Progressive (NYSE:PGR) PT Raised to $238.00

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

Other analysts also recently issued research reports about the stock. TD Cowen initiated coverage on shares of Progressive in a research report on Wednesday, January 10th. They issued a market perform rating and a $174.00 price target for the company. Citigroup lifted their price target on shares of Progressive from $192.00 to $202.00 and gave the company a neutral rating in a research report on Monday, March 18th. Roth Mkm lifted their price target on shares of Progressive from $215.00 to $235.00 and gave the company a buy rating in a research report on Monday, March 18th. Bank of America cut their price objective on shares of Progressive from $265.00 to $264.00 and set a buy rating on the stock in a report on Tuesday, April 2nd. Finally, UBS Group lifted their price objective on shares of Progressive from $159.00 to $170.00 and gave the stock a neutral rating in a report on Wednesday, January 10th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $202.00.

Progressive Stock Performance

NYSE:PGR opened at $203.90 on Thursday. The company has a fifty day moving average of $197.15 and a 200-day moving average of $173.13. The firm has a market capitalization of $119.42 billion, a P/E ratio of 20.87, a P/E/G ratio of 0.88 and a beta of 0.35. 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 twelve month low of $111.41 and a twelve month high of $212.24.

Progressive (NYSE:PGR) last released its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, beating the consensus estimate of $3.20 by $0.74. Progressive had a net margin of 6.28% and a return on equity of 21.25%. The company had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. During the same quarter in the previous year, the business posted $0.65 EPS. Progressive’s revenue for the quarter was up 17.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Progressive will post 10.5 EPS for the current year.

Progressive Dividend Announcement

The business 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 dividend yield of 0.20%. The ex-dividend date of this dividend was Wednesday, April 3rd. Progressive’s dividend payout ratio (DPR) is currently 4.09%.

Insider Activity at Progressive

In related news, insider Andrew J. Quigg sold 551 shares of the business’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total value of $93,251.24. Following the sale, the insider now directly owns 27,921 shares in the company, valued at approximately $4,725,350.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Karen Bailo sold 8,464 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the sale, the insider now directly owns 32,342 shares in the company, valued at approximately $6,128,485.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Andrew J. Quigg sold 551 shares of the company’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $169.24, for a total value of $93,251.24. Following the sale, the insider now owns 27,921 shares in the company, valued at $4,725,350.04. The disclosure for this sale can be found here. In the last three months, insiders have sold 44,629 shares of company stock worth $8,348,176. Company insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Progressive by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 51,466,781 shares of the insurance provider’s stock valued at $8,197,629,000 after buying an additional 218,809 shares during the period. Wellington Management Group LLP increased its position in shares of Progressive by 14.1% during the third quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock valued at $3,002,542,000 after buying an additional 2,666,449 shares during the period. Massachusetts Financial Services Co. MA increased its position in shares of Progressive by 3.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 14,935,652 shares of the insurance provider’s stock valued at $2,378,951,000 after buying an additional 520,742 shares during the period. Alliancebernstein L.P. increased its position in shares of Progressive by 4.3% during the second quarter. Alliancebernstein L.P. now owns 9,754,850 shares of the insurance provider’s stock valued at $1,291,249,000 after buying an additional 403,527 shares during the period. Finally, Bank of New York Mellon Corp increased its position in shares of Progressive by 10.5% during the third quarter. Bank of New York Mellon Corp now owns 6,916,460 shares of the insurance provider’s stock valued at $963,463,000 after buying an additional 655,706 shares during the period. 85.34% of the stock is currently owned by institutional investors.

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.