Progressive (NYSE:PGR) Price Target Raised to $220.00 at UBS Group

Progressive (NYSE:PGR) had its target price hoisted by UBS Group from $218.00 to $220.00 in a report released on Monday,Benzinga reports. The firm presently has a “neutral” rating on the insurance provider’s stock. UBS Group’s price objective would indicate a potential upside of 8.41% from the stock’s current price.

A number of other equities analysts also recently weighed in on PGR. Mizuho lowered their target price on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a report on Friday. Argus upgraded shares of Progressive to a “hold” rating in a research note on Thursday, March 5th. Bank of America decreased their price objective on shares of Progressive from $308.00 to $305.00 and set a “buy” rating for the company in a research report on Thursday. JPMorgan Chase & Co. dropped their target price on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a report on Wednesday, January 7th. Finally, Zacks Research upgraded shares of Progressive from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 24th. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $239.83.

Progressive Stock Down 1.5%

Shares of NYSE:PGR traded down $3.07 during trading on Monday, hitting $202.93. 1,049,016 shares of the company were exchanged, compared to its average volume of 3,530,792. Progressive has a fifty-two week low of $197.92 and a fifty-two week high of $289.96. The stock has a market cap of $118.90 billion, a price-to-earnings ratio of 10.59, a P/E/G ratio of 6.49 and a beta of 0.33. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23. The firm has a fifty day moving average price of $206.07 and a two-hundred day moving average price of $220.80.

Insiders Place Their Bets

In other Progressive news, CIO Jonathan S. Bauer sold 2,266 shares of Progressive stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $203.05, for a total value of $460,111.30. Following the completion of the transaction, the executive directly owned 26,250 shares of the company’s stock, valued at $5,330,062.50. The trade was a 7.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Carl G. Joyce sold 141 shares of the company’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total value of $29,892.00. Following the sale, the chief accounting officer owned 828 shares of the company’s stock, valued at approximately $175,536. The trade was a 14.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 11,417 shares of company stock valued at $2,357,289 in the last quarter. Company insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Progressive

Several hedge funds have recently bought and sold shares of PGR. Stance Capital LLC raised its position in Progressive by 11.9% during the fourth quarter. Stance Capital LLC now owns 6,057 shares of the insurance provider’s stock valued at $1,379,000 after purchasing an additional 645 shares in the last quarter. World Investment Advisors boosted its holdings in shares of Progressive by 11.6% in the 4th quarter. World Investment Advisors now owns 10,609 shares of the insurance provider’s stock valued at $2,416,000 after purchasing an additional 1,103 shares in the last quarter. Demming Financial Services Corp ADV bought a new position in shares of Progressive in the 4th quarter valued at $598,000. Meadowbrook Advisors Group LLC bought a new position in shares of Progressive in the 4th quarter valued at $2,403,000. Finally, Larry Mathis Financial Planning LLC acquired a new position in shares of Progressive during the 4th quarter worth $500,000. 85.34% of the stock is owned by institutional investors.

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.