Shares of Progressive Corp (NYSE:PGR) have been assigned an average rating of “Buy” from the fourteen analysts that are presently covering the firm, Marketbeat.com reports. Five investment analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $79.31.
A number of research firms recently weighed in on PGR. Zacks Investment Research cut Progressive from a “buy” rating to a “hold” rating and set a $84.00 price target on the stock. in a research note on Monday, May 27th. ValuEngine upgraded Progressive from a “hold” rating to a “buy” rating in a research note on Thursday, June 6th. UBS Group increased their price target on Progressive from $85.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Buckingham Research set a $64.00 price target on Progressive and gave the company a “hold” rating in a research note on Monday, May 13th. Finally, Janney Montgomery Scott began coverage on Progressive in a research note on Thursday, June 20th. They issued a “neutral” rating and a $59.00 price target on the stock.
Shares of NYSE PGR traded down $0.80 during trading hours on Tuesday, hitting $80.36. The company had a trading volume of 3,015,400 shares, compared to its average volume of 3,061,945. The stock has a market capitalization of $46.79 billion, a PE ratio of 18.18, a P/E/G ratio of 2.07 and a beta of 0.74. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.40 and a quick ratio of 0.40. Progressive has a 1-year low of $56.71 and a 1-year high of $84.30. The firm’s 50 day moving average price is $79.38.
Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.45. Progressive had a return on equity of 27.10% and a net margin of 8.77%. The business had revenue of $9.24 billion for the quarter, compared to analysts’ expectations of $9.20 billion. During the same quarter in the prior year, the business earned $1.22 EPS. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. Equities research analysts expect that Progressive will post 5.28 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, July 5th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.50%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s payout ratio is 9.05%.
In other Progressive news, CFO John P. Sauerland sold 12,000 shares of the stock in a transaction on Thursday, April 18th. The stock was sold at an average price of $76.12, for a total transaction of $913,440.00. Following the transaction, the chief financial officer now owns 359,815 shares in the company, valued at approximately $27,389,117.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Jo Murphy sold 8,000 shares of the stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $76.63, for a total value of $613,040.00. Following the transaction, the insider now owns 24,144 shares in the company, valued at approximately $1,850,154.72. The disclosure for this sale can be found here. Insiders have sold a total of 146,350 shares of company stock worth $11,313,287 in the last quarter. Company insiders own 0.39% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc grew its holdings in shares of Progressive by 1.4% during the 3rd quarter. Vanguard Group Inc now owns 42,481,196 shares of the insurance provider’s stock worth $3,017,865,000 after purchasing an additional 582,761 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Progressive by 0.9% during the 1st quarter. BlackRock Inc. now owns 41,390,620 shares of the insurance provider’s stock worth $2,983,849,000 after purchasing an additional 358,718 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of Progressive by 2.9% during the 1st quarter. Janus Henderson Group PLC now owns 13,147,056 shares of the insurance provider’s stock worth $947,787,000 after purchasing an additional 374,526 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Progressive by 0.7% during the 1st quarter. JPMorgan Chase & Co. now owns 10,367,630 shares of the insurance provider’s stock worth $747,404,000 after purchasing an additional 72,786 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Progressive by 7.4% during the 4th quarter. Geode Capital Management LLC now owns 7,478,706 shares of the insurance provider’s stock worth $450,389,000 after purchasing an additional 515,706 shares in the last quarter. Hedge funds and other institutional investors own 79.02% of the company’s stock.
Progressive Company Profile
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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