Progressive’s (PGR) Buy Rating Reiterated at Roth Mkm

Progressive (NYSE:PGR)‘s stock had its “buy” rating reissued by research analysts at Roth Mkm in a report issued on Monday, Benzinga reports. They presently have a $185.00 target price on the insurance provider’s stock. Roth Mkm’s price objective points to a potential upside of 15.70% from the stock’s current price.

Other analysts have also issued research reports about the stock. Oppenheimer assumed coverage on shares of Progressive in a research note on Thursday. They set a “market perform” rating for the company. Morgan Stanley upped their target price on shares of Progressive from $160.00 to $164.00 and gave the stock an “equal weight” rating in a report on Monday. Piper Sandler increased their price objective on Progressive from $186.00 to $188.00 and gave the stock an “overweight” rating in a research note on Monday. Raymond James increased their target price on shares of Progressive from $145.00 to $165.00 and gave the company an “outperform” rating in a report on Monday, October 16th. Finally, StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research note on Monday, October 16th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $161.27.

Progressive Stock Up 1.5 %

Shares of NYSE PGR traded up $2.32 during trading on Monday, hitting $159.89. 891,933 shares of the company traded hands, compared to its average volume of 2,649,649. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.33 and a current ratio of 0.33. The business’s fifty day moving average is $149.66 and its 200 day moving average is $136.91. The firm has a market capitalization of $93.54 billion, a price-to-earnings ratio of 34.70, a P/E/G ratio of 1.16 and a beta of 0.43. Progressive has a fifty-two week low of $111.41 and a fifty-two week high of $161.98.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Friday, October 13th. The insurance provider reported $2.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.71 by $0.38. Progressive had a return on equity of 17.36% and a net margin of 4.67%. The business had revenue of $15.71 billion for the quarter, compared to the consensus estimate of $15.66 billion. Equities research analysts predict that Progressive will post 5.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Stuart B. Burgdoerfer sold 6,720 shares of the business’s stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $155.30, for a total transaction of $1,043,616.00. Following the completion of the transaction, the director now directly owns 14,039 shares in the company, valued at approximately $2,180,256.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Daniel P. Mascaro sold 1,570 shares of Progressive stock in a transaction on Monday, September 18th. The shares were sold at an average price of $140.39, for a total transaction of $220,412.30. Following the completion of the sale, the insider now directly owns 31,706 shares of the company’s stock, valued at approximately $4,451,205.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stuart B. Burgdoerfer sold 6,720 shares of the stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $155.30, for a total value of $1,043,616.00. Following the completion of the transaction, 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. In the last 90 days, insiders have sold 69,021 shares of company stock valued at $9,594,007. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Progressive

Institutional investors have recently modified their holdings of the company. Markel Corp lifted its holdings in shares of Progressive by 4.1% in the 1st quarter. Markel Corp now owns 750,750 shares of the insurance provider’s stock worth $85,578,000 after acquiring an additional 29,750 shares during the last quarter. Roundview Capital LLC lifted its stake in Progressive by 0.8% in the first quarter. Roundview Capital LLC now owns 49,086 shares of the insurance provider’s stock worth $5,595,000 after purchasing an additional 381 shares during the last quarter. Cibc World Market Inc. boosted its position in Progressive by 3.9% during the first quarter. Cibc World Market Inc. now owns 6,693 shares of the insurance provider’s stock valued at $763,000 after buying an additional 254 shares during the period. Moors & Cabot Inc. increased its holdings in shares of Progressive by 8.0% in the first quarter. Moors & Cabot Inc. now owns 3,081 shares of the insurance provider’s stock worth $351,000 after buying an additional 228 shares during the period. Finally, Sequoia Financial Advisors LLC lifted its stake in shares of Progressive by 103.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 7,022 shares of the insurance provider’s stock valued at $800,000 after acquiring an additional 3,571 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

About Progressive

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.