Barclays Increases Progressive (NYSE:PGR) Price Target to $90.00

Progressive (NYSE:PGRGet Rating) had its price objective raised by Barclays from $88.00 to $90.00 in a research report report published on Thursday morning, The Fly reports. The firm currently has an underweight rating on the insurance provider’s stock.

PGR has been the subject of several other research reports. Wells Fargo & Company upped their target price on shares of Progressive from $88.00 to $96.00 and gave the company an underweight rating in a report on Tuesday, April 12th. Piper Sandler cut shares of Progressive from a neutral rating to an underweight rating and decreased their price target for the stock from $113.00 to $100.00 in a research note on Monday, April 18th. Edward Jones cut shares of 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 target for the company. in a research note on Wednesday, March 2nd. Finally, UBS Group cut shares of Progressive from a buy rating to a neutral rating and increased their price target for the stock from $106.00 to $114.00 in a research note on Monday, February 14th. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of Hold and an average target price of $107.00.

Shares of Progressive stock opened at $110.99 on Thursday. The company has a fifty day simple moving average of $112.10 and a 200-day simple moving average of $105.91. Progressive has a 12-month low of $89.35 and a 12-month high of $120.17. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.39. The stock has a market cap of $64.92 billion, a price-to-earnings ratio of 30.16, a PEG ratio of 1.32 and a beta of 0.50.

Progressive (NYSE:PGRGet Rating) last issued its earnings results on Thursday, April 14th. The insurance provider reported $1.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.24 by ($0.12). Progressive had a net margin of 4.54% and a return on equity of 12.85%. The company had revenue of $12.29 billion during the quarter, compared to analyst estimates of $12.24 billion. On average, analysts forecast that Progressive will post 4.76 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Thursday, July 7th will be issued a $0.10 dividend. The ex-dividend date is Wednesday, July 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.36%. Progressive’s dividend payout ratio is presently 10.87%.

Progressive declared that its Board of Directors has initiated a share buyback plan on Wednesday, May 18th that authorizes the company to repurchase 25,000,000 shares. This repurchase authorization authorizes the insurance provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

In other Progressive news, CEO Susan Patricia Griffith sold 46,735 shares of the firm’s stock in a transaction dated Friday, March 18th. The shares were sold at an average price of $110.26, for a total transaction of $5,153,001.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick K. Callahan sold 3,230 shares of the firm’s stock in a transaction dated Tuesday, February 22nd. The shares were sold at an average price of $106.82, for a total transaction of $345,028.60. The disclosure for this sale can be found here. Insiders sold a total of 76,957 shares of company stock valued at $8,632,952 in the last quarter. Insiders own 0.37% of the company’s stock.

Large investors have recently bought and sold shares of the business. Banque Pictet & Cie SA purchased a new position in Progressive during the 4th quarter valued at about $2,028,000. Vontobel Asset Management Inc. boosted its stake in shares of Progressive by 18.7% during the 3rd quarter. Vontobel Asset Management Inc. now owns 1,817,396 shares of the insurance provider’s stock worth $169,410,000 after purchasing an additional 285,801 shares during the last quarter. ProShare Advisors LLC boosted its stake in shares of Progressive by 19.4% during the 4th quarter. ProShare Advisors LLC now owns 170,275 shares of the insurance provider’s stock worth $17,479,000 after purchasing an additional 27,672 shares during the last quarter. Davidson Investment Advisors boosted its stake in shares of Progressive by 1.3% during the 4th quarter. Davidson Investment Advisors now owns 104,243 shares of the insurance provider’s stock worth $10,701,000 after purchasing an additional 1,288 shares during the last quarter. Finally, LRT Capital Management LLC acquired a new stake in shares of Progressive during the 4th quarter worth about $3,507,000. Hedge funds and other institutional investors own 83.68% of the company’s stock.

Progressive Company Profile (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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