Progressive (NYSE:PGR) Price Target Raised to $282.00

Progressive (NYSE:PGR) had its price target lifted by Wells Fargo & Company from $281.00 to $282.00 in a report released on Tuesday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the insurance provider’s stock.

Other equities analysts have also issued reports about the stock. Bank of America increased their price objective on shares of Progressive from $294.00 to $312.00 and gave the company a buy rating in a research report on Tuesday, September 3rd. Barclays started coverage on shares of Progressive in a report on Wednesday, September 4th. They issued an equal weight rating and a $367.00 price target on the stock. Keefe, Bruyette & Woods boosted their price objective on Progressive from $255.00 to $275.00 and gave the stock an outperform rating in a report on Tuesday, September 3rd. Jefferies Financial Group increased their target price on Progressive from $256.00 to $257.00 and gave the stock a buy rating in a research note on Wednesday, July 17th. Finally, Piper Sandler boosted their price target on Progressive from $250.00 to $252.00 and gave the company an overweight rating in a research note on Thursday, August 15th. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $252.29.

Progressive Trading Down 0.0 %

Progressive stock opened at $249.48 on Tuesday. The stock has a 50-day simple moving average of $228.63 and a 200 day simple moving average of $214.31. The stock has a market capitalization of $146.12 billion, a P/E ratio of 25.54, a PEG ratio of 0.82 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. Progressive has a 52 week low of $134.34 and a 52 week high of $254.83.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $17.54 billion. During the same period in the previous year, the company posted $0.57 EPS. The firm’s revenue for the quarter was up 21.6% compared to the same quarter last year. Analysts expect that Progressive will post 12.19 earnings per share for the current year.

Progressive Announces Dividend

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 issued a dividend of $0.10 per share. 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 (DPR) is presently 4.09%.

Insider Buying and Selling

In other Progressive news, CEO Susan Patricia Griffith sold 43,371 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the completion of the sale, the chief executive officer now directly owns 517,105 shares in the company, valued at $110,665,641.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Andrew J. Quigg sold 3,975 shares of Progressive stock in a transaction that occurred 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 directly owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Susan Patricia Griffith sold 43,371 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the completion of the transaction, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at approximately $110,665,641.05. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 147,354 shares of company stock worth $33,502,680. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Aviance Capital Partners LLC bought a new stake in Progressive during the 1st quarter worth $3,628,000. TCW Group Inc. bought a new position in Progressive in the fourth quarter valued at about $1,988,000. Brevan Howard Capital Management LP acquired a new stake in shares of Progressive during the fourth quarter valued at about $3,090,000. Concurrent Investment Advisors LLC grew its holdings in shares of Progressive by 66.4% during the first quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock worth $1,409,000 after purchasing an additional 2,719 shares during the last quarter. Finally, Banque Cantonale Vaudoise increased its stake in shares of Progressive by 90.4% in the first quarter. Banque Cantonale Vaudoise now owns 21,056 shares of the insurance provider’s stock valued at $4,354,000 after buying an additional 10,000 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

About Progressive

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.