Progressive (NYSE:PGR) Given New $220.00 Price Target at UBS Group

Progressive (NYSE:PGR) had its price target hoisted by UBS Group from $218.00 to $220.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the insurance provider’s stock. UBS Group’s target price points to a potential upside of 8.41% from the stock’s previous close.

PGR has been the topic of several other research reports. Barclays set a $247.00 target price on shares of Progressive in a research note on Wednesday. Citigroup decreased their price objective on shares of Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a research note on Tuesday, February 3rd. Morgan Stanley dropped their price objective on shares of Progressive from $214.00 to $205.00 and set an “underweight” rating for the company in a report on Wednesday, January 28th. Keefe, Bruyette & Woods reduced their target price on Progressive from $232.00 to $227.00 and set a “market perform” rating on the stock in a report on Thursday. Finally, BMO Capital Markets dropped their price target on Progressive from $232.00 to $208.00 and set a “market perform” rating for the company in a report on Wednesday, March 11th. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $239.83.

Progressive Stock Performance

PGR stock traded down $3.07 on Monday, reaching $202.93. 1,049,016 shares of the company were exchanged, compared to its average volume of 3,530,792. The stock’s fifty day moving average price is $206.07 and its 200 day moving average price is $220.80. Progressive has a 12 month low of $197.92 and a 12 month high of $289.96. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35. The firm has a market capitalization of $118.90 billion, a PE ratio of 10.59, a PEG ratio of 6.49 and a beta of 0.33.

Insider Activity at Progressive

In other Progressive news, insider Maribel Pumarejo sold 739 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total value of $150,201.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Karen Bailo sold 3,517 shares of the company’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $745,604.00. Following the sale, the insider owned 32,348 shares of the company’s stock, valued at $6,857,776. The trade was a 9.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 11,417 shares of company stock worth $2,357,289 over the last 90 days. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Progressive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Illinois Municipal Retirement Fund lifted its holdings in shares of Progressive by 30.2% in the third quarter. Illinois Municipal Retirement Fund now owns 102,778 shares of the insurance provider’s stock valued at $25,381,000 after purchasing an additional 23,833 shares in the last quarter. Allstate Corp boosted its position in Progressive by 1,614.1% during the 3rd quarter. Allstate Corp now owns 21,598 shares of the insurance provider’s stock worth $5,334,000 after acquiring an additional 20,338 shares during the last quarter. Gateway Investment Advisers LLC grew its stake in shares of Progressive by 91.7% during the 3rd quarter. Gateway Investment Advisers LLC now owns 11,710 shares of the insurance provider’s stock worth $2,892,000 after acquiring an additional 5,600 shares in the last quarter. Mather Group LLC. grew its stake in shares of Progressive by 40.6% during the 3rd quarter. Mather Group LLC. now owns 16,840 shares of the insurance provider’s stock worth $4,159,000 after acquiring an additional 4,865 shares in the last quarter. Finally, Arkadios Wealth Advisors lifted its position in shares of Progressive by 471.3% in the third quarter. Arkadios Wealth Advisors now owns 22,496 shares of the insurance provider’s stock worth $5,556,000 after purchasing an additional 18,558 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.