Research Analysts’ Weekly Ratings Updates for Progressive (PGR)

Several brokerages have updated their recommendations and price targets on shares of Progressive (NYSE: PGR) in the last few weeks:

• 4/17/2024 – Progressive had its price target raised by analysts at UBS Group AG from $216.00 to $218.00. They now have a “neutral” rating on the stock.
• 4/17/2024 – Progressive had its price target lowered by analysts at Bank of America Co. from $279.00 to $273.00. They now have a “buy” rating on the stock.
• 4/15/2024 – Progressive had its price target raised by analysts at Citigroup Inc. from $202.00 to $225.00. They now have a “neutral” rating on the stock.
• 4/15/2024 – Progressive had its price target raised by analysts at Jefferies Financial Group Inc. from $241.00 to $245.00. They now have a “buy” rating on the stock.
• 4/11/2024 – Progressive had its price target raised by analysts at Wells Fargo & Company from $232.00 to $238.00. They now have an “overweight” rating on the stock.
• 4/11/2024 – Progressive had its price target raised by analysts at Morgan Stanley from $228.00 to $247.00. They now have an “overweight” rating on the stock.
• 4/10/2024 – Progressive had its price target raised by analysts at Keefe, Bruyette & Woods from $190.00 to $200.00. They now have a “market perform” rating on the stock.
• 4/8/2024 – Progressive had its price target raised by analysts at JPMorgan Chase & Co. from $171.00 to $202.00. They now have an “overweight” rating on the stock.
• 4/2/2024 – Progressive had its price target lowered by analysts at Bank of America Co. from $265.00 to $264.00. They now have a “buy” rating on the stock.
• 4/1/2024 – Progressive had its “overweight” rating reaffirmed by analysts at Piper Sandler. They now have a $240.00 price target on the stock.
• 3/28/2024 – Progressive had its price target raised by analysts at HSBC Holdings plc from $174.00 to $200.00. They now have a “hold” rating on the stock.
• 3/25/2024 – Progressive had its price target raised by analysts at The Goldman Sachs Group, Inc. from $161.00 to $216.00. They now have a “neutral” rating on the stock.
• 3/18/2024 – Progressive had its price target raised by analysts at Citigroup Inc. from $192.00 to $202.00. They now have a “neutral” rating on the stock.
• 3/18/2024 – Progressive had its price target raised by analysts at Keefe, Bruyette & Woods from $185.00 to $190.00. They now have a “market perform” rating on the stock.
• 3/18/2024 – Progressive had its price target raised by analysts at Roth Mkm from $215.00 to $235.00. They now have a “buy” rating on the stock.
• 3/6/2024 – Progressive was upgraded by analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating. They now have a $227.00 price target on the stock, up previously from $185.00.
• 3/4/2024 – Progressive had its price target raised by analysts at Bank of America Co. from $256.00 to $261.00. They now have a “buy” rating on the stock.

Progressive Trading Up 1.7 %

NYSE PGR opened at $211.78 on Thursday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.31 and a current ratio of 0.36. The Progressive Co. has a one year low of $111.41 and a one year high of $216.21. The company’s 50 day moving average price is $203.61 and its 200 day moving average price is $179.05. The firm has a market capitalization of $124.04 billion, a price-to-earnings ratio of 21.68, a PEG ratio of 0.81 and a beta of 0.35.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.20 by $0.74. The firm had revenue of $18.96 billion during the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.65 EPS. On average, sell-side analysts predict that The Progressive Co. will post 11.34 EPS for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, April 4th were issued a $0.10 dividend. The ex-dividend date was Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. Progressive’s dividend payout ratio is currently 4.09%.

Insider Buying and Selling at Progressive

In related news, insider Karen Bailo sold 8,464 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the transaction, the insider now owns 32,342 shares in the company, valued at $6,128,485.58. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Progressive news, insider Patrick K. Callahan sold 29,675 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the sale, the insider now owns 15,189 shares in the company, valued at $2,889,859.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Karen Bailo sold 8,464 shares of Progressive stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the transaction, the insider now owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The disclosure for this sale can be found here. Insiders sold a total of 39,139 shares of company stock valued at $7,458,139 in the last ninety days. Insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Progressive

Several large investors have recently added to or reduced their stakes in PGR. Indiana Trust & Investment Management CO bought a new position in shares of Progressive in the 1st quarter worth about $32,000. Sachetta LLC bought a new position in Progressive in the fourth quarter worth about $25,000. Northwest Bank & Trust Co acquired a new position in Progressive in the fourth quarter valued at approximately $25,000. Register Financial Advisors LLC bought a new position in shares of Progressive during the first quarter valued at approximately $35,000. Finally, Valley National Advisers Inc. raised its position in shares of Progressive by 143.6% during the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 112 shares during the period. 85.34% of the stock is currently owned by institutional investors.

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.