Progressive (NYSE:PGR) PT Raised to $293.00

Progressive (NYSE:PGR) had its price target upped by Bank of America from $276.00 to $293.00 in a research note published on Wednesday morning, Benzinga reports. They currently have a buy rating on the insurance provider’s stock.

Several other analysts have also recently commented on the stock. Morgan Stanley dropped their target price on shares of Progressive from $256.00 to $255.00 and set an overweight rating for the company in a research report on Monday, June 10th. Wells Fargo & Company increased their target price on Progressive from $243.00 to $254.00 and gave the company an overweight rating in a research note on Monday, June 17th. JPMorgan Chase & Co. raised their target price on Progressive from $210.00 to $239.00 and gave the stock an overweight rating in a report on Thursday, July 11th. Keefe, Bruyette & Woods upped their price target on Progressive from $190.00 to $200.00 and gave the company a market perform rating in a research note on Wednesday, April 10th. Finally, The Goldman Sachs Group lifted their price objective on shares of Progressive from $161.00 to $216.00 and gave the stock a neutral rating in a research note on Monday, March 25th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $222.94.

Progressive Trading Down 2.3 %

Shares of NYSE PGR opened at $219.35 on Wednesday. Progressive has a 1-year low of $118.75 and a 1-year high of $229.00. The company has a 50-day moving average of $209.89 and a two-hundred day moving average of $199.45. The company has a market cap of $128.47 billion, a PE ratio of 22.45, a P/E/G ratio of 0.82 and a beta of 0.35. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last posted 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. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter last year, the business earned $0.57 earnings per share. The firm’s quarterly revenue was up 21.6% compared to the same quarter last year. As a group, equities analysts expect that Progressive will post 11.85 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd were given a $0.10 dividend. The ex-dividend date was Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.18%. Progressive’s payout ratio is 4.09%.

Insider Transactions at Progressive

In other Progressive news, CFO John P. Sauerland sold 12,457 shares of the company’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total value of $2,546,584.51. Following the transaction, the chief financial officer now directly owns 312,958 shares in the company, valued at $63,978,003.94. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CFO John P. Sauerland sold 12,457 shares of the stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the transaction, the chief financial officer now owns 312,958 shares in the company, valued at $63,978,003.94. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Steven Broz sold 7,361 shares of Progressive stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total value of $1,525,567.25. Following the sale, the insider now directly owns 35,503 shares of the company’s stock, valued at approximately $7,357,996.75. The disclosure for this sale can be found here. In the last three months, insiders sold 35,647 shares of company stock worth $7,417,765. 0.34% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. City State Bank grew its stake in Progressive by 8.2% during the second quarter. City State Bank now owns 661 shares of the insurance provider’s stock worth $137,000 after buying an additional 50 shares in the last quarter. First Citizens Bank & Trust Co. boosted its position in shares of Progressive by 2.6% during the 2nd quarter. First Citizens Bank & Trust Co. now owns 2,047 shares of the insurance provider’s stock worth $425,000 after acquiring an additional 51 shares in the last quarter. D.B. Root & Company LLC boosted its position in shares of Progressive by 4.4% during the 2nd quarter. D.B. Root & Company LLC now owns 1,237 shares of the insurance provider’s stock worth $257,000 after acquiring an additional 52 shares in the last quarter. Dorsey & Whitney Trust CO LLC raised its position in Progressive by 1.2% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 4,640 shares of the insurance provider’s stock valued at $960,000 after purchasing an additional 56 shares in the last quarter. Finally, Balentine LLC lifted its stake in Progressive by 0.3% during the fourth quarter. Balentine LLC now owns 22,162 shares of the insurance provider’s stock worth $3,530,000 after purchasing an additional 58 shares during 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.