Progressive (NYSE:PGR) Given New $273.00 Price Target at Bank of America

Progressive (NYSE:PGR) had its price target trimmed by Bank of America from $279.00 to $273.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the insurance provider’s stock.

PGR has been the subject of a number of other research reports. UBS Group lifted their price target on shares of Progressive from $216.00 to $218.00 and gave the stock a neutral rating in a research note on Wednesday. Piper Sandler reissued an overweight rating and issued a $240.00 target price on shares of Progressive in a research report on Monday, April 1st. 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. The Goldman Sachs Group lifted their price target on Progressive from $161.00 to $216.00 and gave the stock a neutral rating in a research note on Monday, March 25th. Finally, Morgan Stanley upped their price objective on Progressive from $228.00 to $247.00 and gave the company an overweight rating in a research note on Thursday, April 11th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $211.88.

Progressive Stock Up 0.4 %

Shares of NYSE PGR opened at $209.12 on Wednesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.31 and a current ratio of 0.36. Progressive has a 1 year low of $111.41 and a 1 year high of $212.24. The stock’s 50-day simple moving average is $198.74 and its 200-day simple moving average is $174.33. The firm has a market cap of $122.48 billion, a price-to-earnings ratio of 21.40, a PEG ratio of 0.84 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, beating analysts’ consensus estimates of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. During the same quarter last year, the firm earned $0.65 EPS. Progressive’s quarterly revenue was up 17.7% on a year-over-year basis. As a group, equities analysts anticipate that Progressive will post 11.09 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors 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 annualized dividend and a yield of 0.19%. Progressive’s dividend payout ratio is presently 4.09%.

Insiders Place Their Bets

In other news, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the sale, the insider now owns 15,189 shares of the company’s stock, valued at $2,889,859.14. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, insider Karen Bailo sold 8,464 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the sale, the insider now owns 32,342 shares of the company’s stock, valued at $6,128,485.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Patrick K. Callahan sold 29,675 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly owns 15,189 shares in the company, valued at approximately $2,889,859.14. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Markel Corp boosted its stake in Progressive by 4.1% during the first quarter. Markel Corp now owns 750,750 shares of the insurance provider’s stock valued at $85,578,000 after buying an additional 29,750 shares in the last quarter. Roundview Capital LLC boosted its position in shares of Progressive by 0.8% during the 1st quarter. Roundview Capital LLC now owns 49,086 shares of the insurance provider’s stock valued at $5,595,000 after purchasing an additional 381 shares in the last quarter. Cibc World Market Inc. grew its stake in shares of Progressive by 3.9% in the 1st quarter. Cibc World Market Inc. now owns 6,693 shares of the insurance provider’s stock worth $763,000 after purchasing an additional 254 shares during the last quarter. Moors & Cabot Inc. raised its holdings in shares of Progressive by 8.0% in the 1st quarter. Moors & Cabot Inc. now owns 3,081 shares of the insurance provider’s stock worth $351,000 after purchasing an additional 228 shares in the last quarter. Finally, Sequoia Financial Advisors LLC boosted its holdings in Progressive by 103.5% during the first quarter. Sequoia Financial Advisors LLC now owns 7,022 shares of the insurance provider’s stock worth $800,000 after buying an additional 3,571 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

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.