Keefe, Bruyette & Woods Has Lowered Expectations for Progressive (NYSE:PGR) Stock Price

Progressive (NYSE:PGR) had its price objective decreased by stock analysts at Keefe, Bruyette & Woods from $232.00 to $227.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “market perform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 13.24% from the company’s previous close.

PGR has been the topic of several other research reports. Piper Sandler reiterated an “overweight” rating and issued a $259.00 price objective on shares of Progressive in a research note on Monday, March 2nd. Bank of America lowered their price target on Progressive from $315.00 to $308.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Wells Fargo & Company increased their price objective on shares of Progressive from $214.00 to $217.00 and gave the company an “equal weight” rating in a report on Thursday. The Goldman Sachs Group reissued a “buy” rating and issued a $225.00 target price on shares of Progressive in a report on Monday, February 23rd. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Progressive in a research note on Monday, December 29th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $240.83.

Progressive Stock Down 0.4%

Shares of NYSE:PGR traded down $0.71 during trading on Thursday, reaching $200.47. 991,622 shares of the stock traded hands, compared to its average volume of 3,454,641. The stock has a market cap of $117.45 billion, a P/E ratio of 10.42, a price-to-earnings-growth ratio of 8.88 and a beta of 0.33. The stock has a 50-day moving average of $206.46 and a two-hundred day moving average of $221.58. Progressive has a 52-week low of $197.92 and a 52-week high of $289.96. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.35 and a current ratio of 0.35.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 1,344 shares of the business’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $224.80, for a total value of $302,131.20. Following the completion of the transaction, the insider directly owned 26,354 shares of the company’s stock, valued at approximately $5,924,379.20. The trade was a 4.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CIO Jonathan S. Bauer sold 3,105 shares of the business’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total transaction of $634,506.75. Following the completion of the transaction, the executive owned 26,249 shares of the company’s stock, valued at $5,363,983.15. This represents a 10.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 12,761 shares of company stock worth $2,659,420. 0.34% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Progressive

Several hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of Progressive in the second quarter worth $2,156,939,000. Capital International Investors boosted its holdings in Progressive by 78.9% in the third quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock valued at $3,384,082,000 after purchasing an additional 6,045,732 shares during the last quarter. Wellington Management Group LLP grew its position in Progressive by 181.8% during the 4th quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider’s stock worth $1,481,615,000 after purchasing an additional 4,197,212 shares during the period. Alliancebernstein L.P. raised its stake in shares of Progressive by 32.8% during the 2nd quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock valued at $2,928,141,000 after buying an additional 2,709,417 shares during the last quarter. Finally, Capital Research Global Investors lifted its holdings in shares of Progressive by 26.1% in the 3rd quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock valued at $2,757,905,000 after buying an additional 2,314,864 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.