Progressive (NYSE:PGR – Get Free Report) had its price target lowered by equities research analysts at Jefferies Financial Group from $216.00 to $215.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “hold” rating on the insurance provider’s stock. Jefferies Financial Group’s price target would suggest a potential upside of 3.50% from the stock’s previous close.
PGR has been the subject of several other research reports. The Goldman Sachs Group reaffirmed a “buy” rating and set a $225.00 price objective on shares of Progressive in a research report on Monday, February 23rd. UBS Group raised their price target on shares of Progressive from $218.00 to $220.00 and gave the stock a “neutral” rating in a report on Monday. Mizuho dropped their price objective on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a report on Friday. Zacks Research raised Progressive from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 24th. Finally, Morgan Stanley cut their price target on Progressive from $214.00 to $205.00 and set an “underweight” rating on the stock in a report on Wednesday, January 28th. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $239.78.
Progressive Trading Up 1.3%
Insiders Place Their Bets
In other news, insider Maribel Pumarejo sold 739 shares of the stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total value of $150,201.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Andrew J. Quigg sold 1,649 shares of the company’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 $336,973.15. Following the completion of the sale, the insider directly owned 39,626 shares of the company’s stock, valued at $8,097,573.10. The trade was a 4.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 11,687 shares of company stock worth $2,413,044 in the last three months. 0.33% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Progressive
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Davis Capital Management purchased a new stake in shares of Progressive during the third quarter valued at approximately $25,000. Bard Associates Inc. purchased a new position in Progressive in the fourth quarter worth $27,000. Dagco Inc. bought a new position in Progressive in the 4th quarter valued at $28,000. IFC & Insurance Marketing Inc. purchased a new stake in shares of Progressive during the 4th quarter valued at $29,000. Finally, Ameriflex Group Inc. raised its stake in shares of Progressive by 106.6% during the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.
Key Stories Impacting Progressive
Here are the key news stories impacting Progressive this week:
- Positive Sentiment: Progressive priced $1.5 billion of senior notes ($500M 4.60% due 2031; $1B 5.15% due 2036) at roughly par — shows strong market access, secures funding for general corporate purposes without issuing equity, and maintains liquidity. Read More.
- Positive Sentiment: Company declared a quarterly dividend (small yield) — a modest cash return to shareholders and a sign of free‑cash‑flow confidence. Read More.
- Neutral Sentiment: Coverage notes the offering “reframes” Progressive’s capital structure: investors must trade off the benefits of liquidity and low dilution versus higher fixed‑rate interest obligations and reduced scope for repurchases. Read More.
- Neutral Sentiment: Underwriters (Goldman Sachs, TD Securities) and S‑3 registration made the transaction procedural and efficient; notes priced just below par, indicating fair demand in current bond markets. Read More.
- Negative Sentiment: Analyst moves are mixed and slightly cautious — UBS set a neutral stance with a $220 target and Mizuho trimmed its target to $223; these actions could cap short‑term upside and reflect tempered expectations. Read More. Read More.
- Negative Sentiment: Insider selling: CAO Carl G. Joyce sold 270 shares (small dollar value). The sale is immaterial to cap structure but contributes to a pattern of insider dispositions noted by some investors. Read More.
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.
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