Progressive (NYSE:PGR) Price Target Raised to $247.00

Progressive (NYSE:PGR) had its target price upped by Wells Fargo & Company from $242.00 to $247.00 in a report issued on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the insurance provider’s stock.

Several other research analysts have also issued reports on PGR. Morgan Stanley reiterated an “underweight” rating on shares of Progressive in a research note on Wednesday, December 17th. Zacks Research cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Jefferies Financial Group reissued a “hold” rating on shares of Progressive in a report on Wednesday, December 17th. Bank of America decreased their price objective on shares of Progressive from $350.00 to $348.00 and set a “buy” rating on the stock in a research note on Tuesday, December 9th. Finally, Raymond James Financial dropped their price objective on shares of Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a report on Friday, October 17th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $264.98.

Progressive Trading Down 0.1%

Shares of PGR stock opened at $227.66 on Tuesday. The firm has a fifty day moving average of $222.48 and a 200-day moving average of $239.64. The stock has a market cap of $133.50 billion, a price-to-earnings ratio of 12.49, a P/E/G ratio of 1.27 and a beta of 0.36. Progressive has a 52-week low of $199.90 and a 52-week high of $292.99. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.29 and a current ratio of 0.29.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). The business had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same period in the previous year, the firm earned $3.58 EPS. On average, equities research analysts forecast that Progressive will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 8th. Investors of record on Friday, January 2nd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.19%.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 1,345 shares of the company’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $228.29, for a total transaction of $307,050.05. Following the transaction, the insider owned 27,698 shares of the company’s stock, valued at approximately $6,323,176.42. This represents a 4.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 5,000 shares of Progressive stock in a transaction on Friday, November 28th. The shares were sold at an average price of $228.48, for a total value of $1,142,400.00. Following the completion of the sale, the chief financial officer directly owned 223,024 shares of the company’s stock, valued at $50,956,523.52. This trade represents a 2.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 9,034 shares of company stock valued at $2,047,481 in the last 90 days. 0.34% of the stock is currently owned by corporate insiders.

Institutional Trading of Progressive

Several institutional investors and hedge funds have recently added to or reduced their stakes in PGR. New York Life Investment Management LLC increased its position in shares of Progressive by 1.4% during the second quarter. New York Life Investment Management LLC now owns 87,760 shares of the insurance provider’s stock worth $23,420,000 after buying an additional 1,192 shares during the period. Baron Silver Stevens Financial Advisors LLC bought a new stake in Progressive during the second quarter valued at $306,000. Wakefield Asset Management LLLP boosted its position in Progressive by 199.0% during the second quarter. Wakefield Asset Management LLLP now owns 9,411 shares of the insurance provider’s stock valued at $2,511,000 after acquiring an additional 6,263 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Progressive during the 2nd quarter worth about $13,583,000. Finally, Whalen Wealth Management Inc. bought a new position in shares of Progressive in the 2nd quarter worth about $647,000. 85.34% of the stock is owned by institutional investors.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.