Analysts’ Weekly Ratings Updates for Progressive (PGR)

A number of research firms have changed their ratings and price targets for Progressive (NYSE: PGR):

• 11/11/2024 – Progressive was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
• 11/8/2024 – Progressive had its price target raised by analysts at TD Cowen from $197.00 to $237.00. They now have a “hold” rating on the stock.
• 11/6/2024 – Progressive had its price target raised by analysts at Evercore ISI from $277.00 to $285.00. They now have an “outperform” rating on the stock.
• 11/1/2024 – Progressive was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
• 10/24/2024 – Progressive was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
• 10/23/2024 – Progressive had its price target raised by analysts at Barclays PLC from $267.00 to $277.00. They now have an “equal weight” rating on the stock.
• 10/18/2024 – Progressive had its price target raised by analysts at Morgan Stanley from $300.00 to $310.00. They now have an “overweight” rating on the stock.
• 10/16/2024 – Progressive had its price target raised by analysts at Keefe, Bruyette & Woods from $280.00 to $290.00. They now have an “outperform” rating on the stock.
• 10/16/2024 – Progressive was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
• 10/16/2024 – Progressive had its price target raised by analysts at Bank of America Co. from $319.00 to $331.00. They now have a “buy” rating on the stock.
• 10/10/2024 – Progressive had its price target raised by analysts at JPMorgan Chase & Co. from $242.00 to $251.00. They now have an “overweight” rating on the stock.
• 10/10/2024 – Progressive had its price target raised by analysts at Bank of America Co. from $309.00 to $319.00. They now have a “buy” rating on the stock.
• 10/9/2024 – Progressive had its price target raised by analysts at Jefferies Financial Group Inc. from $257.00 to $295.00. They now have a “buy” rating on the stock.
• 9/18/2024 – Progressive had its price target raised by analysts at The Goldman Sachs Group, Inc. from $262.00 to $280.00. They now have a “buy” rating on the stock.
• 9/16/2024 – Progressive had its price target raised by analysts at Morgan Stanley from $260.00 to $300.00. They now have an “overweight” rating on the stock.
• 9/16/2024 – Progressive had its price target raised by analysts at Roth Mkm from $270.00 to $290.00. They now have a “buy” rating on the stock.

Progressive Price Performance

Shares of Progressive stock traded down $0.97 during trading on Wednesday, reaching $261.37. 1,427,773 shares of the company’s stock were exchanged, compared to its average volume of 2,462,996. The firm’s 50-day moving average price is $251.77 and its 200 day moving average price is $229.06. The company has a market cap of $153.11 billion, a P/E ratio of 18.99, a PEG ratio of 0.73 and a beta of 0.36. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The Progressive Co. has a 1-year low of $149.14 and a 1-year high of $263.85.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.40 by $0.18. The company had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. As a group, research analysts anticipate that The Progressive Co. will post 13.15 earnings per share for the current year.

Insider Activity

In other Progressive news, insider Steven Broz sold 6,122 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the sale, the insider now directly owns 32,316 shares of the company’s stock, valued at $7,600,400.04. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Steven Broz sold 6,122 shares of the stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $235.19, for a total value of $1,439,833.18. Following the completion of the sale, the insider now owns 32,316 shares of the company’s stock, valued at approximately $7,600,400.04. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the transaction, the director now directly owns 13,723 shares in the company, valued at approximately $3,462,038.44. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 74,843 shares of company stock valued at $18,674,912 over the last quarter. 0.34% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jennison Associates LLC lifted its holdings in shares of Progressive by 21.6% in the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock valued at $1,205,266,000 after purchasing an additional 842,109 shares in the last quarter. Canada Pension Plan Investment Board lifted its stake in Progressive by 548.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock valued at $167,866,000 after acquiring an additional 686,433 shares in the last quarter. Capital International Investors boosted its holdings in Progressive by 15.7% during the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after acquiring an additional 670,006 shares during the last quarter. International Assets Investment Management LLC grew its stake in shares of Progressive by 29,701.6% in the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock worth $151,325,000 after acquiring an additional 594,330 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of Progressive by 206.8% in the third quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock valued at $222,207,000 after purchasing an additional 590,235 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

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.