worth $4,268,000 after purchasing an additional 824 shares during the period. Finally, First Citizens Bank & Trust Co. grew its stake in shares of Progressive by 6.7% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 3,476 shares of the insurance provider’s stock worth $858,000 after purchasing an additional 218 shares during the period. Institutional investors and hedge funds own 85.34% 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, 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.