Analysts Set The Progressive Co. (NYSE:PGR) Target Price at $215.69

Shares of The Progressive Co. (NYSE:PGR) have been assigned a consensus recommendation of “Hold” from the seventeen brokerages that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $216.81.

A number of analysts have recently weighed in on the stock. Morgan Stanley reduced their price target on shares of Progressive from $256.00 to $255.00 and set an “overweight” rating for the company in a research note on Monday, June 10th. Wells Fargo & Company increased their price target on Progressive from $243.00 to $254.00 and gave the company an “overweight” rating in a research note on Monday. BMO Capital Markets reiterated an “outperform” rating and set a $235.00 price target on shares of Progressive in a research report on Monday. Keefe, Bruyette & Woods upped their price objective on Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a report on Wednesday, April 10th. Finally, HSBC lifted their target price on Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a report on Thursday, March 28th.

Progressive Stock Up 0.0 %

PGR stock opened at $210.78 on Friday. The stock has a market cap of $123.45 billion, a PE ratio of 21.57, a price-to-earnings-growth ratio of 0.81 and a beta of 0.35. The firm’s 50-day simple moving average is $209.43 and its 200 day simple moving average is $191.46. Progressive has a fifty-two week low of $111.41 and a fifty-two week high of $217.77. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.32.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.20 by $0.74. The business had revenue of $18.96 billion during the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The business’s revenue was up 17.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.65 earnings per share. As a group, sell-side analysts predict that Progressive will post 11.33 EPS for the current year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Wednesday, July 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.19%. The ex-dividend date is Wednesday, July 3rd. Progressive’s payout ratio is presently 4.09%.

Insider Activity

In other Progressive news, insider Steven Broz sold 7,361 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the sale, the insider now directly owns 35,503 shares in the company, valued at approximately $7,357,996.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Progressive news, insider Steven Broz sold 7,361 shares of Progressive stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total value of $1,525,567.25. Following the sale, the insider now owns 35,503 shares of the company’s stock, valued at approximately $7,357,996.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mariann Wojtkun Marshall sold 650 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $208.11, for a total value of $135,271.50. Following the transaction, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at approximately $828,485.91. The disclosure for this sale can be found here. Insiders have sold 21,468 shares of company stock worth $4,415,753 in the last 90 days. Corporate insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

Institutional investors and hedge funds have recently made changes to their positions in the stock. Sachetta LLC acquired a new position in Progressive in the 4th quarter valued at about $25,000. Northwest Bank & Trust Co acquired a new position in shares of Progressive in the fourth quarter valued at approximately $25,000. Valley National Advisers Inc. increased its stake in shares of Progressive by 143.6% during the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 112 shares during the period. Indiana Trust & Investment Management CO acquired a new stake in Progressive during the 1st quarter worth approximately $32,000. Finally, Register Financial Advisors LLC acquired a new stake in Progressive during the 1st quarter worth approximately $35,000. Institutional investors own 85.34% of the company’s stock.

Progressive Company Profile

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.