The Progressive Corporation (NYSE:PGR) Receives Average Recommendation of “Hold” from Analysts

Shares of The Progressive Corporation (NYSE:PGR) have been given a consensus recommendation of “Hold” by the twenty-two analysts that are presently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, fourteen have given a hold recommendation and six have given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $239.2222.

A number of equities analysts have weighed in on the company. Keefe, Bruyette & Woods lowered their price target on Progressive from $232.00 to $227.00 and set a “market perform” rating on the stock in a research report on Thursday, March 19th. Bank of America cut their price objective on Progressive from $305.00 to $295.00 and set a “buy” rating for the company in a research report on Wednesday. JPMorgan Chase & Co. reduced their target price on Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research note on Wednesday, January 7th. The Goldman Sachs Group reissued a “buy” rating and set a $225.00 target price on shares of Progressive in a report on Monday, February 23rd. Finally, Morgan Stanley dropped their price target on Progressive from $214.00 to $205.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 28th.

Insider Buying and Selling

In other news, insider Andrew J. Quigg sold 1,649 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $336,973.15. Following the completion of the sale, 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. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Karen Bailo sold 3,517 shares of Progressive stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $745,604.00. Following the sale, the insider directly owned 32,348 shares of the company’s stock, valued at $6,857,776. The trade was a 9.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 11,687 shares of company stock valued at $2,413,044. 0.34% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Progressive

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Progressive by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock valued at $12,584,067,000 after purchasing an additional 593,612 shares during the period. State Street Corp increased its position in Progressive by 0.3% during the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock worth $6,373,474,000 after buying an additional 78,374 shares during the period. Capital International Investors increased its position in Progressive by 8.9% during the 4th quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock worth $3,398,123,000 after buying an additional 1,217,527 shares during the period. Capital Research Global Investors lifted its holdings in shares of Progressive by 26.1% during 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 buying an additional 2,314,864 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in shares of Progressive by 32.8% during the second quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock worth $2,928,141,000 after buying an additional 2,709,417 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Down 2.2%

Progressive stock opened at $198.41 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35. The company’s 50-day moving average is $205.72 and its 200-day moving average is $219.65. The firm has a market capitalization of $116.06 billion, a PE ratio of 10.31, a P/E/G ratio of 5.86 and a beta of 0.33. Progressive has a fifty-two week low of $197.92 and a fifty-two week high of $289.96.

Progressive Announces Dividend

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

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.