The Progressive Corporation (NYSE:PGR) Given Average Rating of “Hold” by Analysts

Shares of The Progressive Corporation (NYSE:PGR) have received an average rating of “Hold” from the twenty-two brokerages that are presently covering the stock, MarketBeat reports. Two research 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 12-month price objective among brokers that have issued a report on the stock in the last year is $238.1053.

A number of research firms have recently commented on PGR. Wells Fargo & Company raised their price objective on Progressive from $218.00 to $222.00 and gave the stock an “equal weight” rating in a report on Thursday. Argus upgraded Progressive to a “hold” rating in a report on Thursday, March 5th. Citigroup cut their price objective on Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a report on Tuesday, February 3rd. Barclays set a $247.00 price objective on Progressive in a report on Wednesday, March 18th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating on shares of Progressive in a report on Friday.

Progressive Stock Up 0.2%

Shares of NYSE PGR opened at $199.28 on Friday. Progressive has a 52-week low of $191.75 and a 52-week high of $289.96. The firm has a fifty day moving average of $200.46 and a 200-day moving average of $210.22. The stock has a market capitalization of $116.45 billion, a PE ratio of 10.13, a P/E/G ratio of 7.30 and a beta of 0.31. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. The company had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period last year, the business posted $4.37 EPS. On average, analysts anticipate that Progressive will post 16.36 EPS for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is 2.03%.

Insider Transactions at Progressive

In other news, CAO Carl G. Joyce sold 270 shares of the firm’s stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the transaction, the chief accounting officer directly owned 558 shares in the company, valued at $115,227. This trade represents a 32.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Maribel Pumarejo sold 739 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total value of $150,201.75. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 6,933 shares of company stock valued at $1,441,564. 0.32% of the stock is owned by company insiders.

Institutional Investors Weigh In On Progressive

Several hedge funds have recently modified their holdings of PGR. Norges Bank purchased a new stake in shares of Progressive during the 4th quarter valued at about $1,836,094,000. Capital International Investors raised its holdings in shares of Progressive by 78.9% during the 3rd quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock valued at $3,384,082,000 after buying an additional 6,045,732 shares during the period. Wellington Management Group LLP raised its holdings in shares of Progressive by 181.8% during the 4th quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider’s stock valued at $1,481,615,000 after buying an additional 4,197,212 shares during the period. Diamant Asset Management Inc. raised its holdings in shares of Progressive by 19,724.0% during the 1st quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider’s stock valued at $806,614,000 after buying an additional 4,048,351 shares during the period. Finally, Capital Research Global Investors raised its holdings in shares of Progressive by 26.1% during the 3rd quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock valued at $2,757,905,000 after buying an additional 2,314,864 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

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.