Wells Fargo & Company Has Lowered Expectations for Progressive (NYSE:PGR) Stock Price

Progressive (NYSE:PGR) had its price target decreased by investment analysts at Wells Fargo & Company from $217.00 to $215.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the insurance provider’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 8.70% from the company’s previous close.

Several other brokerages also recently issued reports on PGR. Piper Sandler reiterated an “overweight” rating and issued a $259.00 target price on shares of Progressive in a research note on Monday, March 2nd. The Goldman Sachs Group reissued a “buy” rating and set a $225.00 price target on shares of Progressive in a research report on Monday, February 23rd. Morgan Stanley decreased their price objective on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a report on Tuesday, March 31st. Argus raised Progressive to a “hold” rating in a research report on Thursday, March 5th. Finally, UBS Group increased their target price on Progressive from $218.00 to $220.00 and gave the company a “neutral” rating in a research note on Monday, March 23rd. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Progressive presently has an average rating of “Hold” and a consensus target price of $237.33.

Progressive Stock Down 0.1%

Progressive stock traded down $0.30 during mid-day trading on Thursday, reaching $197.80. The stock had a trading volume of 269,311 shares, compared to its average volume of 3,366,328. Progressive has a one year low of $192.02 and a one year high of $289.96. The company has a 50-day moving average price of $204.18 and a two-hundred day moving average price of $216.78. The company has a market capitalization of $115.70 billion, a price-to-earnings ratio of 10.28, a PEG ratio of 5.65 and a beta of 0.34. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35.

Insider Buying and Selling at Progressive

In other Progressive news, insider Andrew J. Quigg sold 1,649 shares of the business’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $336,973.15. Following the completion of the sale, the insider directly owned 39,626 shares in the company, valued at approximately $8,097,573.10. The trade was a 4.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Karen Bailo sold 3,517 shares of the firm’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total value of $745,604.00. Following the completion of the transaction, the insider owned 32,348 shares in the company, valued at approximately $6,857,776. This trade represents a 9.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 11,687 shares of company stock worth $2,413,044. 0.34% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Progressive

Large investors have recently made changes to their positions in the company. Davis Capital Management bought a new position in shares of Progressive in the 3rd quarter worth approximately $25,000. Bard Associates Inc. bought a new stake in Progressive during the fourth quarter valued at approximately $27,000. Dagco Inc. purchased a new stake in Progressive during the fourth quarter valued at approximately $28,000. Ameriflex Group Inc. raised its position in Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after acquiring an additional 65 shares during the period. Finally, IFC & Insurance Marketing Inc. bought a new position in Progressive in the fourth quarter worth approximately $29,000. 85.34% of the stock is currently owned by institutional investors.

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.