The Progressive Co. (NYSE:PGR – Get Free Report) has been given a consensus rating of “Moderate Buy” by the eighteen brokerages that are covering the stock, MarketBeat reports. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $275.00.
A number of research firms have commented on PGR. Jefferies Financial Group lifted their target price on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. StockNews.com raised Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Hsbc Global Res lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. TD Cowen boosted their target price on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research report on Friday, November 8th. Finally, Roth Mkm lifted their price target on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th.
Get Our Latest Research Report on PGR
Progressive Trading Down 1.1 %
Progressive (NYSE:PGR – Get Free Report) last released its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating the consensus estimate of $3.40 by $0.18. The company had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. On average, equities research analysts expect that Progressive will post 13.2 EPS for the current fiscal year.
Progressive Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be issued a $0.10 dividend. The ex-dividend date is Friday, January 10th. This represents a $0.40 annualized dividend and a dividend yield of 0.17%. Progressive’s dividend payout ratio (DPR) is 2.91%.
Insider Activity at Progressive
In other news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $268.09, for a total value of $2,680,900.00. Following the sale, the chief financial officer now directly owns 292,958 shares in the company, valued at $78,539,110.22. The trade was a 3.30 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Steven Broz sold 2,981 shares of the stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the transaction, the insider now directly owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. The trade was a 10.16 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,919 shares of company stock valued at $8,222,168. Insiders own 0.34% of the company’s stock.
Institutional Investors Weigh In On Progressive
Several large investors have recently added to or reduced their stakes in PGR. Capital Market Strategies LLC lifted its position in Progressive by 28.8% in the fourth quarter. Capital Market Strategies LLC now owns 1,665 shares of the insurance provider’s stock worth $399,000 after buying an additional 372 shares during the last quarter. CWA Asset Management Group LLC raised its stake in shares of Progressive by 4.4% in the fourth quarter. CWA Asset Management Group LLC now owns 3,764 shares of the insurance provider’s stock valued at $902,000 after acquiring an additional 157 shares during the period. Nordea Investment Management AB boosted its stake in shares of Progressive by 30.5% during the 4th quarter. Nordea Investment Management AB now owns 1,069,697 shares of the insurance provider’s stock worth $255,882,000 after purchasing an additional 249,958 shares during the period. Everence Capital Management Inc. grew its holdings in Progressive by 22.4% during the 4th quarter. Everence Capital Management Inc. now owns 25,520 shares of the insurance provider’s stock valued at $6,115,000 after purchasing an additional 4,670 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in Progressive by 4.8% in the 4th quarter. GAMMA Investing LLC now owns 7,734 shares of the insurance provider’s stock worth $1,853,000 after purchasing an additional 354 shares during the period. 85.34% of the stock is owned by 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.
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