Progressive (NYSE:PGR) Price Target Raised to $290.00

Progressive (NYSE:PGR) had its price objective raised by Keefe, Bruyette & Woods from $280.00 to $290.00 in a research report report published on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the insurance provider’s stock.

Other analysts have also issued research reports about the stock. Jefferies Financial Group raised their price objective on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Evercore ISI raised their price target on Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Barclays started coverage on Progressive in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 price objective on the stock. Roth Mkm raised their target price on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Finally, JPMorgan Chase & Co. upped their price target on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Seven analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $268.81.

Progressive Stock Performance

Shares of NYSE:PGR opened at $251.08 on Wednesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The business’s fifty day moving average price is $248.81 and its two-hundred day moving average price is $224.05. Progressive has a fifty-two week low of $149.14 and a fifty-two week high of $260.46. The stock has a market capitalization of $147.05 billion, a price-to-earnings ratio of 21.50, a price-to-earnings-growth ratio of 0.70 and a beta of 0.35.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.61. The business had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.57 EPS. As a group, analysts predict that Progressive will post 12.97 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were paid a dividend of $0.10 per share. The ex-dividend date was Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. Progressive’s dividend payout ratio (DPR) is presently 3.42%.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 2,982 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the transaction, the insider now directly owns 29,334 shares in the company, valued at approximately $7,626,840. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Susan Patricia Griffith sold 43,371 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the sale, the chief executive officer now owns 517,105 shares of the company’s stock, valued at approximately $110,665,641.05. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Steven Broz sold 2,982 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the completion of the transaction, the insider now directly owns 29,334 shares of the company’s stock, valued at approximately $7,626,840. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 144,383 shares of company stock valued at $33,446,453. 0.34% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Progressive

Institutional investors have recently modified their holdings of the business. Fisher Asset Management LLC increased its position in shares of Progressive by 12.1% during the fourth quarter. Fisher Asset Management LLC now owns 9,920 shares of the insurance provider’s stock worth $1,580,000 after acquiring an additional 1,067 shares in the last quarter. Moody National Bank Trust Division acquired a new stake in shares of Progressive in the 1st quarter valued at about $345,000. Massmutual Trust Co. FSB ADV boosted its position in shares of Progressive by 4.3% during the first quarter. Massmutual Trust Co. FSB ADV now owns 1,765 shares of the insurance provider’s stock worth $365,000 after buying an additional 73 shares during the period. Signal Advisors Wealth LLC bought a new position in shares of Progressive during the first quarter worth about $528,000. Finally, Fulton Bank N.A. raised its position in Progressive by 5.3% in the 1st quarter. Fulton Bank N.A. now owns 5,518 shares of the insurance provider’s stock valued at $1,141,000 after buying an additional 279 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

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.