Analysts Set The Progressive Co. (NYSE:PGR) Price Target at $276.12

The Progressive Co. (NYSE:PGR) has received a consensus rating of “Moderate Buy” from the eighteen brokerages that are covering the stock, Marketbeat reports. Six investment analysts have rated the stock with a hold recommendation and twelve have issued a buy recommendation on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $277.59.

Several research firms have weighed in on PGR. Morgan Stanley raised their target price on shares of Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Wells Fargo & Company raised their price objective on shares of Progressive from $313.00 to $317.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Barclays upped their target price on Progressive from $261.00 to $264.00 and gave the company an “equal weight” rating in a research note on Tuesday, February 18th. Keefe, Bruyette & Woods dropped their price target on Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a research report on Friday, January 10th. Finally, Hsbc Global Res downgraded Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th.

Insider Buying and Selling

In other Progressive news, insider Andrew J. Quigg sold 681 shares of the firm’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $164,870.10. Following the completion of the transaction, the insider now directly owns 33,612 shares of the company’s stock, valued at $8,137,465.20. This trade represents a 1.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Susan Patricia Griffith sold 9,066 shares of the business’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $2,194,878.60. Following the completion of the sale, the chief executive officer now directly owns 473,736 shares of the company’s stock, valued at $114,691,485.60. The trade was a 1.88 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 56,361 shares of company stock worth $13,983,575. Insiders own 0.34% of the company’s stock.

Institutional Trading of Progressive

Several hedge funds have recently bought and sold shares of PGR. Kesler Norman & Wride LLC lifted its stake in shares of Progressive by 1.1% in the 4th quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider’s stock worth $885,000 after acquiring an additional 40 shares during the period. Raleigh Capital Management Inc. raised its holdings in Progressive by 20.9% during the third quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after purchasing an additional 41 shares in the last quarter. Atlantic Edge Private Wealth Management LLC lifted its position in Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 41 shares during the period. LRI Investments LLC boosted its stake in Progressive by 16.5% during the 3rd quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock valued at $76,000 after purchasing an additional 42 shares in the last quarter. Finally, Washington Trust Bank increased its position in shares of Progressive by 4.1% during the 4th quarter. Washington Trust Bank now owns 1,066 shares of the insurance provider’s stock valued at $255,000 after purchasing an additional 42 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Up 2.2 %

Shares of Progressive stock opened at $278.62 on Friday. The company has a market cap of $163.22 billion, a P/E ratio of 19.35, a PEG ratio of 1.70 and a beta of 0.42. The firm has a fifty day moving average of $247.97 and a two-hundred day moving average of $250.14. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. Progressive has a one year low of $186.94 and a one year high of $279.93.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, analysts forecast that Progressive will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is currently 2.78%.

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.