Progressive (NYSE:PGR) Price Target Increased to $225.00 by Analysts at Citigroup

Progressive (NYSE:PGR) had its price objective upped by Citigroup from $202.00 to $225.00 in a research note published on Monday, Benzinga reports. They currently have a neutral rating on the insurance provider’s stock.

A number of other research analysts have also weighed in on the stock. Piper Sandler reissued an overweight rating and set a $240.00 target price on shares of Progressive in a research report on Monday, April 1st. Bank of America cut their price objective on shares of Progressive from $265.00 to $264.00 and set a buy rating for the company in a research report on Tuesday, April 2nd. Wells Fargo & Company upped their price objective on shares of Progressive from $232.00 to $238.00 and gave the company an overweight rating in a research report on Thursday, April 11th. Roth Mkm upped their price objective 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. Finally, TD Cowen started coverage on shares of Progressive in a research report on Wednesday, January 10th. They set a market perform rating and a $174.00 price objective for the company. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Progressive has a consensus rating of Hold and a consensus target price of $208.31.

Progressive Stock Up 1.3 %

Progressive stock opened at $206.59 on Monday. The firm has a market cap of $121.00 billion, a price-to-earnings ratio of 21.15, a P/E/G ratio of 0.86 and a beta of 0.35. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.31. Progressive has a fifty-two week low of $111.41 and a fifty-two week high of $212.24. The firm has a fifty day moving average price of $197.64 and a two-hundred day moving average price of $173.59.

Progressive (NYSE:PGR) last released its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. The firm had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business’s revenue was up 17.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.65 EPS. As a group, analysts forecast that Progressive will post 10.5 earnings per share for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, April 4th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.19%. Progressive’s dividend payout ratio is 4.09%.

Insiders Place Their Bets

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

Institutional Trading of Progressive

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake 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 purchasing an additional 218,809 shares during the last quarter. Wellington Management Group LLP grew its stake 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 purchasing an additional 2,666,449 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Progressive by 3.6% in 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. lifted its holdings in Progressive by 4.3% in 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 lifted its holdings in Progressive by 10.5% in 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 owned by institutional investors.

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.