BMO Capital Markets Begins Coverage on Progressive (NYSE:PGR)

BMO Capital Markets began coverage on shares of Progressive (NYSE:PGRGet Rating) in a research note issued to investors on Thursday, The Fly reports. The firm issued an outperform rating and a $155.00 target price on the insurance provider’s stock.

A number of other equities research analysts have also issued reports on the company. Barclays increased their target price on Progressive from $104.00 to $109.00 and gave the company an underweight rating in a research note on Thursday, December 15th. TheStreet upgraded Progressive from a c+ rating to a b- rating in a research note on Friday, November 4th. Citigroup lowered their target price on Progressive from $106.00 to $104.00 and set a sell rating for the company in a research note on Tuesday, November 22nd. Evercore ISI lowered their target price on Progressive to $133.00 in a research note on Thursday, October 20th. Finally, Jefferies Financial Group upgraded Progressive from a hold rating to a buy rating and increased their target price for the company from $123.00 to $142.00 in a research note on Friday, October 7th. Four analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $124.36.

Progressive Stock Performance

NYSE PGR opened at $127.63 on Thursday. The company has a market capitalization of $74.67 billion, a PE ratio of 90.52, a price-to-earnings-growth ratio of 1.00 and a beta of 0.46. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.45. The business’s 50-day moving average price is $129.79 and its 200 day moving average price is $124.50. Progressive has a twelve month low of $100.81 and a twelve month high of $135.45.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 13th. Investors of record on Friday, January 6th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.31%. The ex-dividend date was Thursday, January 5th. Progressive’s dividend payout ratio (DPR) is 28.37%.

Insider Buying and Selling

In related 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 sale, the insider now owns 42,818 shares of the company’s stock, valued at approximately $5,548,784.62. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Progressive news, CFO John P. Sauerland sold 25,000 shares of Progressive stock in a transaction on Thursday, November 3rd. The stock was sold at an average price of $127.18, for a total transaction of $3,179,500.00. Following the sale, the chief financial officer now owns 329,033 shares of the company’s stock, valued at approximately $41,846,416.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Daniel P. Mascaro sold 3,930 shares of Progressive stock in a transaction on Friday, November 18th. The shares were sold at an average price of $129.59, for a total value of $509,288.70. Following the sale, the insider now directly owns 42,818 shares in the company, valued at approximately $5,548,784.62. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 68,559 shares of company stock valued at $8,822,843. Insiders own 0.33% of the company’s stock.

Institutional Trading of Progressive

Hedge funds have recently added to or reduced their stakes in the business. Quent Capital LLC raised its stake in shares of Progressive by 29.4% in the 3rd quarter. Quent Capital LLC now owns 348 shares of the insurance provider’s stock worth $41,000 after buying an additional 79 shares in the last quarter. Wedmont Private Capital grew its stake in shares of Progressive by 2.1% in the 4th quarter. Wedmont Private Capital now owns 4,078 shares of the insurance provider’s stock worth $549,000 after purchasing an additional 82 shares during the last quarter. Trail Ridge Investment Advisors LLC grew its stake in shares of Progressive by 2.7% in the 2nd quarter. Trail Ridge Investment Advisors LLC now owns 3,787 shares of the insurance provider’s stock worth $440,000 after purchasing an additional 98 shares during the last quarter. McKinley Carter Wealth Services Inc. grew its stake in shares of Progressive by 1.7% in the 3rd quarter. McKinley Carter Wealth Services Inc. now owns 5,927 shares of the insurance provider’s stock worth $689,000 after purchasing an additional 99 shares during the last quarter. Finally, Trust Co. of Vermont grew its stake in shares of Progressive by 4.7% in the 2nd quarter. Trust Co. of Vermont now owns 2,247 shares of the insurance provider’s stock worth $261,000 after purchasing an additional 100 shares during the last quarter. Institutional investors own 83.19% of the company’s stock.

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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