Barclays Cuts Progressive (NYSE:PGR) Price Target to $287.00

Progressive (NYSE:PGR) had its target price lowered by Barclays from $297.00 to $287.00 in a report issued on Monday,Benzinga reports. Barclays currently has an equal weight rating on the insurance provider’s stock.

PGR has been the topic of several other reports. Bank of America upgraded Progressive from a “neutral” rating to a “buy” rating and set a $312.00 target price on the stock in a report on Monday, April 28th. Jefferies Financial Group decreased their target price on Progressive from $327.00 to $319.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $288.00 price objective on shares of Progressive in a report on Thursday, April 17th. JPMorgan Chase & Co. boosted their target price on Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a report on Tuesday, April 8th. Finally, Morgan Stanley cut Progressive from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $330.00 to $290.00 in a research note on Monday. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $285.41.

Progressive Price Performance

PGR opened at $250.35 on Monday. The stock has a fifty day moving average of $272.83 and a 200-day moving average of $265.51. The firm has a market capitalization of $146.76 billion, a P/E ratio of 16.88, a PEG ratio of 1.59 and a beta of 0.37. Progressive has a 12-month low of $207.50 and a 12-month high of $292.99. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.28 by $0.37. Progressive had a return on equity of 33.50% and a net margin of 11.10%. The business had revenue of $22.21 billion during the quarter, compared to analyst estimates of $21.87 billion. Equities analysts forecast that Progressive will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, July 4th will be paid a $0.10 dividend. This represents a yield of 0.15%. The ex-dividend date is Thursday, July 3rd. Progressive’s dividend payout ratio (DPR) is currently 2.70%.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 1,267 shares of the business’s stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.38, for a total transaction of $329,901.46. Following the transaction, the insider directly owned 27,621 shares in the company, valued at approximately $7,191,955.98. The trade was a 4.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $263.79, for a total value of $2,637,900.00. Following the completion of the transaction, the chief financial officer owned 228,024 shares in the company, valued at approximately $60,150,450.96. The trade was a 4.20% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 42,705 shares of company stock valued at $11,450,948. 0.34% of the stock is owned by insiders.

Institutional Investors Weigh In On Progressive

Hedge funds and other institutional investors have recently bought and sold shares of the business. Integrated Advisors Network LLC boosted its stake in shares of Progressive by 1.0% in the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider’s stock valued at $1,078,000 after purchasing an additional 36 shares during the period. Rise Advisors LLC raised its holdings in Progressive by 7.4% during the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock worth $147,000 after purchasing an additional 36 shares in the last quarter. Pines Wealth Management LLC grew its position in shares of Progressive by 3.0% during the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider’s stock worth $335,000 after acquiring an additional 37 shares during the last quarter. Contravisory Investment Management Inc. grew its position in shares of Progressive by 2.0% during the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider’s stock worth $549,000 after acquiring an additional 38 shares during the last quarter. Finally, Beacon Financial Group grew its position in Progressive by 1.1% in the 1st quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider’s stock valued at $1,036,000 after buying an additional 39 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

About Progressive

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.