Progressive (NYSE:PGR) Given New $287.00 Price Target at Jefferies Financial Group

Progressive (NYSE:PGR) had its price target reduced by Jefferies Financial Group from $309.00 to $287.00 in a report published on Monday,Benzinga reports. Jefferies Financial Group currently has a buy rating on the insurance provider’s stock.

PGR has been the topic of several other research reports. Barclays reduced their target price on shares of Progressive from $297.00 to $287.00 and set an “equal weight” rating on the stock in a report on Monday, July 7th. Bank of America reduced their target price on shares of Progressive from $337.00 to $336.00 and set a “buy” rating on the stock in a report on Thursday, July 17th. BMO Capital Markets reduced their target price on shares of Progressive from $288.00 to $281.00 and set an “outperform” rating on the stock in a report on Friday, July 18th. Morgan Stanley reduced their target price on shares of Progressive from $290.00 to $280.00 and set an “equal weight” rating on the stock in a report on Monday, July 14th. Finally, Wall Street Zen lowered shares of Progressive from a “buy” rating to a “hold” rating in a report on Friday, July 18th. Nine investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $283.94.

Progressive Stock Down 0.7%

Shares of PGR opened at $244.83 on Monday. The firm has a market cap of $143.52 billion, a PE ratio of 13.79, a price-to-earnings-growth ratio of 1.45 and a beta of 0.33. The company’s fifty day moving average is $255.91 and its two-hundred day moving average is $266.49. Progressive has a fifty-two week low of $220.33 and a fifty-two week high of $292.99. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating analysts’ consensus estimates of $4.43 by $0.45. The company had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. Progressive’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter last year, the business earned $2.48 EPS. Analysts forecast that Progressive will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio is currently 2.25%.

Insider Transactions at Progressive

In other news, CEO Susan Patricia Griffith sold 30,660 shares of the company’s stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $242.12, for a total value of $7,423,399.20. Following the sale, the chief executive officer owned 506,945 shares in the company, valued at approximately $122,741,523.40. This represents a 5.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John Jo Murphy sold 4,000 shares of the company’s stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.38, for a total transaction of $1,041,520.00. Following the completion of the sale, the insider owned 41,289 shares in the company, valued at approximately $10,750,829.82. This trade represents a 8.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 104,250 shares of company stock worth $26,332,348 over the last three months. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Progressive

Institutional investors have recently modified their holdings of the stock. Highline Wealth Partners LLC raised its stake in shares of Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 49 shares in the last quarter. TruNorth Capital Management LLC raised its stake in shares of Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 63 shares in the last quarter. HWG Holdings LP acquired a new stake in shares of Progressive in the 1st quarter valued at about $28,000. Minot DeBlois Advisors LLC acquired a new stake in shares of Progressive in the 4th quarter valued at about $28,000. Finally, Garde Capital Inc. bought a new stake in shares of Progressive during the 1st quarter valued at about $33,000. Institutional investors and hedge funds 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.