The Progressive Corporation (NYSE:PGR) Given Consensus Recommendation of “Hold” by Brokerages

The Progressive Corporation (NYSE:PGR) has received a consensus rating of “Hold” from the twenty-one brokerages that are currently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, twelve have issued a hold recommendation, six have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $264.9176.

PGR has been the topic of several recent analyst reports. Wells Fargo & Company increased their target price on shares of Progressive from $246.00 to $247.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 20th. The Goldman Sachs Group reduced their price target on Progressive from $276.00 to $245.00 and set a “buy” rating for the company in a report on Monday, October 27th. Morgan Stanley reissued an “underweight” rating on shares of Progressive in a report on Wednesday. Keefe, Bruyette & Woods decreased their price objective on shares of Progressive from $262.00 to $246.00 and set a “market perform” rating on the stock in a report on Wednesday, November 5th. Finally, Wall Street Zen lowered shares of Progressive from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st.

Progressive Trading Down 2.0%

Progressive stock opened at $227.25 on Thursday. The firm has a market cap of $133.26 billion, a PE ratio of 12.47, a P/E/G ratio of 1.03 and a beta of 0.36. Progressive has a 12 month low of $199.90 and a 12 month high of $292.99. The stock’s 50 day simple moving average is $223.42 and its two-hundred day simple moving average is $241.71. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.19.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share 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 firm had revenue of $21.38 billion for the quarter, compared to analysts’ expectations of $21.64 billion. During the same period last year, the firm earned $3.58 earnings per share. Analysts anticipate 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 Thursday, January 8th. Investors of record on Friday, January 2nd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Friday, January 2nd. Progressive’s dividend payout ratio is currently 2.19%.

Insider Buying and Selling at Progressive

In other Progressive news, CFO John P. Sauerland sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $228.48, for a total value of $1,142,400.00. Following the transaction, the chief financial officer directly owned 223,024 shares of the company’s stock, valued at $50,956,523.52. This trade represents a 2.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John Jo Murphy sold 2,218 shares of the company’s stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $536,977.80. Following the completion of the sale, the insider owned 43,506 shares of the company’s stock, valued at $10,532,802.60. This trade represents a 4.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 17,673 shares of company stock valued at $4,163,005. Corporate insiders own 0.34% of the company’s stock.

Institutional Trading of Progressive

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Rise Advisors LLC boosted its position in shares of Progressive by 7.4% during the 1st quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock valued at $147,000 after acquiring an additional 36 shares during the last quarter. LRI Investments LLC lifted its holdings in Progressive by 13.4% in the second quarter. LRI Investments LLC now owns 338 shares of the insurance provider’s stock valued at $90,000 after acquiring an additional 40 shares during the last quarter. CVA Family Office LLC grew its position in Progressive by 4.2% in the second quarter. CVA Family Office LLC now owns 1,053 shares of the insurance provider’s stock worth $281,000 after acquiring an additional 42 shares during the period. Bell Investment Advisors Inc increased its position in shares of Progressive by 20.8% during the 2nd quarter. Bell Investment Advisors Inc now owns 256 shares of the insurance provider’s stock worth $68,000 after purchasing an additional 44 shares during the last quarter. Finally, Maia Wealth LLC lifted its position in Progressive by 5.4% in the second quarter. Maia Wealth LLC now owns 857 shares of the insurance provider’s stock valued at $229,000 after buying an additional 44 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

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.