Progressive (NYSE:PGR) Reaches New 12-Month High at $84.41

Shares of Progressive Corp (NYSE:PGR) reached a new 52-week high during trading on Friday . The stock traded as high as $84.41 and last traded at $84.39, with a volume of 1418036 shares changing hands. The stock had previously closed at $83.75.

Several analysts recently commented on PGR shares. Buckingham Research set a $64.00 price target on shares of Progressive and gave the company a “hold” rating in a research report on Monday, May 13th. Janney Montgomery Scott initiated coverage on shares of Progressive in a report on Thursday, June 20th. They set a “neutral” rating and a $59.00 price objective on the stock. Barclays reaffirmed a “buy” rating and set a $65.00 price objective on shares of Owens Corning in a report on Monday, July 1st. ValuEngine downgraded shares of Universal Electronics from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 6th. Finally, B. Riley set a $18.00 price objective on shares of TiVo and gave the company a “buy” rating in a report on Thursday, June 13th. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $80.00.

The firm has a market capitalization of $49.28 billion, a PE ratio of 19.09, a price-to-earnings-growth ratio of 2.16 and a beta of 0.69. The business’s 50 day moving average price is $81.51. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.40 and a quick ratio of 0.40.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, April 16th. The insurance provider reported $1.83 EPS for the quarter, beating the Zacks’ consensus estimate of $1.38 by $0.45. The firm had revenue of $9.24 billion for the quarter, compared to analysts’ expectations of $9.20 billion. Progressive had a net margin of 8.77% and a return on equity of 27.10%. The firm’s revenue was up 16.0% on a year-over-year basis. During the same period in the prior year, the company earned $1.22 EPS. As a group, sell-side analysts expect that Progressive Corp will post 5.34 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, July 5th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.47%. Progressive’s dividend payout ratio (DPR) is 9.05%.

In other Progressive news, insider Steven Broz sold 3,000 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $81.49, for a total value of $244,470.00. Following the transaction, the insider now directly owns 15,701 shares in the company, valued at approximately $1,279,474.49. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $81.63, for a total transaction of $979,560.00. Following the completion of the transaction, the chief financial officer now owns 335,815 shares in the company, valued at $27,412,578.45. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 146,350 shares of company stock worth $11,313,287. 0.39% of the stock is owned by insiders.

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its holdings in Progressive by 0.9% in the 1st quarter. BlackRock Inc. now owns 41,390,620 shares of the insurance provider’s stock valued at $2,983,849,000 after purchasing an additional 358,718 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in Progressive by 2.9% in the 1st quarter. Janus Henderson Group PLC now owns 13,147,056 shares of the insurance provider’s stock valued at $947,787,000 after purchasing an additional 374,526 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Progressive by 0.7% in the 1st quarter. JPMorgan Chase & Co. now owns 10,367,630 shares of the insurance provider’s stock valued at $747,404,000 after purchasing an additional 72,786 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Progressive by 7.4% in the 4th quarter. Geode Capital Management LLC now owns 7,478,706 shares of the insurance provider’s stock valued at $450,389,000 after purchasing an additional 515,706 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in Progressive by 2.6% in the 1st quarter. Northern Trust Corp now owns 7,163,441 shares of the insurance provider’s stock valued at $516,412,000 after purchasing an additional 181,272 shares in the last quarter. Institutional investors own 79.01% of the company’s stock.

About Progressive (NYSE:PGR)

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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