Progressive (NYSE:PGR) Price Target Raised to $250.00

Progressive (NYSE:PGR) had its target price upped by JPMorgan Chase & Co. from $241.00 to $250.00 in a report released on Monday morning,Benzinga reports. The firm currently has a neutral rating on the insurance provider’s stock.

Several other analysts have also recently weighed in on the stock. HSBC upped their price objective on shares of Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a research note on Monday, July 6th. UBS Group reiterated a “neutral” rating on shares of Progressive in a research note on Monday, September 21st. Bank of America reduced their target price on Progressive from $313.00 to $308.00 and set a “buy” rating on the stock in a report on Thursday, July 16th. The Goldman Sachs Group restated a “buy” rating and set a $230.00 price target on shares of Progressive in a research report on Wednesday, August 19th. Finally, Cantor Fitzgerald dropped their price target on Progressive from $220.00 to $200.00 and set a “neutral” rating for the company in a report on Monday, August 17th. Eight research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $235.11.

Progressive Stock Up 0.9%

Shares of NYSE PGR opened at $213.95 on Monday. Progressive has a 52-week low of $189.20 and a 52-week high of $245.64. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The business has a fifty day moving average of $214.05 and a two-hundred day moving average of $208.77. The stock has a market cap of $124.38 billion, a PE ratio of 10.73, a PEG ratio of 2.33 and a beta of 0.25.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, topping the consensus estimate of $4.64 by $1.03. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The business had revenue of $23.61 billion for the quarter, compared to analyst estimates of $19.49 billion. During the same quarter in the prior year, the firm earned $5.40 EPS. The firm’s quarterly revenue was up 5.0% compared to the same quarter last year. As a group, equities research analysts expect that Progressive will post 17.92 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive’s dividend payout ratio is 2.01%.

Insiders Place Their Bets

In related news, CEO Susan Griffith sold 37,338 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total value of $8,195,691.00. Following the completion of the sale, the chief executive officer owned 485,438 shares of the company’s stock, valued at $106,553,641. This trade represents a 7.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the completion of the transaction, the insider owned 32,348 shares of the company’s stock, valued at $6,880,743.08. This trade represents a 20.72% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 106,782 shares of company stock valued at $22,965,332 over the last quarter. Company insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Progressive

A number of institutional investors and hedge funds have recently made changes to their positions in PGR. Bogart Wealth LLC increased its position in Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 87 shares during the period. IMG Wealth Management Inc. bought a new position in shares of Progressive in the 2nd quarter valued at about $26,000. Meeder Asset Management Inc. bought a new position in shares of Progressive in the 2nd quarter valued at about $26,000. Bard Associates Inc. acquired a new stake in shares of Progressive during the 4th quarter worth approximately $27,000. Finally, Kilter Group LLC acquired a new stake in shares of Progressive during the 2nd quarter worth approximately $27,000. Institutional investors own 85.34% of the company’s stock.

Progressive Company Profile

Progressive Corporation is an insurance holding company that provides personal and commercial insurance products in the United States. Its primary business is automobile insurance, serving consumers through direct channels, independent agents and other distribution partners.

The company offers coverage for personal vehicles, motorcycles, recreational vehicles, boats and other specialty vehicles. Its personal insurance portfolio also includes homeowners, renters, condominium and other property coverage, while its commercial business provides insurance for commercial vehicles and related risks.