Progressive (NYSE:PGR) had its target price lifted by Raymond James from $100.00 to $110.00 in a report issued on Monday morning, Benzinga reports. They currently have a strong-buy rating on the insurance provider’s stock.

Other equities research analysts have also recently issued reports about the stock. MKM Partners upped their target price on shares of Progressive from $90.00 to $115.00 in a report on Wednesday, September 2nd. ValuEngine raised shares of Progressive from a sell rating to a hold rating in a report on Tuesday, September 1st. Benchmark cut shares of Progressive from a buy rating to a hold rating in a report on Friday, July 31st. Deutsche Bank upped their target price on shares of Progressive from $95.00 to $99.00 and gave the company a buy rating in a report on Friday, August 21st. Finally, Morgan Stanley upped their target price on shares of Progressive from $94.00 to $96.00 and gave the company an overweight rating in a report on Wednesday, August 19th. Nine analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $89.25.

Shares of NYSE:PGR opened at $95.08 on Monday. The company’s 50-day moving average price is $91.69 and its two-hundred day moving average price is $81.67. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.44 and a quick ratio of 0.44. Progressive has a one year low of $62.18 and a one year high of $96.90. The stock has a market capitalization of $55.66 billion, a PE ratio of 12.78, a price-to-earnings-growth ratio of 2.31 and a beta of 0.54.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, July 15th. The insurance provider reported $1.84 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.74 by $0.10. The company had revenue of $10.14 billion for the quarter, compared to analysts’ expectations of $9.72 billion. Progressive had a net margin of 10.85% and a return on equity of 29.04%. Progressive’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.66 EPS. On average, analysts anticipate that Progressive will post 6.75 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, October 7th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, October 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.42%. Progressive’s payout ratio is presently 5.95%.

In other news, CMO M Jeffrey Charney sold 11,955 shares of the company’s stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $87.70, for a total transaction of $1,048,453.50. Following the completion of the sale, the chief marketing officer now owns 129,703 shares of the company’s stock, valued at approximately $11,374,953.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, July 16th. The stock was sold at an average price of $85.85, for a total transaction of $1,287,750.00. Following the sale, the chief financial officer now directly owns 317,326 shares of the company’s stock, valued at approximately $27,242,437.10. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 38,549 shares of company stock valued at $3,420,458. 0.38% of the stock is currently owned by insiders.

Several institutional investors have recently modified their holdings of PGR. Wellington Management Group LLP lifted its stake in Progressive by 25.6% in the 1st quarter. Wellington Management Group LLP now owns 38,740,573 shares of the insurance provider’s stock valued at $2,860,604,000 after purchasing an additional 7,890,461 shares during the last quarter. Invesco Ltd. lifted its stake in Progressive by 85.2% in the 1st quarter. Invesco Ltd. now owns 5,602,562 shares of the insurance provider’s stock valued at $413,692,000 after purchasing an additional 2,578,123 shares during the last quarter. Capital World Investors bought a new position in Progressive in the 1st quarter valued at approximately $156,896,000. Viking Global Investors LP bought a new position in Progressive in the 1st quarter valued at approximately $154,239,000. Finally, APG Asset Management N.V. lifted its stake in Progressive by 60.1% in the 1st quarter. APG Asset Management N.V. now owns 5,313,081 shares of the insurance provider’s stock valued at $341,114,000 after purchasing an additional 1,993,501 shares during the last quarter. 80.93% of the stock is owned by institutional investors.

Progressive Company Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Analyst Recommendations for Progressive (NYSE:PGR)

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