Progressive (NYSE:PGR) Price Target Raised to $251.00

Progressive (NYSE:PGR) had its target price increased by JPMorgan Chase & Co. from $242.00 to $251.00 in a research report report published on Thursday, Benzinga reports. The brokerage currently has an overweight rating on the insurance provider’s stock.

A number of other brokerages have also weighed in on PGR. Hsbc Global Res upgraded shares of Progressive from a hold rating to a strong-buy rating in a report on Monday, August 12th. HSBC raised Progressive from a hold rating to a buy rating and set a $253.00 price objective for the company in a research report on Monday, August 12th. Barclays started coverage on Progressive in a research report on Wednesday, September 4th. They set an equal weight rating and a $367.00 target price on the stock. Piper Sandler upped their price target on Progressive from $250.00 to $252.00 and gave the company an overweight rating in a report on Thursday, August 15th. Finally, Roth Mkm raised their price objective on shares of Progressive from $270.00 to $290.00 and gave the stock a buy rating in a report on Monday, September 16th. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $260.53.

Progressive Stock Up 0.9 %

Progressive stock opened at $254.09 on Thursday. Progressive has a twelve month low of $142.87 and a twelve month high of $260.46. The firm has a market capitalization of $148.82 billion, a P/E ratio of 26.01, a P/E/G ratio of 0.69 and a beta of 0.35. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The stock’s fifty day simple moving average is $245.20 and its 200-day simple moving average is $222.59.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating 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 business had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter last year, the business posted $0.57 EPS. The business’s quarterly revenue was up 21.6% compared to the same quarter last year. As a group, equities analysts expect that Progressive will post 13.07 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were 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 was Thursday, October 3rd. Progressive’s dividend payout ratio is currently 4.09%.

Insider Buying and Selling at Progressive

In other news, CEO Susan Patricia Griffith sold 43,371 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $9,281,827.71. Following the transaction, the chief executive officer now owns 517,105 shares of the company’s stock, valued at approximately $110,665,641.05. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CFO John P. Sauerland sold 22,708 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $4,859,739.08. Following the completion of the sale, the chief financial officer now owns 302,958 shares in the company, valued at $64,836,041.58. This trade 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 available at this link. Also, CEO Susan Patricia Griffith sold 43,371 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $9,281,827.71. Following the transaction, the chief executive officer now owns 517,105 shares in the company, valued at $110,665,641.05. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 146,512 shares of company stock valued at $33,912,874 in the last ninety days. Insiders own 0.34% of the company’s stock.

Institutional Trading of Progressive

A number of institutional investors have recently modified their holdings of PGR. Northwest Bank & Trust Co acquired a new stake in Progressive in the fourth quarter valued at $25,000. Davis Capital Management acquired a new stake in shares of Progressive in the third quarter valued at about $25,000. WR Wealth Planners LLC boosted its holdings in Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after buying an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO purchased a new position in Progressive in the first quarter valued at about $32,000. Finally, Hilltop National Bank lifted its position in shares of Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares during the period. 85.34% of the stock is currently owned by hedge funds and other 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.