JPMorgan Chase & Co. Increases Progressive (NYSE:PGR) Price Target to $251.00

Progressive (NYSE:PGR) had its price target hoisted by JPMorgan Chase & Co. from $242.00 to $251.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an overweight rating on the insurance provider’s stock.

A number of other research firms have also recently commented on PGR. Wells Fargo & Company boosted their price target on Progressive from $281.00 to $282.00 and gave the stock an overweight rating in a report on Tuesday, September 10th. Morgan Stanley boosted their target price on Progressive from $260.00 to $300.00 and gave the stock an overweight rating in a research note on Monday, September 16th. Barclays initiated coverage on shares of Progressive in a research note on Wednesday, September 4th. They issued an equal weight rating and a $367.00 price target on the stock. Jefferies Financial Group upped their price objective on shares of Progressive from $257.00 to $295.00 and gave the stock a buy rating in a research report on Wednesday, October 9th. Finally, Evercore ISI raised their target price on shares of Progressive from $243.00 to $246.00 and gave the company an outperform rating in a research report on Wednesday, August 7th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $260.53.

Progressive Trading Up 0.9 %

PGR opened at $254.09 on Thursday. The stock has a market capitalization of $148.82 billion, a price-to-earnings ratio of 26.01, a P/E/G ratio of 0.69 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 0.30. Progressive has a twelve month low of $142.87 and a twelve month high of $260.46. The company has a 50-day simple moving average of $245.20 and a 200 day simple moving average of $222.71.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. The company had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm’s quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.57 EPS. Analysts predict that Progressive will post 13.07 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date of this dividend was Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Insider Activity at Progressive

In related news, insider Steven Broz sold 2,982 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the sale, the insider now owns 29,334 shares of the company’s stock, valued at $7,626,840. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Steven Broz sold 2,982 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the transaction, the insider now directly owns 29,334 shares of the company’s stock, valued at $7,626,840. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Philip Bleser sold 2,129 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total transaction of $466,421.32. Following the completion of the sale, the director now owns 974 shares of the company’s stock, valued at $213,383.92. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 146,512 shares of company stock worth $33,912,874 over the last quarter. Company insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Northwest Bank & Trust Co acquired a new position in shares of Progressive during the fourth quarter valued at about $25,000. Davis Capital Management acquired a new position in Progressive during the 3rd quarter valued at about $25,000. WR Wealth Planners LLC increased its holdings in Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO purchased a new stake in shares of Progressive in the first quarter worth approximately $32,000. Finally, Hilltop National Bank lifted its holdings in shares of Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

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.