JPMorgan Chase & Co. Raises Progressive (NYSE:PGR) Price Target to $239.00

Progressive (NYSE:PGR) had its price objective lifted by JPMorgan Chase & Co. from $210.00 to $239.00 in a research report report published on Thursday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the insurance provider’s stock.

Several other research firms have also weighed in on PGR. HSBC lifted their price objective on shares of Progressive from $174.00 to $200.00 and gave the stock a hold rating in a research note on Thursday, March 28th. BMO Capital Markets reiterated an outperform rating and issued a $235.00 price objective on shares of Progressive in a report on Monday, June 17th. Roth Mkm reissued a buy rating and issued a $235.00 target price on shares of Progressive in a research note on Wednesday, June 26th. The Goldman Sachs Group raised their target price on shares of Progressive from $161.00 to $216.00 and gave the company a neutral rating in a research note on Monday, March 25th. Finally, Piper Sandler reaffirmed an overweight rating and set a $240.00 price objective on shares of Progressive in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Hold and an average price target of $218.50.

Progressive Trading Up 0.7 %

Shares of Progressive stock opened at $213.30 on Thursday. Progressive has a 12-month low of $111.41 and a 12-month high of $217.77. The company has a 50-day simple moving average of $209.57 and a 200 day simple moving average of $197.38. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $124.93 billion, a P/E ratio of 21.83, a price-to-earnings-growth ratio of 0.83 and a beta of 0.35.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. The firm had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The company’s revenue was up 17.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.65 EPS. Research analysts expect that Progressive will post 11.24 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Wednesday, July 3rd were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date of this dividend was Wednesday, July 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Insiders Place Their Bets

In other Progressive news, CFO John P. Sauerland sold 12,457 shares of the business’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the completion of the transaction, the chief financial officer now owns 312,958 shares of the company’s stock, valued at $63,978,003.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Progressive news, insider Steven Broz sold 7,361 shares of the business’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the completion of the transaction, the insider now owns 35,503 shares of the company’s stock, valued at $7,357,996.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 12,457 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total value of $2,546,584.51. Following the completion of the transaction, the chief financial officer now directly owns 312,958 shares of the company’s stock, valued at approximately $63,978,003.94. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,518 shares of company stock valued at $7,159,674. 0.34% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Indiana Trust & Investment Management CO acquired a new position in shares of Progressive in the first quarter valued at approximately $32,000. Sachetta LLC acquired a new position in shares of Progressive in the fourth quarter valued at approximately $25,000. Northwest Bank & Trust Co bought a new stake in Progressive in the fourth quarter valued at approximately $25,000. Hilltop National Bank boosted its holdings in Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares during the last quarter. Finally, Register Financial Advisors LLC bought a new stake in Progressive in the first quarter valued at approximately $35,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

About Progressive

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.