Progressive’s (PGR) Buy Rating Reiterated at Roth Mkm

Roth Mkm reissued their buy rating on shares of Progressive (NYSE:PGR) in a research note issued to investors on Wednesday, Benzinga reports. Roth Mkm currently has a $235.00 price objective on the insurance provider’s stock.

A number of other research firms also recently commented on PGR. Morgan Stanley reduced their price objective on shares of Progressive from $256.00 to $255.00 and set an overweight rating for the company in a report on Monday, June 10th. BMO Capital Markets reaffirmed an outperform rating and set a $235.00 price objective on shares of Progressive in a report on Monday, June 17th. JPMorgan Chase & Co. lifted their price target on shares of Progressive from $171.00 to $202.00 and gave the company an overweight rating in a report on Monday, April 8th. Wells Fargo & Company lifted their price target on shares of Progressive from $243.00 to $254.00 and gave the company an overweight rating in a report on Monday, June 17th. Finally, Piper Sandler reissued an overweight rating and set a $240.00 price target on shares of Progressive in a report on Monday, April 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Progressive presently has an average rating of Hold and a consensus price target of $216.81.

Progressive Stock Performance

NYSE:PGR opened at $207.71 on Wednesday. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $121.66 billion, a PE ratio of 21.26, a PEG ratio of 0.80 and a beta of 0.35. The firm’s fifty day simple moving average is $209.49 and its 200 day simple moving average is $193.41. Progressive has a 1 year low of $111.41 and a 1 year high of $217.77.

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 company had revenue of $18.96 billion for 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 business’s quarterly revenue was up 17.7% on a year-over-year basis. During the same period last year, the business posted $0.65 EPS. On average, sell-side analysts anticipate that Progressive will post 11.34 EPS for the current year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s payout ratio 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 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 sale, the director now owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Steven Broz sold 7,361 shares of the business’s stock in a transaction 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 sale, the insider now owns 35,503 shares of the company’s stock, valued at $7,357,996.75. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction 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 directly owns 7,176 shares in the company, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,518 shares of company stock valued at $5,055,674. 0.34% of the stock is currently owned by corporate insiders.

Institutional Trading of Progressive

Several institutional investors and hedge funds have recently added to or reduced their stakes in PGR. Sachetta LLC acquired a new position in shares of Progressive in the fourth quarter valued at $25,000. Northwest Bank & Trust Co acquired a new position in shares of Progressive in the fourth quarter valued at about $25,000. Valley National Advisers Inc. grew its stake in shares of Progressive by 143.6% in the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 112 shares in the last quarter. Indiana Trust & Investment Management CO acquired a new position in shares of Progressive in the first quarter valued at about $32,000. Finally, Register Financial Advisors LLC acquired a new position in shares of Progressive in the first quarter valued at about $35,000. 85.34% of the stock is owned by institutional investors.

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.