Progressive Corp (NYSE:PGR) Receives $86.08 Average Target Price from Brokerages

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.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $2.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.45 by $0.66. The business had revenue of $9.87 billion during the quarter, compared to the consensus estimate of $10.28 billion. Progressive had a net margin of 9.18% and a return on equity of 26.80%. Progressive’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.83 EPS. Research analysts anticipate that Progressive will post 6.18 earnings per share for the current fiscal year.

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.

About Progressive

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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Analyst Recommendations for Progressive (NYSE:PGR)

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