Progressive (NYSE:PGR) Reaches New 12-Month High at $256.34

The Progressive Co. (NYSE:PGR) shares reached a new 52-week high on Friday . The company traded as high as $256.34 and last traded at $253.76, with a volume of 35675 shares. The stock had previously closed at $249.48.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PGR shares. Keefe, Bruyette & Woods lifted their target price on shares of Progressive from $255.00 to $275.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 3rd. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Citigroup decreased their target price on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. JPMorgan Chase & Co. boosted their price target on shares of Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a research note on Thursday, July 11th. Finally, HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective for the company in a research report on Monday, August 12th. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $252.29.

Progressive Stock Up 2.4 %

The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The business has a 50 day moving average price of $229.54 and a 200 day moving average price of $214.90. The firm has a market capitalization of $149.62 billion, a P/E ratio of 26.15, a price-to-earnings-growth ratio of 0.82 and a beta of 0.35.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.61. The firm 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 period last year, the firm posted $0.57 EPS. On average, analysts predict that The Progressive Co. will post 12.29 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date is Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is 4.09%.

Insider Transactions at Progressive

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now owns 473,735 shares in the company, valued at $119,475,967. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Andrew J. Quigg sold 3,975 shares of Progressive stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $850,689.75. Following the transaction, the insider now owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 147,354 shares of company stock worth $33,502,680. 0.34% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Progressive

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Sachetta LLC acquired a new position in shares of Progressive in the 4th quarter worth approximately $25,000. Northwest Bank & Trust Co acquired a new stake in Progressive during the 4th quarter worth about $25,000. WR Wealth Planners LLC raised its position in shares of Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO acquired a new position in shares of Progressive in the 1st quarter valued at about $32,000. Finally, Hilltop National Bank grew its stake in Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

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.