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

The Progressive Corporation (NYSE:PGR) has been assigned an average rating of “Hold” from the twenty-two ratings firms that are presently covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $251.2941.

A number of brokerages have recently issued reports on PGR. Evercore ISI dropped their target price on shares of Progressive from $250.00 to $237.00 and set an “in-line” rating on the stock in a report on Wednesday, January 7th. Raymond James Financial lowered their price target on Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a research report on Friday, October 17th. Hsbc Global Res cut Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Bank of America reduced their target price on Progressive from $350.00 to $348.00 and set a “buy” rating for the company in a research note on Tuesday, December 9th. Finally, Barclays upgraded Progressive from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $257.00 to $265.00 in a research note on Thursday, January 8th.

Progressive Price Performance

Shares of PGR opened at $207.61 on Friday. The company has a current ratio of 0.38, a quick ratio of 0.29 and a debt-to-equity ratio of 0.23. The company’s fifty day simple moving average is $217.72 and its 200 day simple moving average is $229.76. Progressive has a 1-year low of $197.92 and a 1-year high of $292.99. The company has a market cap of $121.74 billion, a price-to-earnings ratio of 10.79, a PEG ratio of 1.27 and a beta of 0.32.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Friday, January 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.08%.

Insider Activity at Progressive

In other news, CFO John P. Sauerland sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 28th. The stock was sold at an average price of $228.48, for a total value of $1,142,400.00. Following the transaction, the chief financial officer owned 223,024 shares of the company’s stock, valued at approximately $50,956,523.52. This represents a 2.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Andrew J. Quigg sold 1,649 shares of the stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $336,973.15. Following the transaction, the insider owned 39,626 shares in the company, valued at approximately $8,097,573.10. This trade represents a 4.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 13,788 shares of company stock worth $3,018,961. 0.34% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PGR. Davis Capital Management acquired a new position in shares of Progressive in the third quarter valued at about $25,000. Dagco Inc. bought a new stake in Progressive in the 4th quarter valued at about $28,000. Ameriflex Group Inc. grew its position in shares of Progressive by 106.6% during the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new position in shares of Progressive during the 2nd quarter worth approximately $33,000. Finally, Westside Investment Management Inc. increased its holdings in shares of Progressive by 900.0% during the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 117 shares during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.