The Progressive Co. (NYSE:PGR) Receives $215.69 Consensus Price Target from Analysts

Shares of The Progressive Co. (NYSE:PGR) have received an average recommendation of “Hold” from the seventeen brokerages that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $216.81.

Several research firms have recently issued reports on PGR. Wells Fargo & Company lifted their price objective on shares of Progressive from $243.00 to $254.00 and gave the company an “overweight” rating in a research report on Monday. Roth Mkm lifted 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. Morgan Stanley reduced their price objective on shares of Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a research report on Monday, June 10th. Piper Sandler restated an “overweight” rating and issued a $240.00 price target on shares of Progressive in a research report on Monday, April 1st. Finally, Jefferies Financial Group boosted their price target on shares of Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a research report on Monday, April 15th.

Insider Buying and Selling at Progressive

In other Progressive news, insider Steven Broz sold 7,361 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the completion of the sale, the insider now directly owns 35,503 shares of the company’s stock, valued at $7,357,996.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Devin C. Johnson sold 1,000 shares of the stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the completion of the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 7,361 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the completion of the transaction, the insider now directly owns 35,503 shares of the company’s stock, valued at $7,357,996.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,468 shares of company stock valued at $4,415,753. 0.34% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Progressive

Hedge funds and other institutional investors have recently modified their holdings of the stock. Indiana Trust & Investment Management CO acquired a new position in Progressive in the 1st quarter worth approximately $32,000. Sachetta LLC acquired a new position in Progressive in the 4th quarter worth approximately $25,000. Northwest Bank & Trust Co acquired a new position in Progressive in the 4th quarter worth approximately $25,000. Register Financial Advisors LLC acquired a new position in Progressive in the 1st quarter worth approximately $35,000. Finally, LRI Investments LLC acquired a new position in Progressive in the 1st quarter worth approximately $36,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Price Performance

NYSE PGR opened at $210.75 on Friday. Progressive has a 12 month low of $111.41 and a 12 month high of $217.77. The stock has a market cap of $123.44 billion, a price-to-earnings ratio of 21.57, a PEG ratio of 0.78 and a beta of 0.35. The company’s 50 day moving average is $209.16 and its two-hundred day moving average is $191.19. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.32.

Progressive (NYSE:PGR) last released its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.20 by $0.74. The firm had revenue of $18.96 billion for the quarter, compared to analysts’ expectations of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The company’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.65 earnings per share. As a group, research analysts anticipate that Progressive will post 11.58 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. The ex-dividend date is Wednesday, July 3rd. Progressive’s payout ratio is 4.09%.

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.