TD Cowen Forecasts Strong Price Appreciation for Progressive (NYSE:PGR) Stock

Progressive (NYSE:PGR) had its price objective lifted by investment analysts at TD Cowen from $197.00 to $237.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “hold” rating on the insurance provider’s stock. TD Cowen’s price objective would indicate a potential downside of 9.38% from the stock’s current price.

Other analysts also recently issued research reports about the stock. The Goldman Sachs Group upped their price target on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. StockNews.com cut Progressive from a “buy” rating to a “hold” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. lifted their price target on Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. BMO Capital Markets dropped their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Finally, Barclays lifted their target price on Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 23rd. Seven analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $269.56.

Progressive Price Performance

Progressive stock opened at $261.52 on Friday. The firm has a market cap of $153.20 billion, a PE ratio of 19.01, a price-to-earnings-growth ratio of 0.72 and a beta of 0.36. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.31. The stock’s fifty day moving average price is $251.41 and its two-hundred day moving average price is $228.12. Progressive has a one year low of $149.14 and a one year high of $263.39.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The company had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. As a group, research analysts expect that Progressive will post 13.14 EPS for the current fiscal year.

Insider Buying and Selling at Progressive

In related news, insider John Jo Murphy sold 9,512 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the completion of the transaction, the insider now directly owns 45,787 shares of the company’s stock, valued at $10,874,412.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Steven Broz sold 6,122 shares of the company’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $235.19, for a total value of $1,439,833.18. Following the sale, the insider now directly owns 32,316 shares of the company’s stock, valued at approximately $7,600,400.04. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider John Jo Murphy sold 9,512 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the completion of the transaction, the insider now owns 45,787 shares in the company, valued at approximately $10,874,412.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 74,843 shares of company stock worth $18,674,912. 0.34% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. LPL Financial LLC boosted its holdings in shares of Progressive by 20.5% during the 3rd quarter. LPL Financial LLC now owns 391,273 shares of the insurance provider’s stock worth $99,290,000 after buying an additional 66,628 shares in the last quarter. Trustmark National Bank Trust Department lifted its position in shares of Progressive by 40.2% during the 3rd quarter. Trustmark National Bank Trust Department now owns 1,363 shares of the insurance provider’s stock valued at $346,000 after acquiring an additional 391 shares during the period. Intech Investment Management LLC boosted its stake in Progressive by 6.7% during the third quarter. Intech Investment Management LLC now owns 413,293 shares of the insurance provider’s stock worth $104,877,000 after acquiring an additional 25,838 shares in the last quarter. Cornerstone Advisors LLC grew its holdings in Progressive by 0.8% in the third quarter. Cornerstone Advisors LLC now owns 36,600 shares of the insurance provider’s stock worth $9,288,000 after purchasing an additional 300 shares during the period. Finally, Citizens Financial Group Inc. RI increased its stake in Progressive by 11.0% in the third quarter. Citizens Financial Group Inc. RI now owns 14,381 shares of the insurance provider’s stock valued at $3,649,000 after purchasing an additional 1,421 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Progressive Company Profile

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.