MKM Partners Increases Progressive (PGR) Price Target to $80.00
Progressive (NYSE:PGR) had its price target lifted by stock analysts at MKM Partners to $80.00 in a report released on Friday, The Fly reports. The firm currently has a “buy” rating on the insurance provider’s stock. MKM Partners’ price objective would suggest a potential upside of 17.34% from the company’s current price.
A number of other research firms also recently weighed in on PGR. Wells Fargo & Co restated a “hold” rating and issued a $64.00 target price on shares of Progressive in a report on Wednesday, August 15th. Deutsche Bank boosted their target price on shares of Progressive from $60.00 to $62.00 and gave the stock a “hold” rating in a report on Monday, May 21st. Citigroup reduced their target price on shares of Progressive from $66.00 to $63.00 and set a “neutral” rating on the stock in a report on Thursday, July 12th. ValuEngine upgraded shares of Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, September 4th. Finally, Argus upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a report on Friday, July 27th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. Progressive currently has a consensus rating of “Hold” and a consensus price target of $62.71.
Shares of Progressive stock traded down $0.56 during trading hours on Friday, reaching $68.18. The company’s stock had a trading volume of 153,437 shares, compared to its average volume of 2,662,151. Progressive has a one year low of $45.43 and a one year high of $69.01. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.37. The company has a market cap of $39.82 billion, a PE ratio of 25.93, a price-to-earnings-growth ratio of 2.07 and a beta of 0.70.
In other Progressive news, insider John Jo Murphy sold 7,503 shares of the company’s stock in a transaction dated Wednesday, July 18th. The shares were sold at an average price of $60.28, for a total value of $452,280.84. Following the transaction, the insider now directly owns 41,722 shares in the company, valued at approximately $2,515,002.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction dated Wednesday, July 18th. The stock was sold at an average price of $59.33, for a total transaction of $711,960.00. Following the completion of the transaction, the chief financial officer now owns 455,377 shares in the company, valued at $27,017,517.41. The disclosure for this sale can be found here. Insiders have sold a total of 94,103 shares of company stock worth $6,088,405 over the last quarter. 0.70% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of PGR. Trust Co. of Vermont grew its stake in Progressive by 82.4% in the 2nd quarter. Trust Co. of Vermont now owns 2,006 shares of the insurance provider’s stock worth $119,000 after acquiring an additional 906 shares in the last quarter. Signaturefd LLC bought a new position in Progressive in the 1st quarter worth about $122,000. Cerebellum GP LLC bought a new position in Progressive in the 2nd quarter worth about $168,000. Migdal Insurance & Financial Holdings Ltd. grew its stake in Progressive by 8,571.8% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,382 shares of the insurance provider’s stock worth $200,000 after acquiring an additional 3,343 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its position in shares of Progressive by 114.8% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 3,404 shares of the insurance provider’s stock worth $201,000 after purchasing an additional 1,819 shares during the period. Institutional investors and hedge funds own 80.24% of the company’s stock.
Progressive Company Profile
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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