Keefe, Bruyette & Woods Issues Positive Forecast for Progressive (NYSE:PGR) Stock Price

Progressive (NYSE:PGR) had its target price upped by equities research analysts at Keefe, Bruyette & Woods from $225.00 to $232.00 in a report released on Thursday,Benzinga reports. The firm presently has a “market perform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 14.06% from the stock’s current price.

PGR has been the topic of several other research reports. Jefferies Financial Group set a $216.00 price target on shares of Progressive in a research note on Wednesday, February 11th. The Goldman Sachs Group set a $227.00 price target on Progressive in a report on Wednesday, January 7th. Evercore decreased their target price on Progressive from $250.00 to $237.00 and set an “in-line” rating for the company in a research report on Wednesday, January 7th. Mizuho set a $240.00 price target on Progressive in a research report on Wednesday, January 14th. Finally, BMO Capital Markets lowered their price objective on shares of Progressive from $239.00 to $232.00 and set a “market perform” rating for the company in a research note on Thursday, January 29th. Seven investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Progressive has an average rating of “Hold” and an average price target of $250.76.

Progressive Trading Down 2.2%

PGR opened at $203.40 on Thursday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.29 and a current ratio of 0.38. The stock’s 50 day moving average price is $213.85 and its 200-day moving average price is $227.14. Progressive has a one year low of $197.92 and a one year high of $292.99. The stock has a market cap of $119.27 billion, a price-to-earnings ratio of 10.57, a P/E/G ratio of 7.28 and a beta of 0.32.

Insider Activity

In other news, CIO Jonathan S. Bauer sold 3,105 shares of the firm’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $634,506.75. Following the completion of the sale, the executive owned 26,249 shares of the company’s stock, valued at $5,363,983.15. This trade represents a 10.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew J. Quigg sold 1,649 shares of the stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total value of $336,973.15. Following the completion of the sale, the insider owned 39,626 shares of the company’s stock, valued at approximately $8,097,573.10. This trade represents a 4.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 12,443 shares of company stock worth $2,723,061 in the last quarter. 0.34% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Progressive

Several hedge funds have recently modified their holdings of PGR. Davis Capital Management acquired a new position in Progressive during the 3rd quarter valued at approximately $25,000. Bard Associates Inc. purchased a new position in Progressive in the 4th quarter worth $27,000. Dagco Inc. acquired a new stake in Progressive during the 4th quarter worth about $28,000. IFC & Insurance Marketing Inc. purchased a new stake in Progressive during the 4th quarter valued at about $29,000. Finally, Ameriflex Group Inc. increased its holdings in shares of Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.