Progressive (NYSE:PGR) Price Target Raised to $238.00

Progressive (NYSE:PGR) had its price objective lifted by Wells Fargo & Company from $232.00 to $238.00 in a research report released on Thursday morning, Benzinga reports. The firm currently has an overweight rating on the insurance provider’s stock.

Several other equities analysts have also commented on the company. Morgan Stanley upped their target price on Progressive from $228.00 to $247.00 and gave the company an overweight rating in a research note on Thursday. UBS Group upped their target price on Progressive from $159.00 to $170.00 and gave the company a neutral rating in a research note on Wednesday, January 10th. HSBC upped their target price on Progressive from $174.00 to $200.00 and gave the company a hold rating in a research note on Thursday, March 28th. Piper Sandler restated an overweight rating and set a $240.00 price target on shares of Progressive in a research note on Monday, April 1st. Finally, JPMorgan Chase & Co. upped their price target on Progressive from $171.00 to $202.00 and gave the stock an overweight rating in a research note on Monday, April 8th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of Hold and a consensus target price of $196.56.

Progressive Stock Up 0.8 %

Shares of NYSE:PGR opened at $203.90 on Thursday. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.35. Progressive has a 52-week low of $111.41 and a 52-week high of $212.24. The stock’s fifty day simple moving average is $197.15 and its 200-day simple moving average is $172.90. The company has a market capitalization of $119.42 billion, a P/E ratio of 30.99, a P/E/G ratio of 0.87 and a beta of 0.35.

Progressive (NYSE:PGR) last released its earnings results on Friday, April 12th. The insurance provider reported $3.73 EPS for the quarter, beating the consensus estimate of $3.20 by $0.53. The firm had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. Progressive had a return on equity of 21.25% and a net margin of 6.28%. The business’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.65 earnings per share. As a group, equities research analysts forecast that Progressive will post 10.3 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, April 4th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.20%. The ex-dividend date was Wednesday, April 3rd. Progressive’s dividend payout ratio is currently 6.08%.

Insider Activity at Progressive

In related news, CEO Susan Patricia Griffith sold 5,939 shares of the stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total value of $1,005,116.36. Following the completion of the transaction, the chief executive officer now owns 465,737 shares of the company’s stock, valued at $78,821,329.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Progressive news, insider Patrick K. Callahan sold 29,675 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the transaction, the insider now owns 15,189 shares of the company’s stock, valued at approximately $2,889,859.14. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Susan Patricia Griffith sold 5,939 shares of the 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 $1,005,116.36. Following the transaction, the chief executive officer now directly owns 465,737 shares in the company, valued at approximately $78,821,329.88. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,629 shares of company stock valued at $8,348,176. Insiders own 0.34% of the company’s stock.

Institutional Trading of Progressive

A number of institutional investors and hedge funds have recently made changes to their positions in PGR. Markel Corp raised its position in shares of Progressive by 4.1% during the 1st quarter. Markel Corp now owns 750,750 shares of the insurance provider’s stock worth $85,578,000 after purchasing an additional 29,750 shares during the period. Roundview Capital LLC raised its position in shares of Progressive by 0.8% during the 1st quarter. Roundview Capital LLC now owns 49,086 shares of the insurance provider’s stock worth $5,595,000 after purchasing an additional 381 shares during the period. Cibc World Market Inc. raised its position in shares of Progressive by 3.9% during the 1st quarter. Cibc World Market Inc. now owns 6,693 shares of the insurance provider’s stock worth $763,000 after purchasing an additional 254 shares during the period. Moors & Cabot Inc. increased its position in Progressive by 8.0% in the 1st quarter. Moors & Cabot Inc. now owns 3,081 shares of the insurance provider’s stock valued at $351,000 after acquiring an additional 228 shares during the period. Finally, Sequoia Financial Advisors LLC increased its position in Progressive by 103.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 7,022 shares of the insurance provider’s stock valued at $800,000 after acquiring an additional 3,571 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Company Profile

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.