Progressive (NYSE:PGR) Raised to Buy at StockNews.com

StockNews.com upgraded shares of Progressive (NYSE:PGR) from a hold rating to a buy rating in a research report released on Thursday morning.

PGR has been the subject of several other reports. The Goldman Sachs Group lifted their price objective on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Jefferies Financial Group boosted their target price on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Piper Sandler boosted their target price on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. Roth Mkm boosted their target price on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Finally, BMO Capital Markets decreased their target price on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Progressive has a consensus rating of “Moderate Buy” and an average target price of $263.19.

Progressive Stock Performance

PGR stock opened at $243.78 on Thursday. The stock has a 50-day moving average price of $250.50 and a 200-day moving average price of $225.61. Progressive has a 1-year low of $149.14 and a 1-year high of $260.46. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The firm has a market cap of $142.77 billion, a PE ratio of 17.72, a price-to-earnings-growth ratio of 0.68 and a beta of 0.35.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. Progressive’s payout ratio is presently 2.91%.

Insider Transactions at Progressive

In other news, insider Steven Broz sold 6,122 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $235.19, for a total value of $1,439,833.18. Following the transaction, the insider now owns 32,316 shares in the company, valued at $7,600,400.04. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the transaction, the chief executive officer now owns 473,735 shares in the company, valued at approximately $119,475,967. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Broz sold 6,122 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $235.19, for a total value of $1,439,833.18. Following the completion of the transaction, the insider now owns 32,316 shares in the company, valued at approximately $7,600,400.04. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 74,843 shares of company stock worth $18,674,912 in the last 90 days. Insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Progressive

Several institutional investors have recently bought and sold shares of the company. Raleigh Capital Management Inc. lifted its stake in Progressive by 20.9% in the third quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock valued at $60,000 after purchasing an additional 41 shares during the last quarter. Castleview Partners LLC raised its holdings in Progressive by 2.7% during the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock valued at $434,000 after acquiring an additional 45 shares during the period. Sunbelt Securities Inc. raised its holdings in Progressive by 21.3% during the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock valued at $54,000 after acquiring an additional 46 shares during the period. Whittier Trust Co. of Nevada Inc. raised its holdings in Progressive by 11.8% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock valued at $95,000 after acquiring an additional 48 shares during the period. Finally, Farmers & Merchants Investments Inc. raised its holdings in Progressive by 10.4% during the 2nd quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock valued at $106,000 after acquiring an additional 48 shares during the period. Hedge funds and other 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.