Progressive (NYSE:PGR) Price Target Raised to $320.00

Progressive (NYSE:PGR) had its price objective lifted by Wells Fargo & Company from $317.00 to $320.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have an overweight rating on the insurance provider’s stock.

Several other equities research analysts have also weighed in on PGR. Barclays increased their target price on shares of Progressive from $264.00 to $285.00 and gave the stock an “equal weight” rating in a report on Thursday, March 13th. Roth Mkm lifted their target price on Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. BMO Capital Markets lowered their price target on Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Keefe, Bruyette & Woods dropped their price target on Progressive from $300.00 to $288.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, UBS Group boosted their price objective on Progressive from $275.00 to $285.00 and gave the company a “neutral” rating in a research report on Friday, March 14th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $283.71.

Progressive Stock Up 1.0 %

PGR stock opened at $275.78 on Thursday. The business’s 50-day simple moving average is $271.85 and its 200 day simple moving average is $257.20. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The company has a market cap of $161.67 billion, a PE ratio of 19.15, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38. Progressive has a twelve month low of $201.34 and a twelve month high of $292.99.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, research analysts anticipate that Progressive will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.15%. Progressive’s dividend payout ratio is 2.78%.

Insiders Place Their Bets

In other news, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction dated Friday, March 28th. The shares were sold at an average price of $275.94, for a total value of $2,759,400.00. Following the sale, the chief financial officer now directly owns 258,024 shares of the company’s stock, valued at approximately $71,199,142.56. This represents a 3.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Carl G. Joyce sold 360 shares of Progressive stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $276.17, for a total value of $99,421.20. Following the transaction, the chief accounting officer now owns 655 shares of the company’s stock, valued at $180,891.35. The trade was a 35.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,317 shares of company stock valued at $14,844,282 in the last 90 days. 0.34% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Progressive

A number of large investors have recently added to or reduced their stakes in PGR. KFG Wealth Management LLC raised its position in shares of Progressive by 6.2% in the first quarter. KFG Wealth Management LLC now owns 1,369 shares of the insurance provider’s stock valued at $387,000 after purchasing an additional 80 shares during the period. Pines Wealth Management LLC raised its holdings in Progressive by 3.0% in the 1st quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider’s stock valued at $335,000 after acquiring an additional 37 shares during the period. SeaCrest Wealth Management LLC acquired a new stake in Progressive during the first quarter worth approximately $204,000. Procyon Advisors LLC lifted its position in Progressive by 13.5% during the first quarter. Procyon Advisors LLC now owns 5,734 shares of the insurance provider’s stock worth $1,623,000 after acquiring an additional 681 shares during the last quarter. Finally, Unique Wealth LLC boosted its holdings in shares of Progressive by 3.3% during the first quarter. Unique Wealth LLC now owns 1,372 shares of the insurance provider’s stock worth $388,000 after acquiring an additional 44 shares during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.