Progressive (NYSE:PGR) Receives “Buy” Rating from Roth Mkm

Roth Mkm reaffirmed their buy rating on shares of Progressive (NYSE:PGR) in a research note released on Wednesday, Benzinga reports. They currently have a $235.00 price target on the insurance provider’s stock.

A number of other research analysts also recently issued reports on PGR. BMO Capital Markets reissued an outperform rating and issued a $235.00 price target on shares of Progressive in a report on Monday, June 17th. Wells Fargo & Company upped their target price on Progressive from $243.00 to $254.00 and gave the stock an overweight rating in a research note on Monday, June 17th. Bank of America lifted their price target on shares of Progressive from $279.00 to $286.00 and gave the company a buy rating in a research note on Thursday, May 16th. Piper Sandler reiterated an overweight rating and issued a $240.00 target price on shares of Progressive in a research report on Monday, April 1st. Finally, The Goldman Sachs Group upped their price target on shares of Progressive from $161.00 to $216.00 and gave the stock a neutral rating in a research report on Monday, March 25th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Progressive presently has a consensus rating of Hold and an average target price of $216.81.

Progressive Stock Down 1.7 %

Shares of PGR stock opened at $207.71 on Wednesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.32 and a current ratio of 0.32. Progressive has a fifty-two week low of $111.41 and a fifty-two week high of $217.77. The firm has a market capitalization of $121.66 billion, a PE ratio of 21.26, a P/E/G ratio of 0.82 and a beta of 0.35. The stock’s 50-day simple moving average is $209.49 and its 200-day simple moving average is $193.60.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, topping the consensus estimate of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The company had revenue of $18.96 billion for the quarter, compared to the consensus estimate of $16.88 billion. During the same quarter in the prior year, the company earned $0.65 EPS. Progressive’s quarterly revenue was up 17.7% on a year-over-year basis. Equities analysts expect that Progressive will post 11.32 earnings per share for the current year.

Progressive Announces Dividend

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

Insider Buying and Selling

In other news, CAO Mariann Wojtkun Marshall sold 650 shares of the company’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $208.11, for a total value of $135,271.50. Following the transaction, the chief accounting officer now owns 3,981 shares of the company’s stock, valued at approximately $828,485.91. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO John P. Sauerland sold 12,457 shares of the stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the completion of the transaction, the chief financial officer now owns 312,958 shares of the company’s stock, valued at approximately $63,978,003.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mariann Wojtkun Marshall sold 650 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $208.11, for a total value of $135,271.50. Following the completion of the sale, the chief accounting officer now directly owns 3,981 shares in the company, valued at approximately $828,485.91. The disclosure for this sale can be found here. Over the last three months, insiders sold 24,518 shares of company stock worth $5,055,674. Company insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Progressive by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider’s stock worth $10,703,318,000 after acquiring an additional 285,070 shares in the last quarter. Wellington Management Group LLP increased its stake in Progressive by 14.1% during the third quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock worth $3,002,542,000 after purchasing an additional 2,666,449 shares during the period. Massachusetts Financial Services Co. MA increased its stake 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 purchasing an additional 520,742 shares during the period. Norges Bank acquired a new stake in shares of Progressive during the fourth quarter worth about $1,078,831,000. Finally, Deutsche Bank AG boosted its stake in shares of Progressive by 2.9% in the third quarter. Deutsche Bank AG now owns 5,641,166 shares of the insurance provider’s stock valued at $785,814,000 after purchasing an additional 156,332 shares during the period. 85.34% of the stock is currently owned by hedge funds and other 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.