Analysts Set The Progressive Co. (NYSE:PGR) PT at $188.33

Shares of The Progressive Co. (NYSE:PGR) have been assigned a consensus recommendation of “Hold” from the nineteen research firms that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $188.50.

A number of research analysts recently issued reports on PGR shares. The Goldman Sachs Group boosted their price target on Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a report on Monday, March 25th. Piper Sandler restated an “overweight” rating and set a $240.00 price target on shares of Progressive in a report on Monday. Wells Fargo & Company upgraded Progressive from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $144.00 to $176.00 in a report on Monday, December 18th. Roth Mkm upped their target price on Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Finally, Citigroup upped their target price on Progressive from $192.00 to $202.00 and gave the stock a “neutral” rating in a report on Monday, March 18th.

Insider Activity at Progressive

In related news, insider Andrew J. Quigg sold 551 shares of the company’s stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total value of $93,251.24. Following the transaction, the insider now directly owns 27,921 shares of the company’s stock, valued at approximately $4,725,350.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Andrew J. Quigg sold 551 shares of the stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total transaction of $93,251.24. Following the transaction, the insider now directly owns 27,921 shares of the company’s stock, valued at approximately $4,725,350.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Susan Patricia Griffith sold 5,939 shares of the stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $169.24, for a total value of $1,005,116.36. Following the transaction, the chief executive officer now directly owns 465,737 shares in the company, valued at $78,821,329.88. The disclosure for this sale can be found here. In the last three months, insiders have sold 44,629 shares of company stock valued at $8,348,176. 0.34% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Progressive

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Progressive by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 51,466,781 shares of the insurance provider’s stock worth $8,197,629,000 after purchasing an additional 218,809 shares during the period. State Street Corp raised its holdings in Progressive by 2.3% in the 2nd quarter. State Street Corp now owns 24,956,012 shares of the insurance provider’s stock worth $3,303,427,000 after purchasing an additional 560,479 shares during the period. Wellington Management Group LLP raised its holdings in Progressive by 14.1% in the 3rd quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock worth $3,002,542,000 after purchasing an additional 2,666,449 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in Progressive by 3.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 14,935,652 shares of the insurance provider’s stock worth $2,378,951,000 after purchasing an additional 520,742 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in Progressive by 4.3% in the 2nd quarter. Alliancebernstein L.P. now owns 9,754,850 shares of the insurance provider’s stock worth $1,291,249,000 after purchasing an additional 403,527 shares during the period. 85.34% of the stock is owned by institutional investors.

Progressive Trading Down 0.7 %

NYSE PGR opened at $209.26 on Tuesday. Progressive has a 1-year low of $111.41 and a 1-year high of $212.24. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.35. The stock has a 50-day moving average of $193.26 and a 200-day moving average of $169.73. The firm has a market cap of $122.56 billion, a PE ratio of 31.80, a price-to-earnings-growth ratio of 0.94 and a beta of 0.35.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, January 24th. The insurance provider reported $2.96 earnings per share for the quarter, beating analysts’ consensus estimates of $2.43 by $0.53. Progressive had a return on equity of 21.25% and a net margin of 6.28%. The company had revenue of $16.89 billion during the quarter, compared to analyst estimates of $16.10 billion. During the same quarter in the previous year, the company posted $1.52 EPS. As a group, sell-side analysts forecast that Progressive will post 9.9 EPS for the current year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Thursday, April 4th will be given a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.19%. Progressive’s dividend payout ratio (DPR) is presently 12.92%.

About Progressive

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