The Progressive Corporation (NYSE:PGR) Stock Now Rated “Hold” by Wall Street Brokerages

The Progressive Corporation (NYSE:PGR) has been given a consensus recommendation of “Hold” by the twenty-three research firms that are currently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and nine have given a buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $234.45.

Several brokerages recently issued reports on PGR. UBS Group reissued a “neutral” rating and set a $238.00 target price on shares of Progressive in a research note on Monday, October 19th. Mizuho dropped their price target on Progressive from $236.00 to $230.00 and set a “neutral” rating for the company in a research note on Wednesday, September 16th. Roth Capital restated a “buy” rating and issued a $245.00 price target (up from $235.00) on shares of Progressive in a research note on Thursday, August 20th. Raymond James Financial reaffirmed an “outperform” rating on shares of Progressive in a report on Friday, October 16th. Finally, Morgan Stanley upgraded shares of Progressive from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $190.00 to $210.00 in a research report on Friday, July 24th.

Insiders Place Their Bets

In other Progressive news, CEO Susan Griffith sold 37,338 shares of Progressive stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total value of $8,195,691.00. Following the sale, the chief executive officer directly owned 485,438 shares in the company, valued at approximately $106,553,641. The trade was a 7.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,225 shares of the business’s stock in a transaction on Thursday, October 22nd. The stock was sold at an average price of $223.32, for a total transaction of $273,567.00. Following the completion of the sale, the insider owned 28,807 shares in the company, valued at approximately $6,433,179.24. The trade was a 4.08% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 41,013 shares of company stock valued at $8,988,278. 0.32% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PGR. Ingalls & Snyder LLC bought a new position in shares of Progressive during the 3rd quarter worth $324,000. N.F.U. MUTUAL UNIT MANAGERS Ltd purchased a new position in shares of Progressive during the third quarter valued at $977,000. CacheTech Inc. raised its holdings in shares of Progressive by 11.9% in the third quarter. CacheTech Inc. now owns 20,255 shares of the insurance provider’s stock valued at $4,199,000 after acquiring an additional 2,162 shares in the last quarter. DiPaolo Financial Group Inc. bought a new stake in shares of Progressive in the third quarter valued at about $29,000. Finally, Allianz SE raised its holdings in shares of Progressive by 571.2% in the third quarter. Allianz SE now owns 41,293 shares of the insurance provider’s stock valued at $8,560,000 after acquiring an additional 35,141 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

NYSE PGR opened at $235.51 on Friday. The firm has a market cap of $136.44 billion, a price-to-earnings ratio of 12.24, a price-to-earnings-growth ratio of 2.70 and a beta of 0.22. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The business has a 50-day moving average price of $219.72 and a 200-day moving average price of $210.51. Progressive has a twelve month low of $189.20 and a twelve month high of $241.02.

Progressive Company Profile

Progressive Corporation is an insurance company founded in 1937 and headquartered in Mayfield Village, Ohio. It provides personal and commercial insurance, with a major focus on automobile coverage. The company offers auto insurance for individuals and businesses, as well as coverage for motorcycles, boats, recreational vehicles, homes and renters. Progressive sells through independent insurance agents and directly to customers, including through digital channels. Its Snapshot program uses driving data to help determine auto insurance rates for participating customers.