Progressive Corp (NYSE:PGR) has earned an average rating of “Buy” from the sixteen research firms that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $86.08.
PGR has been the subject of a number of research reports. Bank of America initiated coverage on shares of Progressive in a report on Monday, June 1st. They issued a “buy” rating for the company. Deutsche Bank increased their price target on shares of Progressive from $88.00 to $90.00 and gave the company a “buy” rating in a report on Friday, May 8th. MKM Partners reduced their price target on shares of Progressive from $100.00 to $90.00 in a report on Wednesday, March 18th. Wells Fargo & Co increased their price target on shares of Progressive from $76.00 to $85.00 and gave the company an “equal weight” rating in a report on Wednesday, April 1st. Finally, B. Riley downgraded shares of Progressive from a “buy” rating to a “neutral” rating and reduced their price target for the company from $96.00 to $83.00 in a report on Wednesday, March 11th.
Shares of NYSE PGR traded up $1.30 during trading hours on Friday, hitting $79.70. 43,358 shares of the stock were exchanged, compared to its average volume of 2,823,755. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.39 and a quick ratio of 0.39. The company’s 50 day moving average is $77.62 and its 200 day moving average is $77.01. The firm has a market capitalization of $45.89 billion, a P/E ratio of 13.07, a P/E/G ratio of 2.10 and a beta of 0.51. Progressive has a one year low of $62.18 and a one year high of $84.96.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, July 7th will be issued a dividend of $0.10 per share. The ex-dividend date is Monday, July 6th. This represents a $0.40 annualized dividend and a yield of 0.50%. Progressive’s dividend payout ratio (DPR) is currently 5.95%.
In related news, insider Andrew J. Quigg sold 4,000 shares of the business’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $74.26, for a total transaction of $297,040.00. Following the transaction, the insider now directly owns 8,063 shares in the company, valued at $598,758.38. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Susan Patricia Griffith sold 34,468 shares of the business’s stock in a transaction on Thursday, April 16th. The stock was sold at an average price of $78.73, for a total transaction of $2,713,665.64. Following the transaction, the chief executive officer now owns 352,462 shares in the company, valued at $27,749,333.26. The disclosure for this sale can be found here. Insiders have sold a total of 83,468 shares of company stock worth $6,498,956 over the last 90 days. Corporate insiders own 0.38% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. McKinley Carter Wealth Services Inc. boosted its position in shares of Progressive by 2.8% in the first quarter. McKinley Carter Wealth Services Inc. now owns 5,006 shares of the insurance provider’s stock valued at $370,000 after acquiring an additional 136 shares during the period. Heron Financial Group LLC boosted its position in shares of Progressive by 2.4% in the first quarter. Heron Financial Group LLC now owns 6,248 shares of the insurance provider’s stock valued at $503,000 after acquiring an additional 145 shares during the period. Allred Capital Management LLC boosted its position in shares of Progressive by 5.6% in the first quarter. Allred Capital Management LLC now owns 2,958 shares of the insurance provider’s stock valued at $218,000 after acquiring an additional 156 shares during the period. Cornerstone Advisors Inc. boosted its position in shares of Progressive by 5.7% in the first quarter. Cornerstone Advisors Inc. now owns 2,943 shares of the insurance provider’s stock valued at $217,000 after acquiring an additional 158 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Progressive by 0.5% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 37,648 shares of the insurance provider’s stock valued at $2,725,000 after acquiring an additional 184 shares during the period. 80.02% of the stock is owned by hedge funds and other institutional investors.
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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