Progressive (NYSE:PGR) Price Target Increased to $282.00 by Analysts at Wells Fargo & Company

Progressive (NYSE:PGR) had its price objective hoisted by Wells Fargo & Company from $281.00 to $282.00 in a report published on Tuesday, Benzinga reports. They currently have an overweight rating on the insurance provider’s stock.

Several other brokerages have also commented on PGR. Roth Mkm lifted their price objective on shares of Progressive from $235.00 to $270.00 and gave the stock a buy rating in a research report on Thursday, August 15th. Bank of America boosted their price target on shares of Progressive from $294.00 to $312.00 and gave the company a buy rating in a research report on Tuesday, September 3rd. Keefe, Bruyette & Woods boosted their price target on shares of Progressive from $255.00 to $275.00 and gave the company an outperform rating in a research report on Tuesday, September 3rd. HSBC raised shares of Progressive from a hold rating to a buy rating and set a $253.00 price target on the stock in a research report on Monday, August 12th. Finally, The Goldman Sachs Group raised shares of Progressive from a neutral rating to a buy rating and boosted their price target for the company from $230.00 to $262.00 in a research report on Thursday, August 15th. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $252.29.

Progressive Stock Performance

Shares of PGR stock opened at $255.46 on Tuesday. The firm has a market cap of $149.62 billion, a price-to-earnings ratio of 26.15, a P/E/G ratio of 0.82 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. Progressive has a 52 week low of $134.34 and a 52 week high of $256.74. The firm’s 50-day simple moving average is $229.54 and its two-hundred day simple moving average is $214.74.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 EPS 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 company’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.57 earnings per share. As a group, equities analysts forecast that Progressive will post 12.29 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be paid a $0.10 dividend. The ex-dividend date is Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s dividend payout ratio is presently 4.09%.

Insiders Place Their Bets

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the transaction, the chief executive officer now owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the transaction, the chief executive officer now owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider John Jo Murphy sold 9,512 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the completion of the transaction, the insider now directly owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. The disclosure for this sale can be found here. Insiders sold a total of 147,354 shares of company stock valued at $33,502,680 in the last quarter. Corporate insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

Institutional investors have recently made changes to their positions in the business. Sachetta LLC purchased a new stake in shares of Progressive in the 4th quarter valued at $25,000. Northwest Bank & Trust Co purchased a new stake in shares of Progressive in the 4th quarter valued at $25,000. WR Wealth Planners LLC boosted its stake in shares of Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO purchased a new stake in shares of Progressive in the 1st quarter valued at $32,000. Finally, Hilltop National Bank boosted its stake in shares of Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Company Profile

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.