The Progressive Co. (NYSE:PGR) Receives $211.88 Average PT from Analysts

Shares of The Progressive Co. (NYSE:PGR) have been given a consensus rating of “Hold” by the seventeen ratings firms that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $211.88.

Several analysts have recently issued reports on PGR shares. Roth Mkm lifted their target price on shares of Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Piper Sandler reaffirmed an “overweight” rating and set a $240.00 target price on shares of Progressive in a research note on Monday, April 1st. The Goldman Sachs Group lifted their target price on shares of Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a research note on Monday, March 25th. Bank of America reduced their price target on shares of Progressive from $279.00 to $273.00 and set a “buy” rating on the stock in a research note on Wednesday, April 17th. Finally, TD Cowen assumed coverage on shares of Progressive in a research note on Wednesday, January 10th. They issued a “market perform” rating and a $174.00 price target on the stock.

Insider Activity at Progressive

In related news, Director Devin C. Johnson sold 1,000 shares of the stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the sale, the director now directly owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the sale, the director now directly owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. 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 29,675 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the sale, the insider now directly owns 15,189 shares in the company, valued at $2,889,859.14. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,139 shares of company stock valued at $7,458,139. Insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

Several hedge funds have recently modified their holdings of PGR. Balentine LLC raised its holdings in Progressive by 0.3% in the fourth quarter. Balentine LLC now owns 22,162 shares of the insurance provider’s stock valued at $3,530,000 after buying an additional 58 shares during the period. Compass Ion Advisors LLC raised its holdings in Progressive by 0.8% in the fourth quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock valued at $1,186,000 after buying an additional 59 shares during the period. Cary Street Partners Investment Advisory LLC raised its holdings in Progressive by 10.2% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock valued at $93,000 after buying an additional 62 shares during the period. Independent Advisor Alliance raised its holdings in Progressive by 1.9% in the fourth quarter. Independent Advisor Alliance now owns 3,438 shares of the insurance provider’s stock valued at $548,000 after buying an additional 64 shares during the period. Finally, Winslow Asset Management Inc. raised its holdings in Progressive by 0.8% in the fourth quarter. Winslow Asset Management Inc. now owns 8,579 shares of the insurance provider’s stock valued at $1,366,000 after buying an additional 67 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Trading Up 1.7 %

NYSE PGR opened at $211.78 on Friday. The company has a fifty day simple moving average of $203.61 and a two-hundred day simple moving average of $179.05. The stock has a market cap of $124.04 billion, a P/E ratio of 21.68, a P/E/G ratio of 0.81 and a beta of 0.35. Progressive has a 12-month low of $111.41 and a 12-month high of $216.21. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32.

Progressive (NYSE:PGR) last issued its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The firm had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. During the same quarter last year, the company posted $0.65 earnings per share. The firm’s revenue was up 17.7% compared to the same quarter last year. On average, analysts forecast that Progressive will post 11.34 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were issued a $0.10 dividend. The ex-dividend date was Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. Progressive’s dividend payout ratio is presently 4.09%.

About Progressive

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