Progressive (NYSE:PGR – Free Report) had its price objective lowered by Keefe, Bruyette & Woods from $232.00 to $227.00 in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has a market perform rating on the insurance provider’s stock.
Other analysts have also recently issued reports about the company. BMO Capital Markets decreased their price objective on Progressive from $232.00 to $208.00 and set a “market perform” rating for the company in a research report on Wednesday, March 11th. William Blair lowered Progressive from an “outperform” rating to a “market perform” rating in a report on Thursday, December 18th. Zacks Research upgraded Progressive from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 24th. Argus upgraded shares of Progressive to a “hold” rating in a research report on Thursday, March 5th. Finally, Evercore reissued a “negative” rating on shares of Progressive in a research note on Wednesday. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $239.72.
Check Out Our Latest Report on Progressive
Progressive Stock Performance
Progressive Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, April 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.08%.
Insider Transactions at Progressive
In related news, CAO Carl G. Joyce sold 141 shares of the company’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $29,892.00. Following the transaction, the chief accounting officer owned 828 shares of the company’s stock, valued at $175,536. This represents a 14.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CIO Jonathan S. Bauer sold 2,266 shares of the stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $203.05, for a total value of $460,111.30. Following the completion of the transaction, the executive owned 26,250 shares of the company’s stock, valued at $5,330,062.50. The trade was a 7.95% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 11,417 shares of company stock valued at $2,357,289. 0.34% of the stock is owned by company insiders.
Institutional Trading of Progressive
Several hedge funds and other institutional investors have recently made changes to their positions in PGR. Davis Capital Management acquired a new position in Progressive during the third quarter worth about $25,000. Bard Associates Inc. acquired a new stake in shares of Progressive during the 4th quarter valued at approximately $27,000. Dagco Inc. acquired a new stake in shares of Progressive during the 4th quarter valued at approximately $28,000. IFC & Insurance Marketing Inc. purchased a new stake in shares of Progressive during the 4th quarter worth approximately $29,000. Finally, Ameriflex Group Inc. grew its holdings in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after acquiring an additional 65 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.
More Progressive News
Here are the key news stories impacting Progressive this week:
- Positive Sentiment: Bank of America kept a “buy” rating and, despite trimming its target slightly to $305, still implies substantial upside — a supporting factor for the stock. Progressive had its price target lowered by Bank of America Corporation from $308.00 to $305.00
- Positive Sentiment: Wells Fargo raised its target to $217 and maintained an “equal weight” view, a modest positive signal that offsets some downgrades. Wells Fargo raised its price target on Progressive
- Neutral Sentiment: Progressive is getting increased attention from retail and news platforms; Zacks flagged PGR as a “trending” stock, which can drive short-term volume and volatility but doesn’t change fundamentals. The Progressive Corporation (PGR) Is a Trending Stock
- Neutral Sentiment: Recent media noted intraday moves in PGR (short-term price swings); useful for traders but not necessarily indicative of a lasting trend. Progressive (PGR) stock moves -1.29%: What you should know
- Negative Sentiment: Mizuho cut its target to $223 and moved to “neutral,” trimming upside expectations and applying downward pressure. Progressive had its price target lowered by Mizuho from $235.00 to $223.00
- Negative Sentiment: Barclays downgraded PGR from “strong-buy” to “hold,” reducing buy-side conviction and potentially limiting near-term gains. Progressive was downgraded by Barclays PLC from “strong-buy” to “hold”
- Negative Sentiment: Keefe, Bruyette & Woods trimmed its target to $227 and set a “market perform” rating, another modest drag on sentiment. Progressive had its price target lowered by Keefe, Bruyette & Woods
- Neutral Sentiment: An unrelated biotech update (Zenas BioPharma) appeared in the feed but has no material bearing on Progressive’s insurance business. Zenas BioPharma Advances Phase 3 Orelabrutinib Trial
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.
Further Reading
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