Progressive (NYSE:PGR – Get Free Report) had its price target lowered by investment analysts at JPMorgan Chase & Co. from $250.00 to $241.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 14.70% from the company’s current price.
A number of other research firms have also weighed in on PGR. Weiss Ratings lowered shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. William Blair reiterated a “market perform” rating on shares of Progressive in a research note on Wednesday, July 15th. Keefe, Bruyette & Woods lowered their price target on shares of Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a report on Thursday, July 16th. Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a report on Friday, May 22nd. Finally, Wells Fargo & Company dropped their price target on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating on the stock in a research report on Thursday, July 16th. Five equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $235.63.
Get Our Latest Stock Analysis on Progressive
Progressive Price Performance
Insiders Place Their Bets
In other Progressive news, CFO Andrew J. Quigg sold 3,499 shares of the business’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total transaction of $769,780.00. Following the sale, the chief financial officer directly owned 42,595 shares in the company, valued at $9,370,900. This represents a 7.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CIO Jonathan S. Bauer sold 2,242 shares of the stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $476,895.82. Following the sale, the executive owned 26,250 shares in the company, valued at approximately $5,583,637.50. This trade represents a 7.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 74,885 shares of company stock worth $15,880,459. Insiders own 0.32% of the company’s stock.
Hedge Funds Weigh In On Progressive
Institutional investors have recently bought and sold shares of the company. Brighton Jones LLC raised its holdings in shares of Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after purchasing an additional 457 shares during the period. Revolve Wealth Partners LLC bought a new stake in shares of Progressive in the 4th quarter worth about $269,000. Bison Wealth LLC lifted its position in shares of Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after purchasing an additional 80 shares during the last quarter. HUB Investment Partners LLC raised its position in shares of Progressive by 7.8% during the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock valued at $609,000 after acquiring an additional 166 shares in the last quarter. Finally, Diversify Wealth Management LLC boosted its holdings in shares of Progressive by 12.0% in the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock valued at $3,681,000 after buying an additional 1,622 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.
Progressive Company Profile
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.
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