Roth Mkm Boosts Progressive (NYSE:PGR) Price Target to $290.00

Progressive (NYSE:PGR) had its price target increased by Roth Mkm from $270.00 to $290.00 in a research report released on Monday morning, Benzinga reports. They currently have a buy rating on the insurance provider’s stock.

Other equities analysts also recently issued research reports about the stock. Barclays started coverage on shares of Progressive in a research note on Wednesday, September 4th. They issued an equal weight rating and a $367.00 target price on the stock. Citigroup reduced their price objective on Progressive from $232.00 to $225.00 and set a neutral rating on the stock in a research note on Wednesday, July 17th. The Goldman Sachs Group upgraded Progressive from a neutral rating to a buy rating and raised their target price for the company from $230.00 to $262.00 in a report on Thursday, August 15th. Hsbc Global Res upgraded Progressive from a hold rating to a strong-buy rating in a report on Monday, August 12th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Progressive from $210.00 to $239.00 and gave the company an overweight rating in a research report on Thursday, July 11th. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $257.18.

Progressive Price Performance

Shares of Progressive stock opened at $257.69 on Monday. The stock has a market capitalization of $150.93 billion, a P/E ratio of 26.38, a PEG ratio of 0.82 and a beta of 0.35. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The business’s fifty day moving average price is $232.38 and its 200 day moving average price is $216.31. Progressive has a twelve month low of $137.59 and a twelve month high of $260.46.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter in the previous year, the business earned $0.57 EPS. The company’s revenue for the quarter was up 21.6% on a year-over-year basis. As a group, research analysts anticipate that Progressive will post 12.29 earnings per share for the current year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s dividend payout ratio is presently 4.09%.

Insider Activity

In related news, insider Steven Broz sold 3,050 shares of Progressive stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $209.81, for a total value of $639,920.50. Following the sale, the insider now directly owns 32,453 shares in the company, valued at approximately $6,808,963.93. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Steven Broz sold 3,050 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $209.81, for a total value of $639,920.50. Following the sale, the insider now directly owns 32,453 shares in the company, valued at approximately $6,808,963.93. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Andrew J. Quigg sold 3,975 shares of the business’s stock in a transaction on 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. Over the last quarter, insiders sold 146,704 shares of company stock valued at $33,367,408. 0.34% of the stock is currently owned by company insiders.

Institutional Trading of Progressive

A number of hedge funds and other institutional investors have recently made changes to their positions in PGR. Sanctuary Advisors LLC acquired a new position in shares of Progressive during the second quarter valued at approximately $35,022,000. Sycomore Asset Management raised its stake in shares of Progressive by 9.5% in the 2nd quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock worth $5,856,000 after buying an additional 2,450 shares in the last quarter. Kestra Investment Management LLC bought a new stake in shares of Progressive in the 2nd quarter worth $728,000. New Wave Wealth Advisors LLC acquired a new stake in shares of Progressive in the second quarter valued at $366,000. Finally, New Century Financial Group LLC boosted its stake in Progressive by 53.4% during the second quarter. New Century Financial Group LLC now owns 1,844 shares of the insurance provider’s stock valued at $383,000 after buying an additional 642 shares in the last quarter. 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.