Wells Fargo & Co reaffirmed their hold rating on shares of Progressive (NYSE:PGR) in a research report report published on Thursday morning, AnalystRatings.com reports. They currently have a $81.00 price target on the insurance provider’s stock.
“We are increasing our 2019 EPS estimate to $5.50 from $5.45 to reflect the earnings beat, partially offset by lower premium growth. We are lowering our 2020 EPS estimate to $5.70 from $5.75 and we are maintaining our 2021 EPS estimate of $6.10. Our price target is unchanged at $81. The shares traded down today likely as the slowdown in premium written more than overshadowed the EPS beat.”,” the firm’s analyst commented.
Other equities analysts have also issued reports about the company. B. Riley boosted their target price on Progressive from $89.00 to $96.00 and gave the stock a buy rating in a research report on Thursday, June 13th. Credit Suisse Group boosted their target price on Progressive from $80.00 to $84.00 and gave the stock an outperform rating in a research report on Wednesday, April 17th. Buckingham Research set a $64.00 target price on Progressive and gave the stock a hold rating in a research report on Monday, May 13th. Raymond James boosted their target price on Progressive from $90.00 to $93.00 and gave the stock a strong-buy rating in a research report on Thursday, July 25th. Finally, Barclays boosted their target price on Progressive from $90.00 to $95.00 and gave the stock an overweight rating in a research report on Monday, July 1st. Six equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Buy and an average target price of $82.92.
Progressive (NYSE:PGR) last posted its earnings results on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.43 by $0.23. The company had revenue of $9.13 billion during the quarter, compared to analyst estimates of $9.13 billion. Progressive had a return on equity of 28.12% and a net margin of 9.19%. The company’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.19 EPS. Research analysts anticipate that Progressive will post 5.37 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, October 7th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.52%. The ex-dividend date of this dividend is Friday, October 4th. Progressive’s dividend payout ratio (DPR) is presently 9.05%.
In other news, insider Michael D. Sieger sold 7,500 shares of Progressive stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $79.16, for a total transaction of $593,700.00. Following the transaction, the insider now owns 68,969 shares in the company, valued at approximately $5,459,586.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven Broz sold 3,000 shares of Progressive stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $81.49, for a total value of $244,470.00. Following the transaction, the insider now owns 15,701 shares in the company, valued at approximately $1,279,474.49. The disclosure for this sale can be found here. Insiders have sold a total of 34,500 shares of company stock worth $2,791,050 in the last quarter. 0.39% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in PGR. Hendley & Co. Inc. bought a new stake in Progressive in the 1st quarter valued at approximately $3,635,000. ZWJ Investment Counsel Inc. lifted its stake in Progressive by 3.4% in the 1st quarter. ZWJ Investment Counsel Inc. now owns 381,525 shares of the insurance provider’s stock valued at $27,504,000 after acquiring an additional 12,642 shares in the last quarter. Zions Bancorporation N.A. bought a new stake in Progressive in the 1st quarter valued at approximately $125,000. Arden Trust Co bought a new stake in Progressive in the 2nd quarter valued at approximately $613,000. Finally, Ibex Wealth Advisors lifted its stake in Progressive by 9.9% in the 2nd quarter. Ibex Wealth Advisors now owns 40,761 shares of the insurance provider’s stock valued at $3,258,000 after acquiring an additional 3,655 shares in the last quarter. Institutional investors and hedge funds own 78.51% of the company’s stock.
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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