Other equities research analysts have also recently issued research reports about the company. 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. Janney Montgomery Scott assumed coverage on Progressive in a research report on Thursday, June 20th. They set a neutral rating and a $59.00 target price on the stock. Barclays lifted their target price on Progressive from $90.00 to $95.00 and gave the company an overweight rating in a research report on Monday, July 1st. UBS Group lifted their target price on Progressive from $88.00 to $95.00 and gave the company a buy rating in a research report on Monday, July 29th. Finally, Raymond James lifted their target price on Progressive from $90.00 to $93.00 and gave the company a strong-buy rating in a research report on Thursday, July 25th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $84.08.
PGR traded down $5.53 during trading on Tuesday, reaching $71.45. 3,985,888 shares of the company’s stock were exchanged, compared to its average volume of 2,312,965. Progressive has a fifty-two week low of $56.71 and a fifty-two week high of $84.96. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.34. The business has a 50 day moving average price of $78.03 and a 200 day moving average price of $77.29. The company has a market capitalization of $44.51 billion, a P/E ratio of 16.17, a PEG ratio of 1.92 and a beta of 0.68.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, October 7th will be given a $0.10 dividend. The ex-dividend date of this dividend is Friday, October 4th. This represents a $0.40 annualized dividend and a yield of 0.56%. Progressive’s dividend payout ratio is currently 9.05%.
In other Progressive news, CEO Susan Patricia Griffith sold 22,500 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $76.47, for a total value of $1,720,575.00. Following the transaction, the chief executive officer now owns 352,795 shares of the company’s stock, valued at $26,978,233.65. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider John Jo Murphy sold 12,000 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $81.11, for a total value of $973,320.00. Following the completion of the transaction, the insider now directly owns 24,867 shares in the company, valued at approximately $2,016,962.37. The disclosure for this sale can be found here. In the last three months, insiders sold 46,500 shares of company stock worth $3,624,855. Insiders own 0.39% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC raised its position in shares of Progressive by 7.4% in the 4th quarter. Geode Capital Management LLC now owns 7,478,706 shares of the insurance provider’s stock worth $450,389,000 after acquiring an additional 515,706 shares in the last quarter. Stephens Inc. AR lifted its holdings in shares of Progressive by 13.0% in the first quarter. Stephens Inc. AR now owns 11,085 shares of the insurance provider’s stock valued at $799,000 after purchasing an additional 1,271 shares in the last quarter. Cetera Advisors LLC purchased a new stake in shares of Progressive in the first quarter valued at about $247,000. State Treasurer State of Michigan lifted its holdings in shares of Progressive by 0.8% in the first quarter. State Treasurer State of Michigan now owns 168,281 shares of the insurance provider’s stock valued at $12,131,000 after purchasing an additional 1,300 shares in the last quarter. Finally, Everence Capital Management Inc. lifted its holdings in shares of Progressive by 5.7% in the first quarter. Everence Capital Management Inc. now owns 18,823 shares of the insurance provider’s stock valued at $1,357,000 after purchasing an additional 1,007 shares in the last quarter. 79.87% of the stock is currently owned by institutional investors and hedge funds.
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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