Goldman Sachs Group downgraded shares of Progressive (NYSE:PGR) from a buy rating to a neutral rating in a research report report published on Monday morning, Briefing.com Automated Import reports. Goldman Sachs Group currently has $81.00 target price on the insurance provider’s stock, down from their prior target price of $91.00.
Several other equities analysts have also issued reports on PGR. Barclays set a $90.00 target price on shares of Progressive and gave the company a buy rating in a report on Friday, September 13th. UBS Group lifted their target price on shares of Progressive from $88.00 to $95.00 and gave the company a buy rating in a research note on Monday, July 29th. Wells Fargo & Co reiterated a hold rating and issued a $76.00 price target on shares of Progressive in a research note on Thursday, November 7th. Credit Suisse Group cut their price target on shares of Progressive from $90.00 to $85.00 and set an outperform rating on the stock in a report on Friday, October 18th. Finally, Evercore ISI initiated coverage on shares of Progressive in a report on Thursday, October 17th. They set an in-line rating and a $78.00 price target on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $82.50.
PGR stock opened at $70.09 on Monday. The firm has a 50 day moving average price of $72.12 and a 200-day moving average price of $77.16. Progressive has a 52-week low of $56.71 and a 52-week high of $84.96. The firm has a market capitalization of $42.62 billion, a price-to-earnings ratio of 15.86, a PEG ratio of 1.86 and a beta of 0.65. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.36 and a current ratio of 0.36.
In other Progressive news, insider Steven Broz sold 5,000 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $70.84, for a total value of $354,200.00. Following the transaction, the insider now directly owns 25,295 shares in the company, valued at approximately $1,791,897.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Susan Patricia Griffith sold 22,614 shares of the company’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $71.99, for a total transaction of $1,627,981.86. Following the completion of the transaction, the chief executive officer now owns 376,308 shares in the company, valued at $27,090,412.92. The disclosure for this sale can be found here. 0.39% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. Manchester Financial Inc. purchased a new stake in shares of Progressive in the 2nd quarter worth approximately $25,000. First Financial Corp IN purchased a new stake in shares of Progressive in the 3rd quarter worth approximately $25,000. Synovus Financial Corp lifted its position in shares of Progressive by 752.4% in the 2nd quarter. Synovus Financial Corp now owns 358 shares of the insurance provider’s stock worth $27,000 after purchasing an additional 316 shares during the period. Archford Capital Strategies LLC lifted its position in shares of Progressive by 49.5% in the 2nd quarter. Archford Capital Strategies LLC now owns 408 shares of the insurance provider’s stock worth $33,000 after purchasing an additional 135 shares during the period. Finally, Mirova purchased a new stake in shares of Progressive in the 2nd quarter worth approximately $43,000. 78.20% of the stock is owned by hedge funds and other institutional investors.
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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