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

The Progressive Corporation (NYSE:PGR) has earned a consensus rating of “Hold” from the twenty-one analysts that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $268.9047.

A number of analysts have weighed in on the company. Keefe, Bruyette & Woods reduced their price target on Progressive from $270.00 to $262.00 and set a “market perform” rating for the company in a research report on Thursday, October 16th. Wall Street Zen cut Progressive from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. Raymond James Financial lowered their price target on Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a report on Friday, October 17th. Barclays reduced their price objective on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a research note on Monday, October 20th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Progressive from $301.00 to $303.00 and gave the stock an “overweight” rating in a report on Thursday, October 9th.

Insiders Place Their Bets

In related news, insider Lori A. Niederst sold 8,063 shares of the business’s stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the completion of the transaction, the insider owned 39,040 shares of the company’s stock, valued at approximately $9,767,027.20. The trade was a 17.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Patrick K. Callahan sold 6,420 shares of the stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.22, for a total value of $1,555,052.40. Following the sale, the insider owned 15,192 shares of the company’s stock, valued at approximately $3,679,806.24. The trade was a 29.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 58,500 shares of company stock valued at $14,430,089 in the last ninety days. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Progressive

A number of institutional investors and hedge funds have recently bought and sold shares of PGR. Rise Advisors LLC boosted its holdings in Progressive by 7.4% in the 1st quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock valued at $147,000 after purchasing an additional 36 shares during the period. Pinnacle Wealth Management Advisory Group LLC raised its position in shares of Progressive by 2.1% during the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider’s stock valued at $545,000 after buying an additional 39 shares during the last quarter. LRI Investments LLC raised its position in shares of Progressive by 13.4% during the second quarter. LRI Investments LLC now owns 338 shares of the insurance provider’s stock valued at $90,000 after buying an additional 40 shares during the last quarter. True North Advisors LLC lifted its stake in shares of Progressive by 4.0% in the first quarter. True North Advisors LLC now owns 1,055 shares of the insurance provider’s stock valued at $299,000 after buying an additional 41 shares during the period. Finally, Prosperity Consulting Group LLC grew its position in Progressive by 1.1% during the first quarter. Prosperity Consulting Group LLC now owns 3,824 shares of the insurance provider’s stock worth $1,082,000 after buying an additional 42 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

PGR stock opened at $209.34 on Wednesday. The firm has a 50 day moving average of $235.57 and a two-hundred day moving average of $253.03. Progressive has a 12 month low of $199.90 and a 12 month high of $292.99. The company has a market capitalization of $122.72 billion, a price-to-earnings ratio of 11.48, a P/E/G ratio of 1.19 and a beta of 0.32. The company has a quick ratio of 0.31, a current ratio of 0.32 and a debt-to-equity ratio of 0.19.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.04 by ($0.59). The business had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same period in the previous year, the firm posted $3.58 EPS. As a group, equities analysts anticipate that Progressive will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Thursday, October 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.19%.

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.