The Progressive Corporation (NYSE:PGR) Receives Consensus Recommendation of “Hold” from Analysts

The Progressive Corporation (NYSE:PGR) has earned a consensus rating of “Hold” from the twenty-one brokerages that are presently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, twelve have assigned a hold recommendation and seven have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $250.3529.

Several research firms have weighed in on PGR. Zacks Research downgraded shares of Progressive from a “hold” rating to a “strong sell” rating in a report on Monday, January 26th. The Goldman Sachs Group set a $227.00 target price on shares of Progressive in a research report on Wednesday, January 7th. Citigroup dropped their price target on shares of Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a research report on Tuesday, February 3rd. Wells Fargo & Company decreased their price objective on Progressive from $240.00 to $220.00 and set an “equal weight” rating for the company in a report on Thursday, January 29th. Finally, UBS Group set a $226.00 price objective on Progressive in a research note on Monday, February 2nd.

Insider Activity

In other news, CIO Jonathan S. Bauer sold 3,105 shares of the company’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total value of $634,506.75. Following the completion of the sale, the executive owned 26,249 shares in the company, valued at $5,363,983.15. This represents a 10.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Andrew J. Quigg sold 1,649 shares of the stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $336,973.15. Following the completion of the sale, the insider owned 39,626 shares of the company’s stock, valued at approximately $8,097,573.10. This trade represents a 4.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 12,443 shares of company stock valued at $2,723,061 over the last quarter. 0.34% of the stock is owned by insiders.

Institutional Investors Weigh In On Progressive

Several large investors have recently made changes to their positions in PGR. Quadrant Capital Group LLC boosted its holdings in shares of Progressive by 14.9% in the 4th quarter. Quadrant Capital Group LLC now owns 16,197 shares of the insurance provider’s stock worth $3,688,000 after buying an additional 2,101 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in Progressive by 13.1% during the fourth quarter. Advisors Asset Management Inc. now owns 32,162 shares of the insurance provider’s stock worth $7,324,000 after buying an additional 3,736 shares during the last quarter. Douglass Winthrop Advisors LLC raised its position in Progressive by 65.7% in the fourth quarter. Douglass Winthrop Advisors LLC now owns 2,148 shares of the insurance provider’s stock worth $489,000 after acquiring an additional 852 shares during the period. Northwest & Ethical Investments L.P. boosted its stake in Progressive by 86.3% in the fourth quarter. Northwest & Ethical Investments L.P. now owns 18,166 shares of the insurance provider’s stock valued at $4,137,000 after acquiring an additional 8,414 shares during the last quarter. Finally, Federation des caisses Desjardins du Quebec boosted its stake in Progressive by 10.6% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 180,870 shares of the insurance provider’s stock valued at $41,187,000 after acquiring an additional 17,368 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Price Performance

Shares of NYSE:PGR opened at $205.60 on Friday. Progressive has a twelve month low of $197.92 and a twelve month high of $292.99. The stock’s 50 day moving average is $215.35 and its 200-day moving average is $228.25. The company has a quick ratio of 0.29, a current ratio of 0.38 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $120.56 billion, a price-to-earnings ratio of 10.69, a PEG ratio of 7.30 and a beta of 0.32.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, January 2nd were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend was Friday, January 2nd. Progressive’s dividend payout ratio is presently 2.08%.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.