Progressive (NYSE:PGR) Price Target Lowered to $300.60 at Citigroup

Progressive (NYSE:PGR) had its target price trimmed by Citigroup from $301.38 to $300.60 in a research report report published on Monday,Benzinga reports. The brokerage currently has a buy rating on the insurance provider’s stock.

Other equities analysts have also recently issued research reports about the company. Barclays decreased their price objective on Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a research note on Monday, October 20th. Keefe, Bruyette & Woods decreased their price target on shares of Progressive from $262.00 to $246.00 and set a “market perform” rating for the company in a research note on Wednesday, November 5th. JPMorgan Chase & Co. increased their price objective on shares of Progressive from $301.00 to $303.00 and gave the company an “overweight” rating in a research report on Thursday, October 9th. Zacks Research cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Finally, UBS Group lowered their target price on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating for the company in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $264.92.

Progressive Stock Performance

Shares of PGR stock opened at $236.20 on Monday. The firm has a 50 day moving average of $223.98 and a two-hundred day moving average of $242.19. The stock has a market capitalization of $138.51 billion, a PE ratio of 12.96, a P/E/G ratio of 1.05 and a beta of 0.36. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.19. Progressive has a 52 week low of $199.90 and a 52 week high of $292.99.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The company had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. During the same quarter in the previous year, the business posted $3.58 earnings per share. On average, research analysts predict that Progressive will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 8th. Investors of record on Friday, January 2nd will be given a $0.10 dividend. The ex-dividend date of this dividend is Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s payout ratio is 2.19%.

Insider Transactions at Progressive

In other news, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $536,977.80. Following the sale, the insider owned 43,506 shares in the company, valued at approximately $10,532,802.60. The trade was a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Patrick K. Callahan sold 6,420 shares of the company’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the sale, the insider directly owned 15,192 shares of the company’s stock, valued at approximately $3,679,806.24. This trade represents a 29.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 17,673 shares of company stock worth $4,163,005. 0.33% of the stock is owned by company insiders.

Institutional Trading of Progressive

A number of large investors have recently bought and sold shares of the business. Davis Capital Management acquired a new stake in shares of Progressive during the third quarter worth about $25,000. Ameriflex Group Inc. raised its stake in Progressive by 106.6% during the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after acquiring an additional 65 shares during the last quarter. Atlantic Union Bankshares Corp acquired a new stake in Progressive during the 2nd quarter worth approximately $33,000. Westside Investment Management Inc. grew its stake in shares of Progressive by 900.0% in the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 117 shares during the last quarter. Finally, Howard Hughes Medical Institute acquired a new position in shares of Progressive in the second quarter valued at approximately $34,000. 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.