Barclays Boosts Progressive (NYSE:PGR) Price Target to $112.00

Progressive (NYSE:PGR) had its price target upped by analysts at Barclays from $111.00 to $112.00 in a research report issued on Monday, Benzinga reports. The firm presently has an “underweight” rating on the insurance provider’s stock. Barclays‘s price objective would indicate a potential downside of 30.01% from the company’s previous close.

PGR has been the subject of a number of other reports. Oppenheimer assumed coverage on Progressive in a research report on Thursday. They set a “market perform” rating for the company. The Goldman Sachs Group raised their price objective on Progressive from $140.00 to $160.00 and gave the company a “neutral” rating in a research note on Tuesday, November 7th. Wells Fargo & Company boosted their price target on Progressive from $128.00 to $144.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 17th. Piper Sandler boosted their price target on Progressive from $186.00 to $188.00 and gave the company an “overweight” rating in a report on Monday. Finally, StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a report on Monday, October 16th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $161.47.

Progressive Price Performance

NYSE PGR traded up $2.46 on Monday, hitting $160.03. The company had a trading volume of 1,212,233 shares, compared to its average volume of 2,650,880. The company has a market capitalization of $93.62 billion, a PE ratio of 34.71, a PEG ratio of 1.16 and a beta of 0.43. The company’s fifty day moving average price is $149.66 and its 200-day moving average price is $136.91. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.33 and a quick ratio of 0.33. Progressive has a 12-month low of $111.41 and a 12-month high of $161.98.

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

Insider Transactions at Progressive

In other Progressive news, Director Stuart B. Burgdoerfer sold 6,720 shares of the firm’s stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $155.30, for a total transaction of $1,043,616.00. Following the completion of the sale, the director now owns 14,039 shares in the company, valued at approximately $2,180,256.70. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Stuart B. Burgdoerfer sold 6,720 shares of the business’s stock in a transaction dated Tuesday, October 24th. The stock was 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jeffrey D. Kelly sold 15,000 shares of the business’s stock in a transaction on Friday, October 13th. The shares were sold at an average price of $150.00, for a total transaction of $2,250,000.00. Following the sale, the director now owns 36,809 shares of the company’s stock, valued at approximately $5,521,350. The disclosure for this sale can be found here. Over the last three months, insiders have sold 69,021 shares of company stock valued at $9,594,007. Corporate insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

Several large investors have recently added to or reduced their stakes in PGR. Creative Financial Designs Inc. ADV raised its holdings in shares of Progressive by 95.0% during the second quarter. Creative Financial Designs Inc. ADV now owns 195 shares of the insurance provider’s stock valued at $26,000 after buying an additional 95 shares during the last quarter. Harbour Investments Inc. boosted its position in Progressive by 109.1% during the 3rd quarter. Harbour Investments Inc. now owns 207 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 108 shares during the period. Sunbelt Securities Inc. acquired a new position in shares of Progressive during the first quarter valued at $31,000. Exos TFP Holdings LLC raised its stake in shares of Progressive by 270.0% during the first quarter. Exos TFP Holdings LLC now owns 222 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 162 shares in the last quarter. Finally, Fiduciary Alliance LLC acquired a new stake in Progressive in the second quarter worth about $32,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Progressive Company Profile

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.