Progressive (NYSE:PGR) Sets New 1-Year High – Should You Buy?

The Progressive Co. (NYSE:PGR) hit a new 52-week high during trading on Friday . The company traded as high as $264.00 and last traded at $264.00, with a volume of 54521 shares trading hands. The stock had previously closed at $257.50.

Analyst Upgrades and Downgrades

PGR has been the subject of a number of recent research reports. Roth Mkm increased their price objective on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, September 16th. JPMorgan Chase & Co. increased their price target on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target for the company in a research note on Monday, August 12th. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Finally, The Goldman Sachs Group raised their target price on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Seven investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $269.56.

Progressive Stock Performance

The company’s 50-day moving average price is $251.92 and its two-hundred day moving average price is $229.29. The company has a market capitalization of $154.65 billion, a price-to-earnings ratio of 18.71, a PEG ratio of 0.73 and a beta of 0.36. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. The firm had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. On average, equities research analysts anticipate that The Progressive Co. will post 13.11 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the sale, the chief executive officer now owns 473,735 shares in the company, valued at approximately $119,475,967. This trade represents a 8.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Steven Broz sold 2,981 shares of the stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the transaction, the insider now directly owns 26,353 shares of the company’s stock, valued at $6,618,555.95. This represents a 10.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 65,331 shares of company stock worth $16,415,812 in the last quarter. Insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Progressive

Institutional investors and hedge funds have recently bought and sold shares of the company. Davis Capital Management purchased a new stake in Progressive in the 3rd quarter worth about $25,000. WR Wealth Planners LLC lifted its stake in shares of Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after buying an additional 67 shares in the last quarter. Hilltop National Bank boosted its holdings in Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after buying an additional 92 shares during the period. DiNuzzo Private Wealth Inc. grew its stake in Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after buying an additional 73 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in shares of Progressive during the first quarter worth $36,000. 85.34% of the stock is owned by institutional investors.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.