The Progressive Corporation (NYSE:PGR) Receives $235.95 Average PT from Analysts

The Progressive Corporation (NYSE:PGR) has been given a consensus rating of “Hold” by the twenty-two research firms that are covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and seven have assigned a buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $234.8947.

A number of equities research analysts have recently weighed in on PGR shares. UBS Group reissued a “neutral” rating on shares of Progressive in a report on Monday. Mizuho decreased their price target on shares of Progressive from $236.00 to $230.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 16th. Raymond James Financial reaffirmed an “outperform” rating and set a $245.00 price target on shares of Progressive in a research report on Monday. HSBC lifted their price objective on shares of Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a research note on Monday, July 6th. Finally, Evercore set a $240.00 price objective on shares of Progressive in a report on Friday, July 10th.

Insider Activity

In other Progressive news, insider John Murphy sold 8,124 shares of Progressive stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.70, for a total value of $1,727,974.80. Following the completion of the transaction, the insider directly owned 41,291 shares of the company’s stock, valued at $8,782,595.70. The trade was a 16.44% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori Niederst sold 7,339 shares of the company’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $209.29, for a total value of $1,535,979.31. Following the sale, the insider owned 42,567 shares of the company’s stock, valued at approximately $8,908,847.43. The trade was a 14.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 112,557 shares of company stock worth $24,229,387. 0.32% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Progressive

A number of large investors have recently bought and sold shares of the company. Talon Private Wealth LLC bought a new position in Progressive in the 2nd quarter valued at about $213,000. Tidal Investments LLC lifted its holdings in shares of Progressive by 15.9% during the 2nd quarter. Tidal Investments LLC now owns 83,911 shares of the insurance provider’s stock worth $18,330,000 after acquiring an additional 11,525 shares during the period. Van Hulzen Asset Management LLC bought a new stake in shares of Progressive during the 2nd quarter worth approximately $313,000. National Pension Service boosted its position in shares of Progressive by 3.2% during the 2nd quarter. National Pension Service now owns 1,336,735 shares of the insurance provider’s stock worth $292,010,000 after acquiring an additional 41,337 shares in the last quarter. Finally, Cidel Asset Management Inc. increased its stake in Progressive by 20.1% in the second quarter. Cidel Asset Management Inc. now owns 2,845 shares of the insurance provider’s stock valued at $621,000 after acquiring an additional 476 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Trading Down 0.6%

Shares of PGR stock opened at $212.21 on Friday. Progressive has a 12-month low of $189.20 and a 12-month high of $248.17. The company has a market capitalization of $123.37 billion, a PE ratio of 10.64, a price-to-earnings-growth ratio of 2.74 and a beta of 0.27. The firm has a 50 day moving average price of $214.84 and a two-hundred day moving average price of $208.52. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, beating the consensus estimate of $4.64 by $1.03. The company had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.40 earnings per share. As a group, analysts predict that Progressive will post 17.85 earnings per share for the current year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio is currently 2.01%.

Progressive Company Profile

Progressive Corporation, founded in 1937 and headquartered in Mayfield Village, Ohio, is an insurance company that primarily serves customers in the United States. The company is best known for its personal and commercial auto insurance businesses and distributes products through independent agents, direct channels and digital platforms.

Progressive offers a broad range of insurance products, including coverage for automobiles, motorcycles, boats, recreational vehicles, homes and renters.