Progressive (NYSE:PGR) Given New $210.00 Price Target at Keefe, Bruyette & Woods

Progressive (NYSE:PGR) had its price objective decreased by Keefe, Bruyette & Woods from $227.00 to $210.00 in a report published on Tuesday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the insurance provider’s stock.

Other analysts have also issued research reports about the stock. JPMorgan Chase & Co. lowered their target price on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a report on Wednesday, January 7th. William Blair lowered shares of Progressive from an “outperform” rating to a “market perform” rating in a report on Thursday, December 18th. Evercore reaffirmed a “negative” rating on shares of Progressive in a report on Wednesday, March 18th. Barclays set a $247.00 target price on shares of Progressive in a report on Wednesday, March 18th. Finally, Citigroup lowered their target price on shares of Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a report on Tuesday, February 3rd. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Progressive has a consensus rating of “Hold” and a consensus target price of $237.44.

Progressive Price Performance

PGR opened at $196.53 on Tuesday. The company has a fifty day moving average price of $204.48 and a two-hundred day moving average price of $216.91. 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 has a 52 week low of $192.02 and a 52 week high of $289.96. The firm has a market capitalization of $114.96 billion, a PE ratio of 10.21, a P/E/G ratio of 5.65 and a beta of 0.34.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be given 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 of this dividend is Thursday, April 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.08%.

Insider Activity at Progressive

In other news, insider Andrew J. Quigg sold 1,649 shares of Progressive stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $336,973.15. Following the transaction, the insider directly owned 39,626 shares of the company’s stock, valued at $8,097,573.10. This trade represents a 4.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Carl G. Joyce sold 270 shares of Progressive stock in a transaction on Friday, March 20th. The stock was sold at an average price of $206.50, for a total transaction of $55,755.00. Following the transaction, the chief accounting officer directly owned 558 shares in the company, valued at approximately $115,227. This represents a 32.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 11,687 shares of company stock valued at $2,413,044. 0.32% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Progressive

Several institutional investors have recently added to or reduced their stakes in the stock. Illinois Municipal Retirement Fund lifted its position in Progressive by 30.2% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 102,778 shares of the insurance provider’s stock worth $25,381,000 after buying an additional 23,833 shares in the last quarter. Allstate Corp lifted its position in Progressive by 1,614.1% during the 3rd quarter. Allstate Corp now owns 21,598 shares of the insurance provider’s stock worth $5,334,000 after buying an additional 20,338 shares in the last quarter. Gateway Investment Advisers LLC lifted its position in Progressive by 91.7% during the 3rd quarter. Gateway Investment Advisers LLC now owns 11,710 shares of the insurance provider’s stock worth $2,892,000 after buying an additional 5,600 shares in the last quarter. Mather Group LLC. lifted its position in Progressive by 40.6% during the 3rd quarter. Mather Group LLC. now owns 16,840 shares of the insurance provider’s stock worth $4,159,000 after buying an additional 4,865 shares in the last quarter. Finally, Arkadios Wealth Advisors lifted its position in Progressive by 471.3% during the 3rd quarter. Arkadios Wealth Advisors now owns 22,496 shares of the insurance provider’s stock worth $5,556,000 after buying an additional 18,558 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

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.