Keefe, Bruyette & Woods Cuts Progressive (NYSE:PGR) Price Target to $246.00

Progressive (NYSE:PGR) had its target price decreased by Keefe, Bruyette & Woods from $262.00 to $246.00 in a research note released on Wednesday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the insurance provider’s stock.

PGR has been the topic of a number of other reports. Zacks Research lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 10th. JPMorgan Chase & Co. raised their price target on Progressive from $301.00 to $303.00 and gave the stock an “overweight” rating in a report on Thursday, October 9th. Evercore ISI reduced their price objective on Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research note on Wednesday, October 1st. Citigroup decreased their price objective on Progressive from $312.00 to $301.38 and set a “buy” rating for the company in a research report on Thursday, October 16th. Finally, Wolfe Research initiated coverage on Progressive in a report on Monday, September 15th. They issued a “peer perform” rating on the stock. Eight investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $269.90.

Progressive Price Performance

Shares of NYSE PGR opened at $217.16 on Wednesday. The stock has a market cap of $127.30 billion, a P/E ratio of 11.91, a P/E/G ratio of 1.19 and a beta of 0.29. Progressive has a twelve month low of $199.90 and a twelve month high of $292.99. The stock has a 50 day moving average of $233.53 and a two-hundred day moving average of $252.14. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19.

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

Insider Transactions at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 30,659 shares of the business’s stock in a transaction on Tuesday, September 2nd. The shares were 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 approximately $117,194,933.16. The trade was a 6.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Patrick K. Callahan sold 6,420 shares of the stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the transaction, the insider owned 15,192 shares of the company’s stock, valued at $3,679,806.24. This represents a 29.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 58,500 shares of company stock valued at $14,430,089. 0.34% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Davis Capital Management acquired a new stake in shares of Progressive in the 3rd quarter worth approximately $25,000. TruNorth Capital Management LLC boosted its position in Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 63 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new stake in Progressive in the second quarter valued at $33,000. Westside Investment Management Inc. grew its holdings in Progressive by 900.0% in the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 117 shares during the last quarter. Finally, Howard Hughes Medical Institute purchased a new position in shares of Progressive in the second quarter valued at $34,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

About Progressive

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.