Progressive (NYSE:PGR) PT Raised to $218.00

Progressive (NYSE:PGR) had its price target raised by UBS Group from $216.00 to $218.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a neutral rating on the insurance provider’s stock.

Other analysts have also issued reports about the stock. HSBC boosted their price objective on shares of Progressive from $174.00 to $200.00 and gave the company a hold rating in a report on Thursday, March 28th. BMO Capital Markets upped their price objective on shares of Progressive from $185.00 to $200.00 and gave the stock an outperform rating in a report on Thursday, January 25th. Roth Mkm boosted their target price on Progressive from $215.00 to $235.00 and gave the company a buy rating in a research report on Monday, March 18th. TD Cowen assumed coverage on Progressive in a research report on Wednesday, January 10th. They set a market perform rating and a $174.00 price target for the company. Finally, Keefe, Bruyette & Woods boosted their price objective on Progressive from $190.00 to $200.00 and gave the company a market perform rating in a report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $211.88.

Progressive Trading Up 2.4 %

Shares of PGR stock opened at $214.69 on Wednesday. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32. Progressive has a twelve month low of $111.41 and a twelve month high of $215.18. The company’s 50-day moving average price is $199.92 and its 200-day moving average price is $175.35. The stock has a market cap of $125.74 billion, a price-to-earnings ratio of 21.97, a PEG ratio of 0.83 and a beta of 0.35.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, beating the consensus estimate of $3.20 by $0.74. The business had revenue of $18.96 billion during 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 business’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.65 EPS. As a group, equities analysts predict that Progressive will post 11.22 earnings per share for the current year.

Progressive Dividend Announcement

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

Insider Buying and Selling at Progressive

In related news, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the transaction, the director now owns 7,176 shares in the company, valued at $1,494,976.08. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Progressive news, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the sale, the insider now owns 32,342 shares of the company’s stock, valued at $6,128,485.58. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Devin C. Johnson sold 1,000 shares of the company’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the transaction, the director now owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,139 shares of company stock valued at $7,458,139. Insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position 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 worth $8,197,629,000 after purchasing an additional 218,809 shares in the last quarter. Wellington Management Group LLP grew its stake in Progressive by 14.1% during the 3rd quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock worth $3,002,542,000 after buying an additional 2,666,449 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in Progressive by 3.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 14,935,652 shares of the insurance provider’s stock worth $2,378,951,000 after buying an additional 520,742 shares during the period. Alliancebernstein L.P. lifted its stake 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 last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of 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 acquiring an additional 655,706 shares during the period. 85.34% of the stock is owned by hedge funds and other 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.