The Progressive Co. (NYSE:PGR) Receives $257.18 Consensus Price Target from Analysts

The Progressive Co. (NYSE:PGR) has earned a consensus rating of “Moderate Buy” from the nineteen analysts that are currently covering the stock, Marketbeat reports. Six investment analysts have rated the stock with a hold recommendation, twelve have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $257.18.

A number of analysts have recently commented on the stock. Morgan Stanley boosted their target price on shares of Progressive from $260.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Barclays initiated coverage on Progressive in a report on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 target price for the company. Roth Mkm lifted their price target on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Evercore ISI increased their price objective on Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Finally, Jefferies Financial Group lifted their target price on shares of Progressive from $256.00 to $257.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th.

Insider Buying and Selling

In other Progressive news, Director Philip Bleser sold 2,129 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total value of $466,421.32. Following the transaction, the director now owns 974 shares of the company’s stock, valued at $213,383.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Progressive news, CEO Susan Patricia Griffith sold 43,371 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $9,281,827.71. Following the sale, the chief executive officer now owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Philip Bleser sold 2,129 shares of Progressive stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total value of $466,421.32. Following the completion of the sale, the director now directly owns 974 shares of the company’s stock, valued at $213,383.92. The disclosure for this sale can be found here. In the last ninety days, insiders sold 146,512 shares of company stock valued at $33,912,874. 0.34% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Progressive

Hedge funds and other institutional investors have recently bought and sold shares of the company. WR Wealth Planners LLC lifted its position in shares of Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO acquired a new stake in Progressive during the 1st quarter worth approximately $32,000. Northwest Bank & Trust Co acquired a new stake in Progressive during the 4th quarter worth approximately $25,000. Hilltop National Bank boosted its position in 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 buying an additional 92 shares during the period. Finally, Register Financial Advisors LLC purchased a new stake in shares of Progressive during the first quarter worth $35,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Stock Performance

NYSE PGR opened at $253.76 on Tuesday. The stock has a market capitalization of $148.63 billion, a price-to-earnings ratio of 25.97, a PEG ratio of 0.72 and a beta of 0.35. The stock has a 50-day moving average of $238.56 and a 200 day moving average of $219.77. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. Progressive has a twelve month low of $137.59 and a twelve month high of $260.46.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. The firm had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business’s revenue was up 21.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.57 EPS. Sell-side analysts anticipate that Progressive will post 12.9 EPS for the current fiscal year.

Progressive Announces Dividend

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

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.