Goldman Sachs Group Lowers Progressive (NYSE:PGR) to Neutral

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.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, November 13th. The insurance provider reported $1.33 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.30 by $0.03. Progressive had a net margin of 8.69% and a return on equity of 26.09%. As a group, sell-side analysts forecast that Progressive will post 5.32 earnings per share for the current fiscal year.

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.

About Progressive

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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