Progressive (NYSE:PGR) Price Target Raised to $251.00 at JPMorgan Chase & Co.

11 Oct 2024, 13:36 by Michael Walen · The Markets Daily

Progressive (NYSE:PGR – Free Report) had its price target increased by JPMorgan Chase & Co. from $242.00 to $251.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have an overweight rating on the insurance provider’s stock.

PGR has been the subject of a number of other research reports. Jefferies Financial Group upped their target price on Progressive from $257.00 to $295.00 and gave the stock a buy rating in a report on Wednesday. Citigroup lowered their target price on Progressive from $232.00 to $225.00 and set a neutral rating for the company in a report on Wednesday, July 17th. Wells Fargo & Company upped their target price on Progressive from $281.00 to $282.00 and gave the stock an overweight rating in a report on Tuesday, September 10th. Hsbc Global Res raised Progressive from a hold rating to a strong-buy rating in a report on Monday, August 12th. Finally, Piper Sandler upped their price target on Progressive from $250.00 to $252.00 and gave the company an overweight rating in a research report on Thursday, August 15th. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Progressive presently has a consensus rating of Moderate Buy and a consensus target price of $260.53.

View Our Latest Report on PGR

Progressive Stock Performance

PGR opened at $252.50 on Thursday. The business has a fifty day simple moving average of $244.46 and a 200 day simple moving average of $222.14. The company has a market capitalization of $147.88 billion, a PE ratio of 21.55, a price-to-earnings-growth ratio of 0.69 and a beta of 0.35. Progressive has a 1 year low of $142.87 and a 1 year high of $260.46. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31.

Progressive (NYSE:PGR – Get Free Report) last posted its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The company had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter in the previous year, the firm earned $0.57 EPS. Progressive’s revenue was up 21.6% on a year-over-year basis. Research analysts expect that Progressive will post 13.07 EPS for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, October 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive’s payout ratio is 3.42%.

Insiders Place Their Bets

In other Progressive news, Director Philip Bleser sold 2,129 shares of the stock in a transaction that occurred on 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 approximately $213,383.92. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Progressive news, insider Andrew J. Quigg sold 3,975 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $850,689.75. Following the completion of the transaction, the insider now directly owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Philip Bleser sold 2,129 shares of the stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total value 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. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 146,512 shares of company stock worth $33,912,874. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Progressive

Large investors have recently made changes to their positions in the stock. Davis Capital Management bought a new position in shares of Progressive in the third quarter worth $25,000. WR Wealth Planners LLC boosted its stake in Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after buying an additional 67 shares during the period. Indiana Trust & Investment Management CO purchased a new stake in Progressive during the first quarter valued at about $32,000. Northwest Bank & Trust Co purchased a new stake in Progressive during the fourth quarter valued at about $25,000. Finally, Hilltop National Bank raised its position in Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Progressive Company Profile

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