Jefferies Financial Group Cuts Progressive (NYSE:PGR) Price Target to $215.00

Progressive (NYSE:PGR) had its price objective cut by Jefferies Financial Group from $216.00 to $215.00 in a report released on Tuesday morning,Benzinga reports. They currently have a hold rating on the insurance provider’s stock.

Several other analysts have also commented on PGR. HSBC lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. The Goldman Sachs Group reissued a “buy” rating and issued a $225.00 target price on shares of Progressive in a research report on Monday, February 23rd. BMO Capital Markets lowered their target price on Progressive from $232.00 to $208.00 and set a “market perform” rating for the company in a research note on Wednesday, March 11th. Keefe, Bruyette & Woods dropped their price target on Progressive from $232.00 to $227.00 and set a “market perform” rating on the stock in a research report on Thursday, March 19th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Progressive in a research note on Monday, December 29th. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Progressive currently has a consensus rating of “Hold” and an average price target of $239.22.

Progressive Trading Down 0.0%

Shares of PGR opened at $202.79 on Tuesday. The firm’s 50-day moving average price is $205.80 and its 200-day moving average price is $219.98. The firm has a market capitalization of $118.62 billion, a price-to-earnings ratio of 10.54, a PEG ratio of 5.85 and a beta of 0.33. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23. Progressive has a 1-year low of $197.92 and a 1-year high of $289.96.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, April 2nd. Progressive’s payout ratio is currently 2.08%.

Insider Buying and Selling

In other news, CIO Jonathan S. Bauer sold 2,266 shares of the stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $203.05, for a total value of $460,111.30. Following the sale, the executive directly owned 26,250 shares of the company’s stock, valued at approximately $5,330,062.50. This represents a 7.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Karen Bailo sold 3,517 shares of the firm’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total value of $745,604.00. Following the transaction, the insider owned 32,348 shares of the company’s stock, valued at $6,857,776. The trade was a 9.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 11,687 shares of company stock worth $2,413,044 over the last three months. Corporate insiders own 0.34% of the company’s stock.

Institutional Trading of Progressive

Several institutional investors have recently bought and sold shares of the company. Maia Wealth LLC lifted its stake in shares of Progressive by 5.4% in the second quarter. Maia Wealth LLC now owns 857 shares of the insurance provider’s stock worth $229,000 after buying an additional 44 shares in the last quarter. Selective Wealth Management Inc. increased its position in shares of Progressive by 2.1% during the third quarter. Selective Wealth Management Inc. now owns 2,207 shares of the insurance provider’s stock valued at $538,000 after acquiring an additional 45 shares in the last quarter. Liberty One Investment Management LLC raised its holdings in Progressive by 3.8% in the 3rd quarter. Liberty One Investment Management LLC now owns 1,291 shares of the insurance provider’s stock worth $319,000 after acquiring an additional 47 shares during the last quarter. True Wealth Design LLC raised its holdings in Progressive by 20.8% in the 3rd quarter. True Wealth Design LLC now owns 279 shares of the insurance provider’s stock worth $69,000 after acquiring an additional 48 shares during the last quarter. Finally, Klingman & Associates LLC lifted its position in Progressive by 1.7% in the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock valued at $667,000 after acquiring an additional 48 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.