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

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

PGR has been the topic of several other reports. Oppenheimer began coverage on Progressive in a report on Thursday. They set a “market perform” rating on the stock. Raymond James boosted their price target on shares of Progressive from $145.00 to $165.00 and gave the stock an “outperform” rating in a research report on Monday, October 16th. Roth Mkm reissued a “buy” rating and set a $185.00 target price on shares of Progressive in a research note on Monday. Jefferies Financial Group lifted their price objective on Progressive from $163.00 to $167.00 in a research report on Friday, October 6th. Finally, BMO Capital Markets upgraded Progressive from a “market perform” rating to an “outperform” rating and upped their target price for the company from $155.00 to $180.00 in a research report on Wednesday, October 25th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $161.47.

Progressive Price Performance

PGR traded up $2.46 on Monday, hitting $160.03. 1,212,233 shares of the stock were exchanged, compared to its average volume of 2,650,880. 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. The firm has a market capitalization of $93.62 billion, a price-to-earnings ratio of 34.71, a PEG ratio of 1.16 and a beta of 0.43. The business has a 50-day moving average of $149.66 and a two-hundred day moving average of $136.91.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Friday, October 13th. The insurance provider reported $2.09 EPS for the quarter, beating the consensus estimate of $1.71 by $0.38. Progressive had a net margin of 4.67% and a return on equity of 17.36%. The business had revenue of $15.71 billion during the quarter, compared to the consensus estimate of $15.66 billion. Sell-side analysts forecast that Progressive will post 5.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other Progressive news, insider Daniel P. Mascaro sold 1,570 shares of the stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $140.39, for a total value of $220,412.30. Following the completion of the sale, the insider now owns 31,706 shares in the company, valued at approximately $4,451,205.34. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, insider Daniel P. Mascaro sold 1,570 shares of Progressive stock in a transaction on Monday, September 18th. The stock was sold at an average price of $140.39, for a total transaction of $220,412.30. Following the sale, the insider now directly owns 31,706 shares in the company, valued at approximately $4,451,205.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Stuart B. Burgdoerfer sold 6,720 shares of Progressive stock in a transaction dated 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 directly owns 14,039 shares in the company, valued at approximately $2,180,256.70. The disclosure for this sale can be found here. Insiders have sold 69,021 shares of company stock valued at $9,594,007 in the last three months. 0.34% of the stock is currently owned by insiders.

Institutional Trading of Progressive

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

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.