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

The Progressive Co. (NYSE:PGR) has earned an average recommendation of “Hold” from the seventeen ratings firms that are covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $215.19.

Several equities research analysts have recently weighed in on the stock. Piper Sandler reissued an “overweight” rating and issued a $240.00 target price on shares of Progressive in a research note on Monday, April 1st. Roth Mkm upped their price target on shares of Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, March 18th. UBS Group upped their price target on shares of Progressive from $216.00 to $218.00 and gave the stock a “neutral” rating in a report on Wednesday, April 17th. HSBC upped their price target on shares of Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a report on Thursday, March 28th. Finally, Jefferies Financial Group raised their target price on shares of Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a research report on Monday, April 15th.

Insider Transactions at Progressive

In related news, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the completion of the sale, the director now directly owns 7,176 shares in the company, valued at approximately $1,494,976.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Steven Broz sold 7,361 shares of Progressive stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $207.25, for a total value of $1,525,567.25. Following the completion of the sale, the insider now directly owns 35,503 shares in the company, valued at approximately $7,357,996.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the sale, the director now owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The disclosure for this sale can be found here. Insiders have sold a total of 16,825 shares of company stock valued at $3,337,741 in the last 90 days. Insiders own 0.34% of the company’s stock.

Institutional Trading of Progressive

Several institutional investors and hedge funds have recently bought and sold shares of the business. Teachers Retirement System of The State of Kentucky lifted its stake in Progressive by 4.8% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 200,683 shares of the insurance provider’s stock valued at $41,504,000 after acquiring an additional 9,130 shares during the period. Cetera Advisors LLC lifted its stake in Progressive by 59.6% during the 1st quarter. Cetera Advisors LLC now owns 18,075 shares of the insurance provider’s stock valued at $3,738,000 after acquiring an additional 6,752 shares during the period. Cetera Investment Advisers lifted its stake in Progressive by 259.1% during the 1st quarter. Cetera Investment Advisers now owns 67,074 shares of the insurance provider’s stock valued at $13,872,000 after acquiring an additional 48,397 shares during the period. Beck Bode LLC acquired a new stake in Progressive during the 1st quarter valued at approximately $10,178,000. Finally, Orleans Capital Management Corp LA acquired a new stake in Progressive during the 1st quarter valued at approximately $377,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Performance

Shares of PGR stock opened at $205.18 on Wednesday. The company has a 50 day moving average price of $208.86 and a 200-day moving average price of $186.22. Progressive has a 52 week low of $111.41 and a 52 week high of $217.77. The firm has a market capitalization of $120.17 billion, a PE ratio of 21.00, a P/E/G ratio of 0.78 and a beta of 0.34. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.32.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. The business had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The company’s revenue was up 17.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.65 earnings per share. As a group, equities research analysts expect that Progressive will post 11.6 earnings per share for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s payout ratio is currently 4.09%.

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.