Progressive (NYSE:PGR) Price Target Increased to $216.00 by Analysts at The Goldman Sachs Group

Progressive (NYSE:PGR) had its price objective raised by The Goldman Sachs Group from $161.00 to $216.00 in a research note issued to investors on Monday morning, Benzinga reports. They currently have a neutral rating on the insurance provider’s stock.

Several other research analysts have also issued reports on PGR. Keefe, Bruyette & Woods upped their target price on shares of Progressive from $185.00 to $190.00 and gave the stock a market perform rating in a research report on Monday, March 18th. Wells Fargo & Company upgraded shares of Progressive from an equal weight rating to an overweight rating and upped their target price for the stock from $144.00 to $176.00 in a research report on Monday, December 18th. Piper Sandler upped their target price on shares of Progressive from $188.00 to $207.00 and gave the stock an overweight rating in a research report on Thursday, January 25th. Morgan Stanley upgraded shares of Progressive from an equal weight rating to an overweight rating and upped their target price for the stock from $185.00 to $227.00 in a research report on Wednesday, March 6th. Finally, TD Cowen assumed coverage on shares of Progressive in a research report on Wednesday, January 10th. They issued a market perform rating and a $174.00 target price for the company. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and an average target price of $184.50.

Progressive Trading Up 0.7 %

Progressive stock opened at $206.15 on Monday. The stock has a market cap of $120.74 billion, a P/E ratio of 31.33, a PEG ratio of 0.94 and a beta of 0.34. Progressive has a fifty-two week low of $111.41 and a fifty-two week high of $207.87. The firm’s fifty day moving average price is $188.82 and its 200-day moving average price is $167.00. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.31 and a current ratio of 0.31.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, January 24th. The insurance provider reported $2.96 earnings per share for the quarter, topping the consensus estimate of $2.43 by $0.53. The firm had revenue of $16.89 billion for the quarter, compared to analysts’ expectations of $16.10 billion. Progressive had a net margin of 6.28% and a return on equity of 21.25%. During the same quarter in the prior year, the firm posted $1.52 earnings per share. Equities research analysts forecast that Progressive will post 9.82 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Thursday, April 4th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. The ex-dividend date of this dividend is Wednesday, April 3rd. Progressive’s dividend payout ratio (DPR) is 12.92%.

Insider Activity

In other news, CEO Susan Patricia Griffith sold 13,110 shares of the company’s stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $162.26, for a total transaction of $2,127,228.60. Following the completion of the transaction, the chief executive officer now directly owns 465,737 shares of the company’s stock, valued at $75,570,485.62. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Susan Patricia Griffith sold 13,110 shares of the stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $162.26, for a total value of $2,127,228.60. Following the completion of the transaction, the chief executive officer now directly owns 465,737 shares of the company’s stock, valued at $75,570,485.62. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Andrew J. Quigg sold 1,210 shares of the stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $162.26, for a total transaction of $196,334.60. Following the completion of the transaction, the insider now directly owns 27,247 shares of the company’s stock, valued at $4,421,098.22. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 58,949 shares of company stock valued at $10,671,740. Insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Progressive

A number of institutional investors have recently bought and sold shares of the stock. Sachetta LLC bought a new position in shares of Progressive during the fourth quarter valued at approximately $25,000. Northwest Bank & Trust Co bought a new position in shares of Progressive during the fourth quarter valued at approximately $25,000. Harbour Investments Inc. increased its stake in shares of Progressive by 109.1% during the third quarter. Harbour Investments Inc. now owns 207 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 108 shares in the last quarter. Valley National Advisers Inc. increased its stake in shares of Progressive by 143.6% during the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 112 shares in the last quarter. Finally, Sunbelt Securities Inc. bought a new position in shares of Progressive during the first quarter valued at approximately $31,000. 85.34% of the stock is owned by institutional investors.

About Progressive

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.