Shares of Progressive Corp (NYSE:PGR) have received an average rating of “Buy” from the fifteen ratings firms that are covering the company, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $77.23.
Several brokerages recently weighed in on PGR. Credit Suisse Group lifted their price target on Progressive from $80.00 to $84.00 and gave the company an “outperform” rating in a research note on Wednesday, April 17th. Citigroup lifted their price target on Progressive from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, February 14th. Wells Fargo & Co restated a “hold” rating and issued a $70.00 price target on shares of Progressive in a research note on Wednesday, January 23rd. Barclays upgraded Progressive from an “underweight” rating to an “overweight” rating and lifted their price target for the company from $67.00 to $73.00 in a research note on Wednesday, January 9th. Finally, Zacks Investment Research upgraded Progressive from a “hold” rating to a “buy” rating and set a $85.00 price target for the company in a research note on Monday, April 22nd.
Shares of Progressive stock traded down $0.19 on Monday, hitting $74.24. The company’s stock had a trading volume of 3,960,344 shares, compared to its average volume of 3,157,136. The company has a quick ratio of 0.36, a current ratio of 0.40 and a debt-to-equity ratio of 0.38. Progressive has a 1 year low of $56.71 and a 1 year high of $78.58. The firm has a market cap of $43.47 billion, a PE ratio of 16.80, a P/E/G ratio of 1.96 and a beta of 0.79.
Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.38 by $0.45. Progressive had a return on equity of 27.10% and a net margin of 8.77%. The firm had revenue of $9.24 billion during the quarter, compared to analyst estimates of $9.20 billion. During the same quarter in the previous year, the business earned $1.22 EPS. Progressive’s revenue for the quarter was up 16.0% compared to the same quarter last year. On average, sell-side analysts expect that Progressive will post 5.17 EPS for the current year.
The company also recently disclosed an annual dividend, which was paid on Monday, April 15th. Investors of record on Friday, April 5th were issued a $0.10 dividend. This represents a yield of 0.14%. The ex-dividend date was Thursday, April 4th. Progressive’s payout ratio is 59.05%.
In related news, insider John A. Barbagallo sold 48,000 shares of Progressive stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $75.78, for a total value of $3,637,440.00. Following the sale, the insider now directly owns 84,370 shares in the company, valued at approximately $6,393,558.60. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Susan Patricia Griffith sold 12,600 shares of Progressive stock in a transaction dated Thursday, February 14th. The stock was sold at an average price of $70.30, for a total value of $885,780.00. Following the completion of the sale, the insider now owns 260,138 shares in the company, valued at $18,287,701.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 128,450 shares of company stock worth $9,599,837. 0.39% of the stock is currently owned by insiders.
A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc boosted its holdings in shares of Progressive by 1.4% during the 3rd quarter. Vanguard Group Inc now owns 42,481,196 shares of the insurance provider’s stock worth $3,017,865,000 after purchasing an additional 582,761 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Progressive by 2.9% during the 1st quarter. Janus Henderson Group PLC now owns 13,147,056 shares of the insurance provider’s stock worth $947,787,000 after purchasing an additional 374,526 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Progressive by 4.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 10,976,715 shares of the insurance provider’s stock worth $779,788,000 after purchasing an additional 476,696 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in shares of Progressive by 4,886.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,709,752 shares of the insurance provider’s stock worth $161,000 after purchasing an additional 9,515,013 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Progressive by 7.4% during the 4th quarter. Geode Capital Management LLC now owns 7,478,706 shares of the insurance provider’s stock worth $450,389,000 after purchasing an additional 515,706 shares during the last quarter. Institutional investors own 80.78% of the company’s stock.
Progressive Company Profile
Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, Property, and Other Indemnity.
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