Progressive Sees Unusually High Options Volume (PGR)
Progressive Co. (NYSE:PGR) was the target of unusually large options trading on Tuesday. Stock traders acquired 5,315 put options on the stock. This is an increase of 918% compared to the average daily volume of 522 put options.
PGR has been the subject of several analyst reports. MKM Partners lifted their price objective on Progressive to $70.00 and gave the company a “buy” rating in a report on Tuesday, March 27th. Zacks Investment Research raised Progressive from a “hold” rating to a “buy” rating and set a $69.00 price objective for the company in a report on Friday, April 20th. Wells Fargo set a $57.00 price objective on Progressive and gave the company a “hold” rating in a report on Thursday, March 1st. Morgan Stanley lifted their price objective on Progressive from $59.00 to $64.00 and gave the company an “equal weight” rating in a report on Wednesday, April 18th. Finally, ValuEngine raised Progressive from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $53.56.
Shares of Progressive opened at $61.61 on Thursday, according to MarketBeat. Progressive has a 52-week low of $61.06 and a 52-week high of $62.29. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.44 and a current ratio of 0.44. The firm has a market capitalization of $35.94 billion, a PE ratio of 23.43, a price-to-earnings-growth ratio of 2.15 and a beta of 0.66.
In related news, insider Steven Broz sold 2,000 shares of Progressive stock in a transaction that occurred on Wednesday, April 25th. The stock was sold at an average price of $60.62, for a total transaction of $121,240.00. Following the completion of the sale, the insider now directly owns 14,073 shares of the company’s stock, valued at approximately $853,105.26. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.70% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Sciencast Management LP bought a new position in shares of Progressive in the 1st quarter valued at $762,000. Amundi Pioneer Asset Management Inc. increased its stake in shares of Progressive by 45.8% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 458,401 shares of the insurance provider’s stock valued at $27,931,000 after purchasing an additional 143,972 shares during the last quarter. Cubist Systematic Strategies LLC increased its stake in shares of Progressive by 41.4% in the 1st quarter. Cubist Systematic Strategies LLC now owns 36,774 shares of the insurance provider’s stock valued at $2,241,000 after purchasing an additional 10,770 shares during the last quarter. Earnest Partners LLC increased its stake in shares of Progressive by 0.5% in the 1st quarter. Earnest Partners LLC now owns 763,634 shares of the insurance provider’s stock valued at $46,528,000 after purchasing an additional 3,800 shares during the last quarter. Finally, Zevenbergen Capital Investments LLC bought a new position in shares of Progressive in the 1st quarter valued at $343,000. Institutional investors own 81.03% of the company’s stock.
Progressive Company Profile
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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