Progressive (NYSE:PGR) Given New $277.00 Price Target at Barclays

Progressive (NYSE:PGR) had its price target hoisted by Barclays from $267.00 to $277.00 in a research note released on Wednesday morning, Benzinga reports. The firm currently has an equal weight rating on the insurance provider’s stock.

A number of other research analysts have also commented on the company. Piper Sandler upped their price target on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. The Goldman Sachs Group increased their price target on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Jefferies Financial Group boosted their price objective on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Citigroup reduced their target price 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. Finally, BMO Capital Markets lowered their price target on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $263.19.

Progressive Trading Down 1.3 %

Progressive stock opened at $243.78 on Wednesday. The business’s 50-day simple moving average is $250.50 and its 200-day simple moving average is $225.48. Progressive has a 52 week low of $149.14 and a 52 week high of $260.46. The firm has a market capitalization of $142.77 billion, a PE ratio of 17.72, a PEG ratio of 0.68 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was 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 presently 2.91%.

Insider Transactions at Progressive

In other Progressive news, insider Steven Broz sold 2,981 shares of the business’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the transaction, the insider now directly owns 26,353 shares in the company, valued at $6,618,555.95. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the sale, the director now directly owns 13,723 shares in the company, valued at approximately $3,462,038.44. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Steven Broz sold 2,981 shares of the company’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $251.15, for a total transaction of $748,678.15. Following the transaction, the insider now owns 26,353 shares in the company, valued at approximately $6,618,555.95. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 74,843 shares of company stock valued at $18,674,912. 0.34% of the stock is owned by insiders.

Hedge Funds Weigh In On Progressive

A number of large investors have recently modified their holdings of PGR. Davis Capital Management bought a new position in Progressive in the 3rd quarter worth approximately $25,000. WR Wealth Planners LLC raised its position in shares of Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 67 shares during the last quarter. Indiana Trust & Investment Management CO acquired a new position in shares of Progressive during the first quarter valued at $32,000. Hilltop National Bank boosted its holdings in Progressive by 126.0% in the second 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 acquired a new stake in Progressive in the first quarter worth about $35,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

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.