Progressive (PGR) – Research Analysts’ Recent Ratings Changes

Progressive (NYSE: PGR) recently received a number of ratings updates from brokerages and research firms:

• 6/17/2024 – Progressive had its price target raised by analysts at Wells Fargo & Company from $243.00 to $254.00. They now have an “overweight” rating on the stock.
• 6/17/2024 – Progressive had its “outperform” rating reaffirmed by analysts at BMO Capital Markets. They now have a $235.00 price target on the stock.
• 6/17/2024 – Progressive had its price target raised by analysts at Citigroup Inc. from $230.00 to $232.00. They now have a “neutral” rating on the stock.
• 6/10/2024 – Progressive had its price target lowered by analysts at Morgan Stanley from $256.00 to $255.00. They now have an “overweight” rating on the stock.
• 5/20/2024 – Progressive had its price target lowered by analysts at Wells Fargo & Company from $244.00 to $243.00. They now have an “overweight” rating on the stock.
• 5/16/2024 – Progressive had its price target raised by analysts at BMO Capital Markets from $234.00 to $235.00. They now have an “outperform” rating on the stock.
• 5/16/2024 – Progressive had its price target raised by analysts at Bank of America Co. from $279.00 to $286.00. They now have a “buy” rating on the stock.

Progressive Price Performance

Shares of NYSE:PGR traded up $2.69 during midday trading on Tuesday, reaching $210.93. 802,346 shares of the company’s stock were exchanged, compared to its average volume of 2,555,195. The Progressive Co. has a 12 month low of $111.41 and a 12 month high of $217.77. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.32 and a current ratio of 0.32. The firm has a market capitalization of $123.54 billion, a PE ratio of 21.59, a price-to-earnings-growth ratio of 0.78 and a beta of 0.35. The company’s 50 day simple moving average is $209.05 and its two-hundred day simple moving average is $190.85.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.20 by $0.74. The business had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm’s revenue was up 17.7% on a year-over-year basis. During the same period last year, the company earned $0.65 EPS. Equities research analysts expect that The Progressive Co. will post 11.58 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd will be issued a dividend of $0.10 per share. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 annualized dividend and a yield of 0.19%. Progressive’s dividend payout ratio (DPR) is currently 4.09%.

Insider Buying and Selling at Progressive

In other news, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total value of $208,330.00. Following the sale, the director now directly owns 7,176 shares in the company, valued at $1,494,976.08. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, 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 value of $208,330.00. Following the sale, the director now owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Steven Broz sold 7,361 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total value of $1,525,567.25. Following the transaction, the insider now directly owns 35,503 shares of the company’s stock, valued at approximately $7,357,996.75. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,818 shares of company stock valued at $4,280,482. 0.34% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of Progressive by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider’s stock valued at $10,703,318,000 after purchasing an additional 285,070 shares during the period. Wellington Management Group LLP raised its stake in Progressive by 14.1% in the 3rd quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock valued at $3,002,542,000 after acquiring an additional 2,666,449 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in Progressive by 3.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 14,935,652 shares of the insurance provider’s stock valued at $2,378,951,000 after purchasing an additional 520,742 shares during the last quarter. Norges Bank bought a new position in Progressive during the fourth quarter worth $1,078,831,000. Finally, Northern Trust Corp increased its holdings in shares of Progressive by 2.8% in the third quarter. Northern Trust Corp now owns 5,982,841 shares of the insurance provider’s stock valued at $833,410,000 after purchasing an additional 162,916 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

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.