Progressive (NYSE:PGR) Upgraded to Hold by Jefferies Financial Group

Jefferies Financial Group upgraded shares of Progressive (NYSE:PGRGet Rating) from an underperform rating to a hold rating in a report published on Tuesday morning, The Fly reports. They currently have $106.00 target price on the insurance provider’s stock, up from their previous target price of $99.00. Jefferies Financial Group also issued estimates for Progressive’s Q2 2022 earnings at $0.93 EPS, Q3 2022 earnings at $1.18 EPS, Q4 2022 earnings at $1.52 EPS, FY2023 earnings at $6.40 EPS and FY2024 earnings at $8.95 EPS.

PGR has been the topic of a number of other research reports. StockNews.com began coverage on Progressive in a research report on Thursday, March 31st. They set a hold rating on the stock. Edward Jones cut Progressive from a buy rating to a hold rating in a research note on Wednesday, February 9th. The Goldman Sachs Group cut shares of Progressive from a buy rating to a neutral rating and set a $116.00 price objective for the company. in a research report on Wednesday, March 2nd. Piper Sandler lowered shares of Progressive from a neutral rating to an underweight rating and dropped their price objective for the company from $113.00 to $100.00 in a research report on Monday, April 18th. Finally, Raymond James upped their price target on shares of Progressive from $125.00 to $130.00 and gave the company an outperform rating in a research note on Friday, March 18th. Five investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $106.87.

NYSE:PGR opened at $107.82 on Tuesday. The stock has a market capitalization of $63.06 billion, a PE ratio of 29.30, a P/E/G ratio of 1.30 and a beta of 0.50. Progressive has a 1-year low of $89.35 and a 1-year high of $120.17. The firm has a fifty day simple moving average of $111.49 and a 200 day simple moving average of $105.20. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.39.

Progressive (NYSE:PGRGet Rating) last announced its quarterly earnings results on Thursday, April 14th. The insurance provider reported $1.12 EPS for the quarter, missing analysts’ consensus estimates of $1.24 by ($0.12). The firm had revenue of $12.29 billion during the quarter, compared to analyst estimates of $12.24 billion. Progressive had a net margin of 4.54% and a return on equity of 12.85%. On average, equities analysts predict that Progressive will post 4.74 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, April 14th. Stockholders of record on Thursday, April 7th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, April 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.37%. Progressive’s payout ratio is 10.87%.

In other news, insider Steven Broz sold 1,067 shares of the stock in a transaction on Wednesday, May 4th. The stock was sold at an average price of $112.59, for a total transaction of $120,133.53. Following the sale, the insider now directly owns 31,321 shares of the company’s stock, valued at approximately $3,526,431.39. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Daniel P. Mascaro sold 558 shares of the stock in a transaction on Thursday, April 21st. The stock was sold at an average price of $113.59, for a total value of $63,383.22. Following the sale, the insider now directly owns 39,445 shares in the company, valued at $4,480,557.55. The disclosure for this sale can be found here. Over the last three months, insiders have sold 76,957 shares of company stock worth $8,632,952. 0.37% of the stock is currently owned by insiders.

A number of large investors have recently added to or reduced their stakes in PGR. Commerce Bank boosted its stake in Progressive by 16.6% in the third quarter. Commerce Bank now owns 43,756 shares of the insurance provider’s stock valued at $3,955,000 after buying an additional 6,239 shares in the last quarter. First Horizon Advisors Inc. boosted its stake in Progressive by 126.8% in the third quarter. First Horizon Advisors Inc. now owns 1,386 shares of the insurance provider’s stock valued at $147,000 after buying an additional 775 shares in the last quarter. Richard Bernstein Advisors LLC boosted its stake in Progressive by 4.9% in the third quarter. Richard Bernstein Advisors LLC now owns 56,181 shares of the insurance provider’s stock valued at $5,077,000 after buying an additional 2,640 shares in the last quarter. Barclays PLC boosted its stake in Progressive by 39.3% in the third quarter. Barclays PLC now owns 1,844,505 shares of the insurance provider’s stock valued at $166,726,000 after buying an additional 520,676 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in Progressive by 11.3% in the third quarter. Geneos Wealth Management Inc. now owns 17,601 shares of the insurance provider’s stock valued at $1,600,000 after buying an additional 1,782 shares in the last quarter. 83.68% of the stock is currently owned by institutional investors and hedge funds.

About Progressive (Get Rating)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.

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