Shares of The Progressive Co. (NYSE:PGR – Get Rating) have been given an average rating of "Hold" by the sixteen analysts that are currently covering the stock, Marketbeat Ratings reports. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $118.08.
A number of research analysts recently weighed in on PGR shares. MKM Partners lifted their price objective on shares of Progressive from $135.00 to $150.00 and gave the company a "buy" rating in a research note on Thursday, August 18th. TheStreet lowered shares of Progressive from a "b" rating to a "c+" rating in a research note on Friday, July 15th. Jefferies Financial Group lifted their price objective on shares of Progressive from $106.00 to $125.00 and gave the company a "hold" rating in a research note on Tuesday, July 12th. Keefe, Bruyette & Woods upgraded shares of Progressive from an "underperform" rating to a "market perform" rating and lifted their price objective for the company from $96.00 to $107.00 in a research note on Thursday, June 23rd. Finally, Raymond James lifted their price objective on shares of Progressive from $135.00 to $140.00 and gave the company an "outperform" rating in a research note on Monday, August 29th.
Get Progressive alerts:Progressive Trading Down 0.6 %
Shares of PGR stock opened at $118.39 on Friday. The company has a 50 day moving average of $121.76 and a 200-day moving average of $116.55. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.42. Progressive has a 12-month low of $89.35 and a 12-month high of $129.76. The firm has a market cap of $69.25 billion, a P/E ratio of 84.56, a PEG ratio of 0.84 and a beta of 0.42.
Progressive (NYSE:PGR – Get Rating) last issued its quarterly earnings results on Friday, July 15th. The insurance provider reported $0.95 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.95. Progressive had a net margin of 1.79% and a return on equity of 11.52%. The company had revenue of $12.70 billion during the quarter, compared to analyst estimates of $12.87 billion. Sell-side analysts anticipate that Progressive will post 4.94 earnings per share for the current year.Progressive Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, October 7th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date is Thursday, October 6th. Progressive's dividend payout ratio is currently 28.57%.
Insider Transactions at Progressive
In other news, insider Patrick K. Callahan sold 19,068 shares of Progressive stock in a transaction on Friday, September 16th. The shares were sold at an average price of $125.77, for a total transaction of $2,398,182.36. Following the completion of the sale, the insider now directly owns 13,151 shares of the company's stock, valued at approximately $1,654,001.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Progressive news, insider Patrick K. Callahan sold 19,068 shares of the business's stock in a transaction on Friday, September 16th. The shares were sold at an average price of $125.77, for a total value of $2,398,182.36. Following the completion of the sale, the insider now directly owns 13,151 shares of the company's stock, valued at $1,654,001.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Andrew J. Quigg sold 3,180 shares of the business's stock in a transaction on Friday, August 26th. The stock was sold at an average price of $126.43, for a total transaction of $402,047.40. Following the completion of the sale, the insider now directly owns 24,061 shares of the company's stock, valued at $3,042,032.23. The disclosure for this sale can be found here. 0.37% of the stock is currently owned by insiders.
Institutional Trading of Progressive
Several hedge funds have recently added to or reduced their stakes in PGR. Price T Rowe Associates Inc. MD lifted its stake in Progressive by 530.4% in the second quarter. Price T Rowe Associates Inc. MD now owns 11,158,996 shares of the insurance provider's stock worth $1,297,456,000 after purchasing an additional 9,388,746 shares during the last quarter. Norges Bank bought a new position in shares of Progressive during the fourth quarter valued at about $560,913,000. Wellington Management Group LLP raised its stake in shares of Progressive by 17.6% during the first quarter. Wellington Management Group LLP now owns 33,242,101 shares of the insurance provider's stock valued at $3,789,267,000 after acquiring an additional 4,980,478 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Progressive by 42.6% during the second quarter. Principal Financial Group Inc. now owns 7,084,686 shares of the insurance provider's stock valued at $823,736,000 after acquiring an additional 2,114,902 shares during the last quarter. Finally, BlackRock Inc. raised its stake in shares of Progressive by 3.1% during the fourth quarter. BlackRock Inc. now owns 45,790,327 shares of the insurance provider's stock valued at $4,700,376,000 after acquiring an additional 1,393,588 shares during the last quarter. 85.05% of the stock is owned by institutional investors.
Progressive Company Profile
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The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.
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