The Progressive Co. (NYSE:PGR) Receives Consensus Recommendation of “Hold” from Analysts

The Progressive Co. (NYSE:PGRGet Free Report) has earned a consensus rating of “Hold” from the seventeen analysts that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $216.81.

Several brokerages have weighed in on PGR. UBS Group increased their target price on shares of Progressive from $216.00 to $218.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. Piper Sandler reissued an “overweight” rating and issued a $240.00 price objective on shares of Progressive in a research note on Monday, April 1st. BMO Capital Markets reiterated an “outperform” rating and issued a $235.00 price target on shares of Progressive in a research note on Monday, June 17th. Roth Mkm reiterated a “buy” rating and issued a $235.00 price target on shares of Progressive in a research note on Wednesday, June 26th. Finally, The Goldman Sachs Group lifted their price target 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.

Check Out Our Latest Report on PGR

Insiders Place Their Bets

In other news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Mariann Wojtkun Marshall sold 650 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $208.11, for a total value of $135,271.50. Following the completion of the transaction, the chief accounting officer now owns 3,981 shares in the company, valued at approximately $828,485.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Devin C. Johnson sold 1,000 shares of the stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the completion of the transaction, the director now owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. Insiders have sold 34,518 shares of company stock valued at $7,159,674 over the last three months. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Progressive

Hedge funds and other institutional investors have recently modified their holdings of the stock. Indiana Trust & Investment Management CO acquired a new stake in Progressive during the 1st quarter worth about $32,000. Sachetta LLC bought a new position in shares of Progressive in the 4th quarter valued at approximately $25,000. Northwest Bank & Trust Co bought a new position in shares of Progressive in the 4th quarter valued at approximately $25,000. Hilltop National Bank raised its stake in shares of Progressive by 126.0% in 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 in the last quarter. Finally, Register Financial Advisors LLC bought a new position in shares of Progressive in the 1st quarter valued at approximately $35,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Trading Up 0.2 %

Shares of Progressive stock opened at $210.00 on Thursday. The firm’s 50 day simple moving average is $209.42 and its two-hundred day simple moving average is $196.61. The firm has a market capitalization of $122.99 billion, a price-to-earnings ratio of 21.49, a PEG ratio of 0.81 and a beta of 0.35. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.32. Progressive has a 12-month low of $111.41 and a 12-month high of $217.77.

Progressive (NYSE:PGRGet Free Report) last announced its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The firm had revenue of $18.96 billion for the quarter, compared to the consensus estimate of $16.88 billion. During the same period in the prior year, the firm posted $0.65 earnings per share. The firm’s quarterly revenue was up 17.7% compared to the same quarter last year. Analysts predict that Progressive will post 11.26 EPS for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Wednesday, July 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.19%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

About Progressive

(Get Free Report

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.

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Analyst Recommendations for Progressive (NYSE:PGR)

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