Progressive (NYSE:PGR) Cut to “Hold” at StockNews.com

StockNews.com cut shares of Progressive (NYSE:PGR) from a buy rating to a hold rating in a report issued on Monday morning.

PGR has been the subject of a number of other reports. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective for the company in a report on Monday, August 12th. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. TD Cowen increased their price target on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research note on Friday. JPMorgan Chase & Co. increased their price target on Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Finally, Bank of America increased their price target on Progressive from $319.00 to $331.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Seven equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $269.56.

Progressive Stock Down 0.6 %

Shares of Progressive stock opened at $259.89 on Monday. Progressive has a twelve month low of $149.14 and a twelve month high of $263.85. The stock has a market capitalization of $152.25 billion, a price-to-earnings ratio of 18.89, a PEG ratio of 0.72 and a beta of 0.36. The business’s 50 day simple moving average is $251.57 and its 200-day simple moving average is $228.68. The company has a current ratio of 0.30, a quick ratio of 0.31 and a debt-to-equity ratio of 0.25.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The business had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. Equities research analysts forecast that Progressive will post 13.15 earnings per share for the current year.

Insider Transactions at Progressive

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the transaction, the chief executive officer now owns 473,735 shares in the company, valued at $119,475,967. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Steven Broz sold 6,122 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $235.19, for a total value of $1,439,833.18. Following the sale, the insider now directly owns 32,316 shares of the company’s stock, valued at $7,600,400.04. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 74,843 shares of company stock valued at $18,674,912 over the last three months. 0.34% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PGR. Jennison Associates LLC boosted its holdings in Progressive by 21.6% in the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after purchasing an additional 842,109 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings in Progressive by 548.2% in the first quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock worth $167,866,000 after purchasing an additional 686,433 shares in the last quarter. Capital International Investors boosted its holdings in Progressive by 15.7% in the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after purchasing an additional 670,006 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in Progressive by 29,701.6% in the third quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock worth $151,325,000 after purchasing an additional 594,330 shares in the last quarter. Finally, SG Americas Securities LLC boosted its holdings in Progressive by 206.8% in the third quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock worth $222,207,000 after purchasing an additional 590,235 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

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.