The Progressive Co. (NYSE:PGR) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of The Progressive Co. (NYSE:PGR) have been given a consensus rating of “Moderate Buy” by the eighteen research firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and ten have given a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $224.18.

Several research firms have issued reports on PGR. Morgan Stanley cut their price target on shares of Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a report on Monday, June 10th. Citigroup reduced their target price on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods raised Progressive from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $210.00 to $245.00 in a report on Wednesday, July 17th. BMO Capital Markets cut their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Finally, Evercore ISI lifted their target price on shares of Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th.

Insider Buying and Selling

In other Progressive news, CIO Jonathan S. Bauer sold 2,467 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 $527,962.67. Following the completion of the transaction, the executive now directly owns 24,720 shares of the company’s stock, valued at $5,290,327.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CIO Jonathan S. Bauer sold 2,467 shares of Progressive stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $527,962.67. Following the completion of the transaction, the executive now directly owns 24,720 shares of the company’s stock, valued at approximately $5,290,327.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO John P. Sauerland sold 12,457 shares of the stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the sale, the chief financial officer now directly owns 312,958 shares in the company, valued at $63,978,003.94. The disclosure for this sale can be found here. Insiders have sold a total of 108,168 shares of company stock valued at $22,937,984 over the last ninety days. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Progressive

A number of large investors have recently bought and sold shares of PGR. Whittier Trust Co. of Nevada Inc. increased its position in shares of Progressive by 11.8% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock valued at $95,000 after buying an additional 48 shares in the last quarter. Farmers & Merchants Investments Inc. boosted its holdings in Progressive by 10.4% in the 2nd quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock worth $106,000 after buying an additional 48 shares during the last quarter. Graypoint LLC raised its holdings in shares of Progressive by 1.2% during the second quarter. Graypoint LLC now owns 4,202 shares of the insurance provider’s stock valued at $873,000 after acquiring an additional 49 shares during the last quarter. City State Bank lifted its position in shares of Progressive by 8.2% in the second quarter. City State Bank now owns 661 shares of the insurance provider’s stock valued at $137,000 after acquiring an additional 50 shares in the last quarter. Finally, GYL Financial Synergies LLC boosted its stake in shares of Progressive by 4.0% in the second quarter. GYL Financial Synergies LLC now owns 1,302 shares of the insurance provider’s stock worth $270,000 after acquiring an additional 50 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Price Performance

Shares of PGR stock opened at $221.73 on Monday. The company has a market cap of $129.87 billion, a P/E ratio of 22.69, a PEG ratio of 0.75 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.32. The stock’s 50-day moving average is $212.30 and its 200 day moving average is $204.68. Progressive has a 1-year low of $124.06 and a 1-year high of $229.00.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. The business had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The company’s revenue was up 21.6% compared to the same quarter last year. During the same period last year, the business earned $0.57 EPS. Research analysts predict that Progressive will post 12.02 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.18%. Progressive’s payout ratio is 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.