Progressive (NYSE:PGR) Upgraded by StockNews.com to “Buy”

StockNews.com upgraded shares of Progressive (NYSE:PGR) from a hold rating to a buy rating in a research report sent to investors on Thursday.

Several other equities analysts have also weighed in on PGR. HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective on the stock in a report on Monday, August 12th. Barclays increased their price target on Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a report on Wednesday. Jefferies Financial Group raised their price objective on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Roth Mkm upped their target price on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Finally, Citigroup decreased their price target on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research note on Wednesday, July 17th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $263.19.

Progressive Stock Performance

Shares of PGR stock opened at $245.50 on Thursday. 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 52 week low of $149.14 and a 52 week high of $260.46. The firm has a 50 day moving average of $250.14 and a 200-day moving average of $224.95. The company has a market cap of $143.78 billion, a price-to-earnings ratio of 17.94, a price-to-earnings-growth ratio of 0.68 and a beta of 0.35.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date was Thursday, October 3rd. Progressive’s payout ratio is currently 2.91%.

Insider Activity

In other news, insider John Jo Murphy sold 9,512 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $237.50, for a total value of $2,259,100.00. Following the sale, the insider now directly owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Progressive news, insider John Jo Murphy sold 9,512 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $237.50, for a total value of $2,259,100.00. Following the transaction, the insider now directly owns 45,787 shares in the company, valued at $10,874,412.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the transaction, the director now directly owns 13,723 shares of the company’s stock, valued at $3,462,038.44. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 74,843 shares of company stock worth $18,674,912. 0.34% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Progressive

Several institutional investors have recently modified their holdings of PGR. Davis Capital Management bought a new position in Progressive during the third quarter valued at approximately $25,000. WR Wealth Planners LLC increased its holdings in shares of Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after buying an additional 67 shares during the period. Indiana Trust & Investment Management CO bought a new stake in shares of Progressive in the 1st quarter valued at about $32,000. Hilltop National Bank lifted its stake in shares of Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares during the last quarter. Finally, Register Financial Advisors LLC bought a new position in Progressive during the 1st quarter worth approximately $35,000. 85.34% of the stock is currently owned by institutional investors.

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.