Progressive (NYSE:PGR) Price Target Cut to $190.00 by Analysts at Morgan Stanley

Progressive (NYSE:PGR) had its price target lowered by Morgan Stanley from $205.00 to $190.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The firm currently has an underweight rating on the insurance provider’s stock.

PGR has been the topic of a number of other reports. BMO Capital Markets reduced their target price on shares of Progressive from $232.00 to $208.00 and set a “market perform” rating on the stock in a research report on Wednesday, March 11th. Piper Sandler restated an “overweight” rating and issued a $259.00 price objective on shares of Progressive in a research report on Monday, March 2nd. Mizuho reduced their price objective on Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a report on Friday, March 20th. Wells Fargo & Company increased their price objective on Progressive from $214.00 to $217.00 and gave the company an “equal weight” rating in a research report on Thursday, March 19th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $225.00 target price on shares of Progressive in a research report on Monday, February 23rd. Six analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Progressive has a consensus rating of “Hold” and a consensus price target of $238.39.

Progressive Stock Down 1.6%

Shares of NYSE PGR opened at $198.27 on Tuesday. The firm’s 50-day simple moving average is $205.58 and its 200 day simple moving average is $218.61. The company has a market cap of $115.98 billion, a price-to-earnings ratio of 10.30, a price-to-earnings-growth ratio of 5.80 and a beta of 0.33. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.23. Progressive has a 12-month low of $196.38 and a 12-month high of $289.96.

Progressive Dividend Announcement

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

Insider Activity

In other news, insider Andrew J. Quigg sold 1,649 shares of the firm’s stock in a transaction 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 directly owned 39,626 shares in the company, valued at $8,097,573.10. This trade represents a 4.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Maribel Pumarejo sold 739 shares of Progressive 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. In the last ninety days, insiders have sold 11,687 shares of company stock worth $2,413,044. Corporate insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Progressive

Hedge funds have recently added to or reduced their stakes in the stock. Davis Capital Management acquired a new stake in shares of Progressive in the 3rd quarter valued at approximately $25,000. Bard Associates Inc. bought a new position in Progressive during the 4th quarter worth approximately $27,000. Dagco Inc. acquired a new position in Progressive during the fourth quarter valued at approximately $28,000. Howard Hughes Medical Institute acquired a new position in Progressive during the second quarter valued at approximately $34,000. Finally, Ameriflex Group Inc. increased its stake in Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares in the last quarter. Institutional investors and hedge funds 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.