JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Progressive (NYSE:PGR) Stock

Progressive (NYSE:PGR) had its target price raised by investment analysts at JPMorgan Chase & Co. from $251.00 to $256.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 5.69% from the stock’s current price.

PGR has been the topic of a number of other research reports. Keefe, Bruyette & Woods increased their price objective on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Roth Mkm increased their price target on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Hsbc Global Res cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Jefferies Financial Group upped their target price on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, HSBC lowered shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target on the stock. in a research note on Tuesday, December 10th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $275.94.

Progressive Trading Up 0.7 %

NYSE PGR opened at $242.22 on Friday. Progressive has a one year low of $161.56 and a one year high of $270.62. The firm has a 50 day simple moving average of $251.55 and a 200-day simple moving average of $240.09. The firm has a market cap of $141.90 billion, a price-to-earnings ratio of 17.60, a PEG ratio of 0.70 and a beta of 0.41. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The firm had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Equities research analysts anticipate that Progressive will post 13.2 EPS for the current fiscal year.

Insider Buying and Selling at Progressive

In other Progressive news, insider Steven Broz sold 2,981 shares of the company’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the transaction, the insider now directly owns 26,353 shares in the company, valued at approximately $6,618,555.95. This represents a 10.16 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the sale, the chief financial officer now directly owns 292,958 shares in the company, valued at $78,539,110.22. This represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 22,981 shares of company stock valued at $5,816,178 over the last quarter. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Progressive

Institutional investors have recently added to or reduced their stakes in the business. Davis Capital Management acquired a new position in shares of Progressive during the 3rd quarter valued at about $25,000. DiNuzzo Private Wealth Inc. increased its position in Progressive by 114.1% during the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares during the last quarter. Kimelman & Baird LLC acquired a new position in Progressive during the second quarter worth approximately $36,000. Sachetta LLC raised its stake in Progressive by 34.0% during the second quarter. Sachetta LLC now owns 209 shares of the insurance provider’s stock worth $45,000 after purchasing an additional 53 shares during the period. Finally, Friedenthal Financial acquired a new position in shares of Progressive in the 3rd quarter valued at $49,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

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.