Progressive (NYSE:PGR) Price Target Raised to $290.00 at Roth Mkm

Progressive (NYSE:PGR) had its price target boosted by Roth Mkm from $270.00 to $290.00 in a research report report published on Monday morning, Benzinga reports. They currently have a buy rating on the insurance provider’s stock.

PGR has been the topic of several other research reports. Piper Sandler increased their price objective on shares of Progressive from $250.00 to $252.00 and gave the stock an overweight rating in a research note on Thursday, August 15th. Citigroup reduced their price objective on Progressive from $232.00 to $225.00 and set a neutral rating for the company in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods increased their target price on Progressive from $255.00 to $275.00 and gave the stock an outperform rating in a research report on Tuesday, September 3rd. Jefferies Financial Group boosted their price target on shares of Progressive from $256.00 to $257.00 and gave the company a buy rating in a report on Wednesday, July 17th. Finally, Morgan Stanley upped their price target on shares of Progressive from $260.00 to $300.00 and gave the stock an overweight rating in a research report on Monday. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Progressive presently has a consensus rating of Moderate Buy and an average price target of $256.12.

Progressive Stock Up 0.3 %

Shares of Progressive stock opened at $256.31 on Monday. The business has a 50-day moving average price of $230.47 and a 200 day moving average price of $215.53. Progressive has a fifty-two week low of $137.59 and a fifty-two week high of $260.46. The firm has a market cap of $150.12 billion, a P/E ratio of 26.23, a P/E/G ratio of 0.82 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. During the same period in the previous year, the business earned $0.57 EPS. The business’s quarterly revenue was up 21.6% on a year-over-year basis. On average, sell-side analysts forecast that Progressive will post 12.29 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be given a $0.10 dividend. 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 Activity

In other Progressive news, Director Philip Bleser sold 2,129 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total transaction of $466,421.32. Following the completion of the sale, the director now directly owns 974 shares of the company’s stock, valued at $213,383.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Philip Bleser sold 2,129 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total value of $466,421.32. Following the completion of the sale, the director now owns 974 shares in the company, valued at $213,383.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the transaction, the chief executive officer now owns 473,735 shares in the company, valued at approximately $119,475,967. The disclosure for this sale can be found here. In the last 90 days, insiders sold 146,704 shares of company stock worth $33,367,408. Insiders own 0.34% of the company’s stock.

Institutional Trading of Progressive

A number of hedge funds have recently made changes to their positions in the stock. WR Wealth Planners LLC increased its stake in Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after buying an additional 67 shares during the period. Indiana Trust & Investment Management CO purchased a new position in shares of Progressive during the 1st quarter valued at $32,000. Sachetta LLC acquired a new position in shares of Progressive in the fourth quarter worth $25,000. Northwest Bank & Trust Co purchased a new stake in shares of Progressive during the fourth quarter worth $25,000. Finally, Hilltop National Bank boosted its position in Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares during the last quarter. 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.