The Progressive Co. (NYSE:PGR – Get Rating) – Equities research analysts at Jefferies Financial Group raised their Q4 2022 earnings estimates for shares of Progressive in a report released on Tuesday, May 24th. Jefferies Financial Group analyst Y. Kinar now forecasts that the insurance provider will post earnings of $1.53 per share for the quarter, up from their previous forecast of $1.52. Jefferies Financial Group has a “Hold” rating and a $106.00 price objective on the stock.
PGR has been the topic of a number of other research reports. Wells Fargo & Company increased their price target on Progressive from $88.00 to $96.00 and gave the company an “underweight” rating in a research report on Tuesday, April 12th. Raymond James raised their price target on Progressive from $125.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, March 18th. Citigroup assumed coverage on Progressive in a research note on Monday. They issued a “sell” rating and a $93.00 target price on the stock. Edward Jones downgraded Progressive from a “buy” rating to a “hold” rating in a research note on Wednesday, February 9th. Finally, Piper Sandler downgraded Progressive from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $113.00 to $100.00 in a research note on Monday, April 18th. Six investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $106.13.
Progressive (NYSE:PGR – Get Rating) last announced its quarterly earnings results on Thursday, April 14th. The insurance provider reported $1.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.24 by ($0.12). Progressive had a net margin of 4.54% and a return on equity of 12.85%. The company had revenue of $12.29 billion during the quarter, compared to analyst estimates of $12.24 billion.
Large investors have recently added to or reduced their stakes in the stock. Blume Capital Management Inc. acquired a new stake in Progressive during the first quarter valued at approximately $25,000. Rational Advisors LLC raised its stake in Progressive by 132.7% during the fourth quarter. Rational Advisors LLC now owns 249 shares of the insurance provider’s stock valued at $26,000 after buying an additional 142 shares in the last quarter. Quent Capital LLC acquired a new stake in Progressive during the fourth quarter valued at approximately $26,000. TAP Consulting LLC acquired a new stake in Progressive during the fourth quarter valued at approximately $28,000. Finally, Cornerstone Advisory LLC acquired a new stake in Progressive during the fourth quarter valued at approximately $30,000. Institutional investors and hedge funds own 83.68% of the company’s stock.
In related news, CEO Susan Patricia Griffith sold 46,735 shares of the business’s stock in a transaction dated Friday, March 18th. The stock was sold at an average price of $110.26, for a total value of $5,153,001.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Daniel P. Mascaro sold 558 shares of the business’s stock in a transaction dated Tuesday, May 24th. The stock was sold at an average price of $112.94, for a total value of $63,020.52. Following the completion of the transaction, the insider now owns 38,887 shares in the company, valued at approximately $4,391,897.78. The disclosure for this sale can be found here. In the last three months, insiders have sold 74,285 shares of company stock valued at $8,350,944. 0.37% of the stock is owned by company insiders.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Thursday, July 7th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date of this dividend is Wednesday, July 6th. Progressive’s dividend payout ratio is currently 10.87%.
Progressive announced that its Board of Directors has authorized a share repurchase program on Wednesday, May 18th that authorizes the company to buyback 25,000,000 outstanding shares. This buyback authorization authorizes the insurance provider to purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.
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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