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.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, July 17th. The insurance provider reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.11. Progressive had a net margin of 7.57% and a return on equity of 21.84%. The firm had revenue of $8.10 billion for the quarter, compared to the consensus estimate of $8.01 billion. During the same period in the previous year, the firm posted $0.63 EPS. The business’s quarterly revenue was up 20.0% on a year-over-year basis. sell-side analysts expect that Progressive will post 4.5 earnings per share for the current fiscal year.

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.

Featured Story: What is the Dow Jones Industrial Average (DJIA)?

The Fly

Analyst Recommendations for Progressive (NYSE:PGR)

Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.