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Progressive (NYSE:PGR) Reaches New 1-Year High at $131.48


The Progressive Co. (NYSE:PGRGet Rating)’s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $131.48 and last traded at $131.42, with a volume of 5603 shares traded. The stock had previously closed at $129.81.

Analysts Set New Price Targets

Several equities research analysts have issued reports on PGR shares. Morgan Stanley increased their price target on Progressive from $121.00 to $130.00 and gave the stock an “equal weight” rating in a report on Friday, August 19th. Evercore ISI lowered their price target on Progressive to $133.00 in a report on Thursday, October 20th. MKM Partners increased their price target on Progressive from $135.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday, August 18th. Raymond James increased their price target on Progressive from $135.00 to $140.00 and gave the stock an “outperform” rating in a report on Monday, August 29th. Finally, Barclays decreased their price objective on Progressive from $106.00 to $104.00 and set an “underweight” rating for the company in a report on Friday, October 14th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $120.38.

Progressive Stock Performance

The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.45. The stock has a 50 day simple moving average of $123.98 and a two-hundred day simple moving average of $119.71. The stock has a market capitalization of $76.70 billion, a P/E ratio of 93.01, a P/E/G ratio of 1.68 and a beta of 0.47.

Insider Buying and Selling at Progressive

In other news, insider Daniel P. Mascaro sold 3,930 shares of the firm’s stock in a transaction that occurred on Friday, November 18th. The stock was sold at an average price of $129.59, for a total value of $509,288.70. Following the completion of the sale, the insider now directly owns 42,818 shares of the company’s stock, valued at $5,548,784.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Daniel P. Mascaro sold 3,930 shares of the firm’s stock in a transaction that occurred on Friday, November 18th. The stock was sold at an average price of $129.59, for a total value of $509,288.70. Following the completion of the sale, the insider now directly owns 42,818 shares of the company’s stock, valued at $5,548,784.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Patrick K. Callahan sold 19,068 shares of the firm’s stock in a transaction that occurred on Friday, September 16th. The shares were sold at an average price of $125.77, for a total value of $2,398,182.36. Following the completion of the sale, the insider now directly owns 13,151 shares of the company’s stock, valued at $1,654,001.27. The disclosure for this sale can be found here. Insiders sold a total of 111,618 shares of company stock worth $13,578,528 over the last ninety days. 0.33% of the stock is currently owned by corporate insiders.

Institutional Trading of Progressive

Hedge funds have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD lifted its holdings in Progressive by 530.4% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 11,158,996 shares of the insurance provider’s stock worth $1,297,456,000 after purchasing an additional 9,388,746 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Progressive by 17.6% during the 1st quarter. Wellington Management Group LLP now owns 33,242,101 shares of the insurance provider’s stock worth $3,789,267,000 after purchasing an additional 4,980,478 shares during the last quarter. Ontario Teachers Pension Plan Board lifted its holdings in Progressive by 1,235.2% during the 3rd quarter. Ontario Teachers Pension Plan Board now owns 3,762,311 shares of the insurance provider’s stock worth $437,218,000 after purchasing an additional 3,480,538 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Progressive by 42.6% during the 2nd quarter. Principal Financial Group Inc. now owns 7,084,686 shares of the insurance provider’s stock worth $823,736,000 after purchasing an additional 2,114,902 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Progressive by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 48,453,671 shares of the insurance provider’s stock worth $5,523,234,000 after purchasing an additional 1,250,492 shares during the last quarter. 85.05% of the stock is owned by institutional investors and hedge funds.

About Progressive

(Get Rating)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.

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