Progressive (NYSE:PGR) Upgraded by Keefe, Bruyette & Woods to Market Perform

Keefe, Bruyette & Woods upgraded shares of Progressive (NYSE:PGRGet Rating) from an underperform rating to a market perform rating in a research note published on Thursday, The Fly reports.

A number of other equities research analysts have also recently issued reports on PGR. Morgan Stanley upgraded Progressive from an underweight rating to an equal weight rating and boosted their price objective for the stock from $85.00 to $115.00 in a report on Monday, May 9th. StockNews.com initiated coverage on Progressive in a report on Thursday, March 31st. They set a hold rating for the company. Citigroup initiated coverage on shares of Progressive in a research report on Monday, May 23rd. They issued a sell rating and a $93.00 price target for the company. Raymond James lifted their price target on shares of Progressive from $125.00 to $130.00 and gave the company an outperform rating in a research report on Friday, March 18th. Finally, Piper Sandler downgraded shares of Progressive from a neutral rating to an underweight rating and dropped their price target for the company from $113.00 to $100.00 in a research report on Monday, April 18th. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $106.08.

Progressive stock opened at $109.75 on Thursday. Progressive has a 52 week low of $89.35 and a 52 week high of $121.36. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.33 and a current ratio of 0.33. The stock has a market capitalization of $64.19 billion, a P/E ratio of 29.82, a PEG ratio of 1.36 and a beta of 0.49. The stock has a 50-day simple moving average of $112.72 and a 200 day simple moving average of $109.25.

Progressive (NYSE:PGRGet Rating) last posted its quarterly earnings results on Thursday, April 14th. The insurance provider reported $1.12 EPS for the quarter, missing analysts’ consensus estimates of $1.24 by ($0.12). Progressive had a return on equity of 12.85% and a net margin of 4.54%. The business had revenue of $12.29 billion for the quarter, compared to the consensus estimate of $12.24 billion. Research analysts forecast that Progressive will post 4.76 earnings per share for the current year.

Progressive announced that its Board of Directors has authorized a stock repurchase program on Wednesday, May 18th that allows the company to repurchase 25,000,000 outstanding shares. This repurchase authorization allows the insurance provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Thursday, July 7th will be issued a dividend of $0.10 per share. The ex-dividend date is Wednesday, July 6th. This represents a $0.40 annualized dividend and a dividend yield of 0.36%. Progressive’s dividend payout ratio (DPR) is presently 10.87%.

In related news, insider Daniel P. Mascaro sold 558 shares of the business’s stock in a transaction on Thursday, April 21st. The shares were sold at an average price of $113.59, for a total value of $63,383.22. Following the sale, the insider now owns 39,445 shares of the company’s stock, valued at $4,480,557.55. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Steven Broz sold 1,067 shares of the business’s stock in a transaction on Wednesday, May 4th. The stock was sold at an average price of $112.59, for a total transaction of $120,133.53. Following the completion of the sale, the insider now directly owns 31,321 shares in the company, valued at approximately $3,526,431.39. The disclosure for this sale can be found here. In the last three months, insiders sold 23,251 shares of company stock worth $2,719,357. 0.37% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Oliver Lagore Vanvalin Investment Group bought a new stake in Progressive during the first quarter valued at $101,000. Offit Capital Advisors LLC bought a new stake in Progressive during the first quarter valued at $418,000. J.W. Cole Advisors Inc. boosted its position in Progressive by 2,714.7% during the first quarter. J.W. Cole Advisors Inc. now owns 83,062 shares of the insurance provider’s stock valued at $88,000 after acquiring an additional 80,111 shares during the last quarter. Bank of America Corp DE boosted its position in Progressive by 5.2% during the first quarter. Bank of America Corp DE now owns 10,368,261 shares of the insurance provider’s stock valued at $1,181,877,000 after acquiring an additional 510,993 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Progressive by 5.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 111,102 shares of the insurance provider’s stock valued at $12,665,000 after purchasing an additional 5,565 shares during the period. 83.68% of the stock is currently 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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