The Progressive Corporation (NYSE:PGR) Given Average Recommendation of “Hold” by Brokerages

The Progressive Corporation (NYSE:PGR) has received an average recommendation of “Hold” from the twenty-one brokerages that are covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, twelve have assigned a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $251.2941.

Several analysts recently commented on PGR shares. Jefferies Financial Group reaffirmed a “hold” rating on shares of Progressive in a research note on Wednesday, December 17th. William Blair downgraded shares of Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. Barclays raised shares of Progressive from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $257.00 to $265.00 in a report on Thursday, January 8th. Citigroup cut their price target on shares of Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a report on Tuesday, February 3rd. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 7th.

Progressive Stock Up 0.5%

NYSE PGR opened at $202.57 on Friday. Progressive has a 1-year low of $197.92 and a 1-year high of $292.99. The company has a market capitalization of $118.79 billion, a price-to-earnings ratio of 10.53, a PEG ratio of 1.24 and a beta of 0.32. The stock’s 50 day moving average is $216.15 and its two-hundred day moving average is $228.55. The company has a current ratio of 0.38, a quick ratio of 0.29 and a debt-to-equity ratio of 0.23.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, January 2nd were given a dividend of $0.10 per share. The ex-dividend date was Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio is 2.08%.

Insiders Place Their Bets

In other news, CIO Jonathan S. Bauer sold 3,105 shares of the firm’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $634,506.75. Following the completion of the sale, the executive directly owned 26,249 shares in the company, valued at approximately $5,363,983.15. This trade represents a 10.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Steven Broz sold 1,344 shares of the company’s stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $224.80, for a total transaction of $302,131.20. Following the transaction, the insider owned 26,354 shares in the company, valued at approximately $5,924,379.20. This trade represents a 4.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 12,443 shares of company stock valued at $2,723,061. Company insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Progressive

A number of large investors have recently modified their holdings of the stock. Davis Capital Management acquired a new position in shares of Progressive in the third quarter valued at approximately $25,000. Dagco Inc. bought a new stake in Progressive in the 4th quarter valued at $28,000. Atlantic Union Bankshares Corp acquired a new position in Progressive in the 2nd quarter worth $33,000. Howard Hughes Medical Institute acquired a new position in Progressive in the 2nd quarter worth $34,000. Finally, Ameriflex Group Inc. raised its stake in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

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.