Progressive (NYSE:PGR) was downgraded by investment analysts at Edward Jones from a “buy” rating to a “hold” rating in a report issued on Wednesday, Briefing.com reports.
Other analysts have also recently issued reports about the stock. Raymond James increased their price objective on shares of Progressive from $120.00 to $125.00 and gave the stock an “outperform” rating in a research note on Thursday, January 27th. Barclays raised their target price on shares of Progressive from $82.00 to $83.00 and gave the company an “underweight” rating in a research note on Friday, January 14th. Zacks Investment Research raised shares of Progressive from a “strong sell” rating to a “hold” rating and set a $101.00 price objective for the company in a research note on Monday, December 6th. The Goldman Sachs Group began coverage on shares of Progressive in a research note on Monday, November 22nd. They issued a “buy” rating and a $104.00 price objective for the company. Finally, Evercore ISI upgraded shares of Progressive from an “in-line” rating to an “outperform” rating and raised their target price for the stock from $90.00 to $118.00 in a report on Thursday, January 6th. Six equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, Progressive currently has a consensus rating of “Hold” and an average price target of $99.27.
Shares of PGR opened at $109.19 on Wednesday. The stock has a market cap of $63.88 billion, a PE ratio of 19.26, a price-to-earnings-growth ratio of 3.71 and a beta of 0.50. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.34 and a current ratio of 0.37. Progressive has a fifty-two week low of $84.89 and a fifty-two week high of $111.85. The firm’s 50-day simple moving average is $104.08 and its two-hundred day simple moving average is $97.67.
Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, January 25th. The insurance provider reported $0.90 EPS for the quarter, missing the Zacks’ consensus estimate of $0.99 by ($0.09). Progressive had a net margin of 7.02% and a return on equity of 14.59%. The firm had revenue of $10.75 billion for the quarter, compared to analysts’ expectations of $10.78 billion. During the same quarter in the previous year, the company earned $1.83 EPS. The company’s quarterly revenue was up 12.6% compared to the same quarter last year. Equities research analysts predict that Progressive will post 4.88 EPS for the current year.
In other news, insider Andrew J. Quigg sold 1,391 shares of the company’s stock in a transaction on Tuesday, January 4th. The shares were sold at an average price of $102.24, for a total transaction of $142,215.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steven Broz sold 1,068 shares of the company’s stock in a transaction on Friday, February 4th. The stock was sold at an average price of $109.49, for a total transaction of $116,935.32. The disclosure for this sale can be found here. Over the last quarter, insiders sold 70,844 shares of company stock valued at $7,293,107. Company insiders own 0.37% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the stock. Oakworth Capital Inc. purchased a new position in Progressive during the third quarter worth about $27,000. Liberty Wealth Management LLC raised its holdings in Progressive by 9,732.1% in the second quarter. Liberty Wealth Management LLC now owns 2,753 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 2,725 shares in the last quarter. TAP Consulting LLC acquired a new stake in Progressive in the fourth quarter valued at approximately $28,000. Wagner Wealth Management LLC raised its holdings in Progressive by 221.5% in the second quarter. Wagner Wealth Management LLC now owns 299 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 206 shares in the last quarter. Finally, Capital Advisors Ltd. LLC increased its stake in Progressive by 117.5% in the fourth quarter. Capital Advisors Ltd. LLC now owns 298 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 161 shares during the last quarter. 82.54% of the stock is owned by hedge funds and other institutional investors.
Progressive Company Profile
Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines and Property.