The Progressive Co. (NYSE:PGR) Receives Average Recommendation of “Moderate Buy” from Analysts

by · The Cerbat Gem

Shares of The Progressive Co. (NYSE:PGR – Get Free Report) have been given a consensus recommendation of “Moderate Buy” by the nineteen research firms that are currently covering the stock, Marketbeat reports. Six equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $257.18.

A number of equities research analysts recently commented on the company. Bank of America upped their target price on Progressive from $294.00 to $312.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Roth Mkm raised their target price on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Jefferies Financial Group lifted their price target on Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Citigroup lowered their price objective on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. Finally, The Goldman Sachs Group lifted their target price on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, September 18th.

Check Out Our Latest Stock Analysis on PGR

Progressive Stock Performance

PGR opened at $251.10 on Tuesday. Progressive has a 52-week low of $137.59 and a 52-week high of $260.46. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The company has a market cap of $147.06 billion, a P/E ratio of 25.70, a price-to-earnings-growth ratio of 0.72 and a beta of 0.35. The firm’s 50-day moving average price is $237.81 and its 200-day moving average price is $219.27.

Progressive (NYSE:PGR – Get Free Report) last issued its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. The firm had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. Progressive’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.57 earnings per share. As a group, equities analysts anticipate that Progressive will post 12.9 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be paid 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 is Thursday, October 3rd. Progressive’s dividend payout ratio is presently 4.09%.

Insider Buying and Selling

In other Progressive news, insider Andrew J. Quigg sold 3,975 shares of Progressive stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $850,689.75. Following the sale, the insider now owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Progressive news, Director Philip Bleser sold 2,129 shares of the business’s stock in a transaction on 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 owns 974 shares of the company’s stock, valued at $213,383.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andrew J. Quigg sold 3,975 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $850,689.75. Following the completion of the sale, the insider now directly owns 32,780 shares of the company’s stock, valued at $7,015,247.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 144,332 shares of company stock worth $33,362,904. 0.34% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Progressive

Hedge funds have recently modified their holdings of the company. Gilbert & Cook Inc. grew its stake in shares of Progressive by 8.6% in the 4th quarter. Gilbert & Cook Inc. now owns 2,938 shares of the insurance provider’s stock valued at $468,000 after buying an additional 233 shares during the period. 9258 Wealth Management LLC increased its stake in Progressive by 18.8% during the fourth quarter. 9258 Wealth Management LLC now owns 2,534 shares of the insurance provider’s stock worth $404,000 after acquiring an additional 401 shares during the last quarter. Gryphon Financial Partners LLC purchased a new stake in Progressive in the fourth quarter valued at $307,000. Quest Partners LLC acquired a new position in shares of Progressive in the 4th quarter valued at $150,000. Finally, Congress Wealth Management LLC DE purchased a new position in shares of Progressive during the 4th quarter worth $379,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

About Progressive

(Get Free Report

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.

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