Roth Mkm Reiterates Buy Rating for Progressive (NYSE:PGR)

Roth Mkm reissued their buy rating on shares of Progressive (NYSE:PGR) in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a $235.00 price objective on the insurance provider’s stock.

Several other brokerages have also issued reports on PGR. BMO Capital Markets reissued an outperform rating and set a $235.00 target price on shares of Progressive in a research note on Monday, June 17th. Citigroup raised their target price on Progressive from $230.00 to $232.00 and gave the company a neutral rating in a research note on Monday, June 17th. Jefferies Financial Group upped their price target on Progressive from $241.00 to $245.00 and gave the stock a buy rating in a research note on Monday, April 15th. Keefe, Bruyette & Woods raised Progressive from a market perform rating to an outperform rating and raised their price objective for the company from $210.00 to $245.00 in a research note on Wednesday. Finally, Piper Sandler reaffirmed an overweight rating and set a $240.00 target price on shares of Progressive in a research report on Monday, April 1st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, Progressive presently has a consensus rating of Moderate Buy and a consensus target price of $222.94.

Progressive Stock Down 2.3 %

Progressive stock opened at $219.35 on Wednesday. The firm has a 50 day moving average price of $209.89 and a two-hundred day moving average price of $199.45. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.32 and a current ratio of 0.33. Progressive has a 52-week low of $118.75 and a 52-week high of $229.00. The firm has a market cap of $128.47 billion, a price-to-earnings ratio of 22.45, a PEG ratio of 0.82 and a beta of 0.35.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The business had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. During the same quarter last year, the firm earned $0.57 earnings per share. Progressive’s quarterly revenue was up 21.6% on a year-over-year basis. Equities analysts predict that Progressive will post 11.85 EPS for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd were paid a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.18%. Progressive’s payout ratio is presently 4.09%.

Insider Buying and Selling

In other Progressive news, CFO John P. Sauerland sold 12,457 shares of the company’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total value of $2,546,584.51. Following the completion of the transaction, the chief financial officer now owns 312,958 shares in the company, valued at approximately $63,978,003.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Progressive news, CFO John P. Sauerland sold 12,457 shares of Progressive stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total value of $2,546,584.51. Following the sale, the chief financial officer now owns 312,958 shares of the company’s stock, valued at $63,978,003.94. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Philip Bleser sold 2,129 shares of the stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total transaction of $466,421.32. Following the transaction, the director now directly owns 974 shares of the company’s stock, valued at $213,383.92. The disclosure for this sale can be found here. Over the last three months, insiders have sold 35,647 shares of company stock worth $7,417,765. 0.34% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PGR. Sachetta LLC purchased a new stake in Progressive during the fourth quarter valued at about $25,000. Northwest Bank & Trust Co purchased a new stake in shares of Progressive during the 4th quarter valued at approximately $25,000. Valley National Advisers Inc. boosted its holdings in Progressive by 143.6% in the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock worth $30,000 after buying an additional 112 shares during the period. Indiana Trust & Investment Management CO purchased a new position in Progressive in the 1st quarter valued at approximately $32,000. Finally, Hilltop National Bank raised its holdings in Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Company Profile

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.