Progressive (NYSE:PGR) Given New $267.00 Price Target at BMO Capital Markets

Progressive (NYSE:PGR) had its price objective cut by BMO Capital Markets from $273.00 to $267.00 in a report published on Monday morning,Benzinga reports. They currently have an outperform rating on the insurance provider’s stock.

Several other brokerages have also issued reports on PGR. Bank of America upped their target price on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research note on Monday, November 18th. Hsbc Global Res cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Keefe, Bruyette & Woods lifted their target price on shares of Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. upped their price target on shares of Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Finally, Barclays lifted their price objective on Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $273.81.

Progressive Stock Performance

Progressive stock opened at $240.28 on Monday. Progressive has a fifty-two week low of $154.38 and a fifty-two week high of $270.62. The firm’s fifty day moving average price is $253.76 and its 200-day moving average price is $237.60. The stock has a market cap of $140.76 billion, a P/E ratio of 17.46, a price-to-earnings-growth ratio of 0.70 and a beta of 0.38. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The firm had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. On average, equities research analysts expect that Progressive will post 13.2 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 9th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.17%. The ex-dividend date of this dividend is Thursday, January 9th. Progressive’s dividend payout ratio (DPR) is currently 2.91%.

Insider Buying and Selling at Progressive

In related news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the transaction, the chief financial officer now owns 292,958 shares in the company, valued at $78,539,110.22. The trade was a 3.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Broz sold 2,981 shares of the stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the transaction, the insider now directly owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. The trade was a 10.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,839 shares of company stock valued at $6,718,965. 0.34% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Progressive

Several hedge funds have recently made changes to their positions in PGR. Raleigh Capital Management Inc. lifted its position in Progressive by 20.9% during the third quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock valued at $60,000 after buying an additional 41 shares during the period. LRI Investments LLC increased its stake in shares of Progressive by 16.5% in the 3rd quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock worth $76,000 after acquiring an additional 42 shares in the last quarter. Castleview Partners LLC lifted its position in Progressive by 2.7% during the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock valued at $434,000 after acquiring an additional 45 shares during the period. Washington Trust Bank boosted its stake in Progressive by 4.6% during the third quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock worth $260,000 after acquiring an additional 45 shares in the last quarter. Finally, Sunbelt Securities Inc. grew its holdings in Progressive by 21.3% in the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after purchasing an additional 46 shares during the period. 85.34% of the stock is currently owned by institutional investors.

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.