Progressive (NYSE:PGR) PT Raised to $290.00 at Roth Mkm

Progressive (NYSE:PGR) had its price target lifted by Roth Mkm from $270.00 to $290.00 in a research note published on Monday morning, Benzinga reports. The firm currently has a buy rating on the insurance provider’s stock.

A number of other analysts have also recently weighed in on the company. Morgan Stanley upped their price target on Progressive from $260.00 to $300.00 and gave the stock an overweight rating in a research note on Monday. Keefe, Bruyette & Woods boosted their price target on Progressive from $255.00 to $275.00 and gave the company an outperform rating in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. lifted their price objective on Progressive from $210.00 to $239.00 and gave the stock an overweight rating in a report on Thursday, July 11th. Wells Fargo & Company lifted their price target on shares of Progressive from $281.00 to $282.00 and gave the stock an overweight rating in a research note on Tuesday, September 10th. Finally, Piper Sandler increased their target price on shares of Progressive from $250.00 to $252.00 and gave the stock an overweight rating in a research report on Thursday, August 15th. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $257.18.

Progressive Stock Performance

Shares of Progressive stock opened at $255.17 on Monday. The business has a fifty day simple moving average of $233.24 and a 200-day simple moving average of $216.58. The stock has a market cap of $149.45 billion, a PE ratio of 26.12, a price-to-earnings-growth ratio of 0.82 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. Progressive has a 12 month low of $137.59 and a 12 month high of $260.46.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. During the same quarter in the prior year, the business earned $0.57 EPS. The company’s revenue for the quarter was up 21.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Progressive will post 12.29 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. Progressive’s payout ratio is 4.09%.

Insiders Place Their Bets

In other Progressive news, Director Philip Bleser sold 2,129 shares of Progressive stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total value of $466,421.32. Following the transaction, the director now owns 974 shares in the company, valued at $213,383.92. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Progressive news, Director Philip Bleser sold 2,129 shares of Progressive stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total transaction of $466,421.32. Following the transaction, the director now directly owns 974 shares of the company’s stock, valued at approximately $213,383.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the sale, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. The disclosure for this sale can be found here. Insiders have sold 146,704 shares of company stock worth $33,367,408 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PGR. Sachetta LLC bought a new position in Progressive during the 4th quarter valued at $25,000. Northwest Bank & Trust Co purchased a new stake in Progressive in the 4th quarter valued at about $25,000. WR Wealth Planners LLC lifted its position in shares of Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after buying an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO bought a new stake in Progressive during the first quarter worth $32,000. Finally, Hilltop National Bank boosted its position in Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Progressive Company Profile

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.