Keefe, Bruyette & Woods Boosts Progressive (NYSE:PGR) Price Target to $275.00

Progressive (NYSE:PGR) had its target price increased by Keefe, Bruyette & Woods from $255.00 to $275.00 in a report published on Tuesday, Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the insurance provider’s stock.

Several other analysts also recently weighed in on PGR. Evercore ISI lifted their price objective on shares of Progressive from $243.00 to $246.00 and gave the company an outperform rating in a research report on Wednesday, August 7th. Hsbc Global Res raised Progressive from a hold rating to a strong-buy rating in a research report on Monday, August 12th. Piper Sandler increased their target price on Progressive from $250.00 to $252.00 and gave the company an overweight rating in a report on Thursday, August 15th. Wells Fargo & Company raised their price target on shares of Progressive from $262.00 to $281.00 and gave the stock an overweight rating in a report on Thursday, August 15th. Finally, Bank of America lowered their target price on Progressive from $296.00 to $294.00 and set a buy rating on the stock in a research note on Thursday, August 15th. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Progressive currently has a consensus rating of Moderate Buy and a consensus price target of $252.24.

Progressive Stock Down 1.7 %

PGR opened at $249.51 on Tuesday. Progressive has a 1 year low of $133.51 and a 1 year high of $254.83. The firm has a 50 day moving average price of $224.65 and a 200 day moving average price of $212.25. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The company has a market cap of $146.13 billion, a PE ratio of 25.54, a price-to-earnings-growth ratio of 0.83 and a beta of 0.35.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The business had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. During the same period in the previous year, the company posted $0.57 earnings per share. The business’s revenue for the quarter was up 21.6% compared to the same quarter last year. Sell-side analysts expect that Progressive will post 12.2 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Insider Buying and Selling

In related news, CAO Mariann Wojtkun Marshall sold 650 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $208.11, for a total value of $135,271.50. Following the sale, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at $828,485.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Progressive news, CAO Mariann Wojtkun Marshall sold 650 shares of the stock in a transaction on Monday, June 17th. The shares were sold at an average price of $208.11, for a total transaction of $135,271.50. Following the completion of the sale, the chief accounting officer now owns 3,981 shares of the company’s stock, valued at approximately $828,485.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the sale, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. The disclosure for this sale can be found here. In the last quarter, insiders have sold 147,354 shares of company stock valued at $33,502,680. Corporate insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

Several institutional investors and hedge funds have recently modified their holdings of the stock. Gilbert & Cook Inc. increased its stake in shares of Progressive by 8.6% in the 4th quarter. Gilbert & Cook Inc. now owns 2,938 shares of the insurance provider’s stock worth $468,000 after acquiring an additional 233 shares in the last quarter. Van ECK Associates Corp grew its holdings in Progressive by 3.2% in the fourth quarter. Van ECK Associates Corp now owns 18,645 shares of the insurance provider’s stock worth $2,970,000 after purchasing an additional 578 shares during the period. 9258 Wealth Management LLC increased its stake in shares of Progressive by 18.8% during the fourth quarter. 9258 Wealth Management LLC now owns 2,534 shares of the insurance provider’s stock valued at $404,000 after purchasing an additional 401 shares in the last quarter. Axxcess Wealth Management LLC lifted its holdings in shares of Progressive by 48.1% during the fourth quarter. Axxcess Wealth Management LLC now owns 5,111 shares of the insurance provider’s stock valued at $814,000 after purchasing an additional 1,659 shares during the last quarter. Finally, Sapient Capital LLC bought a new stake in shares of Progressive in the 4th quarter worth approximately $205,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

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.