Progressive (NYSE:PGR) Cut to “Hold” at Barclays

Barclays lowered shares of Progressive (NYSE:PGR) from a strong-buy rating to a hold rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other research analysts have also recently issued reports on PGR. HSBC cut Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Morgan Stanley dropped their target price on Progressive from $214.00 to $205.00 and set an “underweight” rating for the company in a report on Wednesday, January 28th. Roth Mkm set a $235.00 price target on Progressive in a research report on Thursday, February 19th. William Blair cut Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $259.00 price objective on shares of Progressive in a research report on Monday, March 2nd. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Progressive presently has an average rating of “Hold” and a consensus price target of $239.72.

Progressive Price Performance

PGR stock opened at $205.93 on Wednesday. The firm has a market cap of $120.66 billion, a P/E ratio of 10.70, a P/E/G ratio of 8.81 and a beta of 0.33. The firm’s fifty day moving average is $206.07 and its 200 day moving average is $221.16. Progressive has a 52 week low of $197.92 and a 52 week high of $289.96. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.35 and a current ratio of 0.35.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, April 2nd. Progressive’s dividend payout ratio is presently 2.08%.

Insider Activity at Progressive

In other news, CIO Jonathan S. Bauer sold 2,266 shares of the stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $203.05, for a total transaction of $460,111.30. Following the completion of the sale, the executive owned 26,250 shares in the company, valued at approximately $5,330,062.50. This represents a 7.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Maribel Pumarejo sold 739 shares of the firm’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total value of $150,201.75. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 11,417 shares of company stock valued at $2,357,289 over the last 90 days. Insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new stake in shares of Progressive during the second quarter valued at $2,156,939,000. Capital International Investors lifted its position in Progressive by 78.9% during the 3rd quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock worth $3,384,082,000 after acquiring an additional 6,045,732 shares during the period. Wellington Management Group LLP increased its holdings in shares of Progressive by 181.8% in the fourth quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider’s stock valued at $1,481,615,000 after purchasing an additional 4,197,212 shares during the period. Alliancebernstein L.P. increased its holdings in shares of Progressive by 32.8% in the second quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock valued at $2,928,141,000 after purchasing an additional 2,709,417 shares during the period. Finally, Capital Research Global Investors raised its stake in shares of Progressive by 26.1% in the third quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock worth $2,757,905,000 after purchasing an additional 2,314,864 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive News Roundup

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: Bank of America kept a “buy” rating and, despite trimming its target slightly to $305, still implies substantial upside — a supporting factor for the stock. Progressive had its price target lowered by Bank of America Corporation from $308.00 to $305.00
• Positive Sentiment: Wells Fargo raised its target to $217 and maintained an “equal weight” view, a modest positive signal that offsets some downgrades. Wells Fargo raised its price target on Progressive
• Neutral Sentiment: Progressive is getting increased attention from retail and news platforms; Zacks flagged PGR as a “trending” stock, which can drive short-term volume and volatility but doesn’t change fundamentals. The Progressive Corporation (PGR) Is a Trending Stock
• Neutral Sentiment: Recent media noted intraday moves in PGR (short-term price swings); useful for traders but not necessarily indicative of a lasting trend. Progressive (PGR) stock moves -1.29%: What you should know
• Negative Sentiment: Mizuho cut its target to $223 and moved to “neutral,” trimming upside expectations and applying downward pressure. Progressive had its price target lowered by Mizuho from $235.00 to $223.00
• Negative Sentiment: Barclays downgraded PGR from “strong-buy” to “hold,” reducing buy-side conviction and potentially limiting near-term gains. Progressive was downgraded by Barclays PLC from “strong-buy” to “hold”
• Negative Sentiment: Keefe, Bruyette & Woods trimmed its target to $227 and set a “market perform” rating, another modest drag on sentiment. Progressive had its price target lowered by Keefe, Bruyette & Woods
• Neutral Sentiment: An unrelated biotech update (Zenas BioPharma) appeared in the feed but has no material bearing on Progressive’s insurance business. Zenas BioPharma Advances Phase 3 Orelabrutinib Trial

About Progressive

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.