Progressive (NYSE:PGR) Price Target Raised to $303.00

Progressive (NYSE:PGR) had its price target lifted by JPMorgan Chase & Co. from $301.00 to $303.00 in a research note published on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the insurance provider’s stock.

PGR has been the topic of a number of other research reports. Keefe, Bruyette & Woods increased their price objective on Progressive from $268.00 to $270.00 and gave the stock a “market perform” rating in a research report on Thursday, September 18th. Weiss Ratings restated a “buy (b)” rating on shares of Progressive in a research report on Wednesday. Bank of America raised their price target on Progressive from $343.00 to $350.00 and gave the company a “buy” rating in a research report on Monday, September 29th. Citigroup restated a “buy” rating on shares of Progressive in a research report on Friday, August 29th. Finally, UBS Group lowered their price target on Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a research report on Wednesday. Seven equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $279.63.

Progressive Trading Down 0.8%

Shares of PGR stock opened at $240.18 on Thursday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. Progressive has a 52-week low of $228.54 and a 52-week high of $292.99. The company has a market capitalization of $140.80 billion, a PE ratio of 13.53, a price-to-earnings-growth ratio of 1.34 and a beta of 0.32. The business’s fifty day moving average is $245.20 and its 200 day moving average is $259.65.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The company had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. During the same quarter last year, the business posted $2.48 earnings per share. The firm’s revenue was up 12.1% compared to the same quarter last year. On average, equities research analysts anticipate that Progressive will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd were issued a $0.10 dividend. The ex-dividend date was Thursday, October 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is currently 2.25%.

Insider Transactions at Progressive

In other news, CFO John P. Sauerland sold 16,664 shares of Progressive stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $4,153,335.36. Following the transaction, the chief financial officer owned 228,024 shares in the company, valued at approximately $56,832,701.76. The trade was a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Karen Bailo sold 8,922 shares of Progressive stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $2,223,719.28. Following the completion of the transaction, the insider owned 32,346 shares in the company, valued at approximately $8,061,917.04. This represents a 21.62% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 130,045 shares of company stock valued at $31,997,390. 0.34% of the stock is currently owned by corporate insiders.

Institutional Trading of Progressive

Several large investors have recently modified their holdings of PGR. Brighton Jones LLC boosted its position in Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after acquiring an additional 457 shares in the last quarter. Revolve Wealth Partners LLC bought a new stake in Progressive during the 4th quarter valued at approximately $269,000. Bison Wealth LLC boosted its position in Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after acquiring an additional 80 shares in the last quarter. Farther Finance Advisors LLC boosted its position in Progressive by 15.8% during the 1st quarter. Farther Finance Advisors LLC now owns 6,399 shares of the insurance provider’s stock valued at $1,819,000 after acquiring an additional 871 shares in the last quarter. Finally, Harbor Capital Advisors Inc. boosted its position in Progressive by 60.3% during the 1st quarter. Harbor Capital Advisors Inc. now owns 11,198 shares of the insurance provider’s stock valued at $3,169,000 after acquiring an additional 4,213 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

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.