Progressive (NYSE:PGR) Price Target Raised to $315.00 at Roth Mkm

Progressive (NYSE:PGR) had its price target increased by Roth Mkm from $290.00 to $315.00 in a research report released on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the insurance provider’s stock.

A number of other research firms have also recently weighed in on PGR. Wells Fargo & Company increased their price target on Progressive from $313.00 to $317.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. Raymond James raised Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective on the stock in a report on Thursday, December 26th. Morgan Stanley upped their price objective on Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a report on Friday, January 31st. HSBC lowered Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective on the stock. in a report on Tuesday, December 10th. Finally, Evercore ISI upped their price objective on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $277.59.

Progressive Trading Up 2.2 %

Shares of Progressive stock opened at $278.62 on Tuesday. Progressive has a 12-month low of $186.94 and a 12-month high of $279.93. The stock has a market cap of $163.22 billion, a P/E ratio of 19.35, a P/E/G ratio of 1.70 and a beta of 0.42. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The business’s 50 day moving average is $247.97 and its 200-day moving average is $250.14.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Equities research analysts predict that Progressive will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is currently 2.78%.

Insider Transactions at Progressive

In related news, insider Lori A. Niederst sold 3,855 shares of the firm’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $247.06, for a total value of $952,416.30. Following the sale, the insider now directly owns 39,040 shares of the company’s stock, valued at $9,645,222.40. This trade represents a 8.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Andrew J. Quigg sold 681 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $164,870.10. Following the completion of the sale, the insider now directly owns 33,612 shares in the company, valued at $8,137,465.20. This trade represents a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,361 shares of company stock valued at $13,983,575. 0.34% of the stock is owned by corporate insiders.

Institutional Trading of Progressive

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Progressive by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 53,400,366 shares of the insurance provider’s stock valued at $12,795,262,000 after buying an additional 583,376 shares in the last quarter. State Street Corp boosted its stake in Progressive by 1.3% in the third quarter. State Street Corp now owns 24,683,807 shares of the insurance provider’s stock valued at $6,263,763,000 after buying an additional 315,411 shares in the last quarter. Geode Capital Management LLC raised its position in Progressive by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 14,615,430 shares of the insurance provider’s stock valued at $3,498,363,000 after purchasing an additional 189,638 shares during the last quarter. FMR LLC raised its position in Progressive by 1.6% in the third quarter. FMR LLC now owns 10,518,615 shares of the insurance provider’s stock valued at $2,669,204,000 after purchasing an additional 170,618 shares during the last quarter. Finally, Norges Bank bought a new position in Progressive in the fourth quarter valued at about $1,843,045,000. 85.34% of the stock is owned by institutional investors and hedge funds.

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.