Progressive (NYSE:PGR) Sets New 12-Month Low Following Analyst Downgrade

Shares of The Progressive Corporation (NYSE:PGR) hit a new 52-week low during mid-day trading on Tuesday after Morgan Stanley lowered their price target on the stock from $205.00 to $190.00. Morgan Stanley currently has an underweight rating on the stock. Progressive traded as low as $196.38 and last traded at $198.3070, with a volume of 489604 shares changing hands. The stock had previously closed at $201.39.

Other analysts have also recently issued research reports about the stock. UBS Group raised their target price on shares of Progressive from $218.00 to $220.00 and gave the stock a “neutral” rating in a research note on Monday, March 23rd. Piper Sandler reiterated an “overweight” rating and issued a $259.00 price target on shares of Progressive in a research note on Monday, March 2nd. Bank of America lowered their price target on shares of Progressive from $305.00 to $295.00 and set a “buy” rating on the stock in a report on Wednesday, March 25th. JPMorgan Chase & Co. cut their price objective on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research report on Wednesday, January 7th. Finally, William Blair cut Progressive from an “outperform” rating to a “market perform” rating in a report on Thursday, December 18th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Progressive has a consensus rating of “Hold” and a consensus price target of $238.39.

Insiders Place Their Bets

In related news, CIO Jonathan S. Bauer sold 3,105 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $634,506.75. Following the transaction, the executive directly owned 26,249 shares of the company’s stock, valued at approximately $5,363,983.15. This trade represents a 10.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Maribel Pumarejo sold 739 shares of Progressive stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. The SEC filing for this sale provides additional information. Insiders sold a total of 11,687 shares of company stock valued at $2,413,044 in the last three months. Insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

Several institutional investors have recently made changes to their positions in the stock. Davis Capital Management bought a new position in Progressive during the 3rd quarter worth $25,000. Bard Associates Inc. acquired a new position in Progressive in the 4th quarter valued at $27,000. Dagco Inc. bought a new stake in shares of Progressive during the 4th quarter valued at $28,000. IFC & Insurance Marketing Inc. bought a new stake in shares of Progressive during the 4th quarter valued at $29,000. Finally, Ameriflex Group Inc. grew its holdings in shares of Progressive by 106.6% during the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Trading Down 2.4%

The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.35 and a current ratio of 0.35. The company has a market capitalization of $113.13 billion, a price-to-earnings ratio of 10.05, a price-to-earnings-growth ratio of 5.73 and a beta of 0.34. The firm has a fifty day moving average price of $205.39 and a 200-day moving average price of $218.44.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Thursday, April 2nd. Progressive’s dividend payout ratio is presently 2.08%.

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.