The Progressive Co. (NYSE:PGR) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of The Progressive Co. (NYSE:PGR) have been given an average rating of “Moderate Buy” by the nineteen brokerages that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $237.24.

A number of equities research analysts have recently issued reports on the company. Jefferies Financial Group upped their price objective on Progressive from $256.00 to $257.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. JPMorgan Chase & Co. increased 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. Roth Mkm boosted their price objective on shares of Progressive from $235.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a report on Monday, August 12th. Finally, BMO Capital Markets reduced their price target on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th.

Progressive Stock Up 0.0 %

Progressive stock opened at $252.30 on Friday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. Progressive has a 1-year low of $133.15 and a 1-year high of $254.83. The company has a fifty day simple moving average of $222.97 and a 200 day simple moving average of $211.70. The company has a market cap of $147.77 billion, a P/E ratio of 25.82, a price-to-earnings-growth ratio of 0.83 and a beta of 0.35.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share 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 company had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter last year, the company earned $0.57 EPS. Progressive’s revenue for the quarter was up 21.6% compared to the same quarter last year. Research analysts anticipate that Progressive will post 12.2 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

Insider Transactions at Progressive

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 transaction 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CAO Mariann Wojtkun Marshall sold 650 shares of the company’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 transaction of $135,271.50. Following the completion of the sale, 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 legal filing with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 3,050 shares of Progressive stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $209.81, for a total transaction of $639,920.50. Following the completion of the transaction, the insider now directly owns 32,453 shares in the company, valued at $6,808,963.93. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 103,984 shares of company stock valued at $22,564,766. 0.34% of the stock is currently owned by company insiders.

Institutional Trading of Progressive

Several institutional investors and hedge funds have recently modified their holdings of PGR. Sycomore Asset Management lifted its holdings in shares of Progressive by 9.5% in the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock worth $5,856,000 after acquiring an additional 2,450 shares during the last quarter. Kestra Investment Management LLC acquired a new position in Progressive during the 2nd quarter worth approximately $728,000. New Wave Wealth Advisors LLC bought a new position in Progressive in the 2nd quarter valued at approximately $366,000. New Century Financial Group LLC boosted its position in Progressive by 53.4% in 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. Finally, Teachers Retirement System of The State of Kentucky boosted its position in Progressive by 14.5% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 229,808 shares of the insurance provider’s stock valued at $47,733,000 after buying an additional 29,125 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.