Progressive (NYSE:PGR) Price Target Increased to $225.00 by Analysts at Citigroup

Progressive (NYSE:PGR) had its price target upped by Citigroup from $202.00 to $225.00 in a research note issued to investors on Monday, Benzinga reports. Citigroup currently has a neutral rating on the insurance provider’s stock.

Several other analysts have also recently weighed in on PGR. The Goldman Sachs Group lifted their price objective on shares of Progressive from $161.00 to $216.00 and gave the stock a neutral rating in a research note on Monday, March 25th. Bank of America dropped their target price on shares of Progressive from $265.00 to $264.00 and set a buy rating for the company in a research report on Tuesday, April 2nd. UBS Group increased their price target on shares of Progressive from $159.00 to $170.00 and gave the stock a neutral rating in a research report on Wednesday, January 10th. Roth Mkm increased their price target on shares of Progressive from $215.00 to $235.00 and gave the stock a buy rating in a research report on Monday, March 18th. Finally, BMO Capital Markets increased their price target on shares of Progressive from $185.00 to $200.00 and gave the stock an outperform rating in a research report on Thursday, January 25th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $208.31.

Progressive Stock Performance

NYSE PGR opened at $206.59 on Monday. Progressive has a 52-week low of $111.41 and a 52-week high of $212.24. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.31 and a current ratio of 0.36. The firm has a 50-day moving average of $197.64 and a 200-day moving average of $173.59. The stock has a market cap of $121.00 billion, a PE ratio of 21.15, a P/E/G ratio of 0.86 and a beta of 0.35.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, topping the consensus estimate of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. During the same quarter in the previous year, the company earned $0.65 EPS. The business’s revenue was up 17.7% on a year-over-year basis. On average, sell-side analysts anticipate that Progressive will post 10.5 EPS for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, April 4th were given a $0.10 dividend. The ex-dividend date was Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. Progressive’s dividend payout ratio is currently 4.09%.

Insider Buying and Selling at Progressive

In other news, insider Andrew J. Quigg sold 551 shares of the firm’s stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $169.24, for a total transaction of $93,251.24. Following the completion of the transaction, the insider now owns 27,921 shares of the company’s stock, valued at $4,725,350.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Patrick K. Callahan sold 29,675 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the completion of the transaction, the insider now owns 15,189 shares of the company’s stock, valued at $2,889,859.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew J. Quigg sold 551 shares of Progressive stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total transaction of $93,251.24. Following the transaction, the insider now directly owns 27,921 shares of the company’s stock, valued at approximately $4,725,350.04. The disclosure for this sale can be found here. Insiders have sold 44,629 shares of company stock worth $8,348,176 over the last quarter. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Progressive

A number of hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC raised its stake in Progressive by 96.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 65,382 shares of the insurance provider’s stock worth $13,522,000 after buying an additional 32,115 shares during the last quarter. Wealthcare Advisory Partners LLC increased its stake in Progressive by 882.9% in the first quarter. Wealthcare Advisory Partners LLC now owns 13,967 shares of the insurance provider’s stock valued at $2,889,000 after purchasing an additional 12,546 shares in the last quarter. Corundum Group Inc. bought a new stake in Progressive in the first quarter valued at $311,000. Kingswood Wealth Advisors LLC increased its stake in Progressive by 3.0% in the first quarter. Kingswood Wealth Advisors LLC now owns 5,436 shares of the insurance provider’s stock valued at $1,124,000 after purchasing an additional 159 shares in the last quarter. Finally, Arkfeld Wealth Strategies L.L.C. bought a new stake in Progressive in the first quarter valued at $206,000. Institutional investors own 85.34% 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, 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.