Progressive (NYSE:PGR) Price Target Raised to $216.00 at The Goldman Sachs Group

Progressive (NYSE:PGR) had its target price upped by The Goldman Sachs Group from $161.00 to $216.00 in a research report sent to investors on Monday morning, Benzinga reports. The firm currently has a neutral rating on the insurance provider’s stock.

PGR has been the topic of a number of other reports. Raymond James downgraded shares of Progressive from an outperform rating to a market perform rating in a report on Tuesday, December 12th. Roth Mkm boosted their price target on shares of Progressive from $215.00 to $235.00 and gave the stock a buy rating in a report on Monday, March 18th. UBS Group upped their price objective on shares of Progressive from $159.00 to $170.00 and gave the company a neutral rating in a report on Wednesday, January 10th. TD Cowen started coverage on shares of Progressive in a report on Wednesday, January 10th. They set a market perform rating and a $174.00 price objective on the stock. Finally, Citigroup upped their price objective on shares of Progressive from $192.00 to $202.00 and gave the company a neutral rating in a report on Monday, March 18th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Progressive has an average rating of Hold and a consensus price target of $186.50.

Progressive Stock Performance

NYSE PGR opened at $206.82 on Monday. Progressive has a 1 year low of $111.41 and a 1 year high of $208.19. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.31 and a quick ratio of 0.31. The firm has a market cap of $121.13 billion, a price-to-earnings ratio of 31.43, a PEG ratio of 0.93 and a beta of 0.34. The company has a fifty day moving average price of $189.55 and a 200-day moving average price of $167.28.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, January 24th. The insurance provider reported $2.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.43 by $0.53. Progressive had a net margin of 6.28% and a return on equity of 21.25%. The firm had revenue of $16.89 billion during the quarter, compared to analyst estimates of $16.10 billion. During the same quarter in the prior year, the business posted $1.52 EPS. As a group, equities research analysts predict that Progressive will post 9.82 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Thursday, April 4th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date of this dividend is Wednesday, April 3rd. Progressive’s payout ratio is currently 12.92%.

Insider Buying and Selling at Progressive

In other news, CEO Susan Patricia Griffith sold 13,110 shares of the stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $162.26, for a total transaction of $2,127,228.60. Following the completion of the sale, the chief executive officer now owns 465,737 shares of the company’s stock, valued at $75,570,485.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CEO Susan Patricia Griffith sold 13,110 shares of the firm’s stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $162.26, for a total value of $2,127,228.60. Following the completion of the sale, the chief executive officer now owns 465,737 shares of the company’s stock, valued at $75,570,485.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Patrick K. Callahan sold 29,675 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total value of $5,645,965.50. Following the transaction, the insider now directly owns 15,189 shares of the company’s stock, valued at approximately $2,889,859.14. The disclosure for this sale can be found here. Insiders have sold 58,949 shares of company stock worth $10,671,740 over the last ninety days. Insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

Large investors have recently bought and sold shares of the business. Giverny Capital Inc. grew its stake in shares of Progressive by 2.9% during the 3rd quarter. Giverny Capital Inc. now owns 501,431 shares of the insurance provider’s stock valued at $69,849,000 after purchasing an additional 14,022 shares during the period. Confluence Investment Management LLC lifted its position in shares of Progressive by 3.9% during the 3rd quarter. Confluence Investment Management LLC now owns 1,263,862 shares of the insurance provider’s stock valued at $176,056,000 after buying an additional 47,658 shares in the last quarter. AIA Group Ltd lifted its position in shares of Progressive by 4.9% during the 3rd quarter. AIA Group Ltd now owns 155,427 shares of the insurance provider’s stock valued at $21,651,000 after buying an additional 7,268 shares in the last quarter. First Affirmative Financial Network purchased a new position in shares of Progressive during the 4th quarter valued at about $295,000. Finally, DNB Asset Management AS lifted its position in shares of Progressive by 4.0% during the 4th quarter. DNB Asset Management AS now owns 139,368 shares of the insurance provider’s stock valued at $22,199,000 after buying an additional 5,403 shares in the last quarter. 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.