Progressive (NYSE:PGR) had its price target increased by research analysts at Morgan Stanley from $59.00 to $64.00 in a research report issued on Wednesday. The firm currently has an “equal weight” rating on the insurance provider’s stock. Morgan Stanley’s price objective suggests a potential upside of 4.69% from the company’s previous close.
Other research analysts also recently issued research reports about the stock. ValuEngine raised shares of Progressive from a “hold” rating to a “buy” rating in a research report on Monday, April 2nd. MKM Partners raised their target price on shares of Progressive to $70.00 and gave the company a “buy” rating in a research report on Tuesday, March 27th. UBS raised their target price on shares of Progressive from $63.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday, January 25th. Wells Fargo set a $64.00 target price on shares of Progressive and gave the company a “hold” rating in a research report on Tuesday. Finally, Zacks Investment Research downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research report on Tuesday, March 6th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $52.56.
NYSE PGR opened at $61.13 on Wednesday. The company has a current ratio of 0.26, a quick ratio of 0.43 and a debt-to-equity ratio of 0.37. The stock has a market cap of $36,264.14, a price-to-earnings ratio of 23.24, a price-to-earnings-growth ratio of 2.28 and a beta of 0.65. Progressive has a one year low of $38.75 and a one year high of $62.78.
Several large investors have recently added to or reduced their stakes in PGR. BlackRock Inc. boosted its holdings in shares of Progressive by 4.7% in the 4th quarter. BlackRock Inc. now owns 38,769,936 shares of the insurance provider’s stock valued at $2,183,522,000 after buying an additional 1,742,936 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Progressive by 44.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,768,812 shares of the insurance provider’s stock valued at $212,259,000 after buying an additional 1,152,538 shares in the last quarter. Viking Global Investors LP bought a new stake in shares of Progressive in the 4th quarter valued at about $55,771,000. Carillon Tower Advisers Inc. bought a new stake in shares of Progressive in the 4th quarter valued at about $49,903,000. Finally, Teacher Retirement System of Texas boosted its holdings in shares of Progressive by 1,685.1% in the 4th quarter. Teacher Retirement System of Texas now owns 838,731 shares of the insurance provider’s stock valued at $47,237,000 after buying an additional 791,747 shares in the last quarter. Institutional investors and hedge funds own 81.04% of the company’s stock.
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Progressive Company Profile
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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