Progressive (NYSE:PGR) Price Target Increased to $120.00 by Analysts at Citigroup

Progressive (NYSE:PGR) had its price objective hoisted by Citigroup from $106.00 to $120.00 in a report released on Monday, MarketBeat Ratings reports. The firm currently has a sell rating on the insurance provider’s stock.

Other equities analysts also recently issued reports about the stock. StockNews.com downgraded shares of Progressive from a buy rating to a hold rating in a report on Wednesday, September 13th. Barclays increased their price objective on shares of Progressive from $107.00 to $109.00 and gave the company an underweight rating in a research report on Thursday, August 17th. Jefferies Financial Group lowered their price target on Progressive from $165.00 to $156.00 in a research report on Tuesday, July 18th. Wells Fargo & Company cut shares of Progressive from an overweight rating to an equal weight rating and decreased their price objective for the company from $162.00 to $128.00 in a research note on Friday, July 14th. Finally, Bank of America upped their target price on Progressive from $198.00 to $206.00 in a research note on Thursday, June 15th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average price target of $142.93.

Progressive Price Performance

Shares of PGR opened at $140.56 on Monday. The company has a market capitalization of $82.27 billion, a P/E ratio of 48.14, a price-to-earnings-growth ratio of 1.20 and a beta of 0.47. The firm has a 50 day moving average of $129.61 and a 200 day moving average of $133.57. Progressive has a twelve month low of $110.04 and a twelve month high of $149.87. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.42.

Progressive (NYSE:PGR) last announced its earnings results on Thursday, July 13th. The insurance provider reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.38). The business had revenue of $15.23 billion for the quarter, compared to analysts’ expectations of $15.24 billion. Progressive had a net margin of 3.12% and a return on equity of 12.02%. As a group, equities research analysts anticipate that Progressive will post 4.67 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Thursday, October 5th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, October 4th. This represents a $0.40 annualized dividend and a yield of 0.28%. Progressive’s payout ratio is presently 13.70%.

Insider Transactions at Progressive

In related news, CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $126.51, for a total value of $1,518,120.00. Following the completion of the sale, the chief financial officer now owns 309,507 shares of the company’s stock, valued at approximately $39,155,730.57. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Barbara R. Snyder sold 21,731 shares of the stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $133.09, for a total value of $2,892,178.79. Following the completion of the transaction, the director now owns 6,610 shares in the company, valued at approximately $879,724.90. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $126.51, for a total transaction of $1,518,120.00. Following the transaction, the chief financial officer now owns 309,507 shares in the company, valued at approximately $39,155,730.57. The disclosure for this sale can be found here. Insiders sold 74,801 shares of company stock valued at $9,826,244 over the last three months. 0.34% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Portside Wealth Group LLC acquired a new position in Progressive in the second quarter valued at about $232,000. Western Wealth Management LLC lifted its holdings in shares of Progressive by 4.5% in the second quarter. Western Wealth Management LLC now owns 4,808 shares of the insurance provider’s stock valued at $636,000 after purchasing an additional 206 shares in the last quarter. Strategy Asset Managers LLC lifted its stake in Progressive by 7.2% in the 2nd quarter. Strategy Asset Managers LLC now owns 5,501 shares of the insurance provider’s stock valued at $728,000 after acquiring an additional 369 shares in the last quarter. Alamar Capital Management LLC lifted its position in shares of Progressive by 2.2% in the second quarter. Alamar Capital Management LLC now owns 25,141 shares of the insurance provider’s stock worth $3,328,000 after purchasing an additional 544 shares in the last quarter. Finally, ProVise Management Group LLC bought a new stake in Progressive during the 2nd quarter worth about $201,000. Institutional investors own 83.66% of the company’s stock.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.