Progressive (NYSE:PGR) Earns Equal Weight Rating from Analysts at Barclays

Barclays assumed coverage on shares of Progressive (NYSE:PGR) in a report issued on Wednesday, Marketbeat.com reports. The brokerage issued an equal weight rating and a $367.00 target price on the insurance provider’s stock.

PGR has been the topic of several other research reports. HSBC raised Progressive from a hold rating to a buy rating and set a $253.00 price target on the stock in a report on Monday, August 12th. Citigroup reduced their target price on Progressive from $232.00 to $225.00 and set a neutral rating for the company in a report on Wednesday, July 17th. Piper Sandler lifted their price target on Progressive from $250.00 to $252.00 and gave the stock an overweight rating in a research note on Thursday, August 15th. Roth Mkm upped their price objective on shares of Progressive from $235.00 to $270.00 and gave the company a buy rating in a research note on Thursday, August 15th. Finally, BMO Capital Markets dropped their target price on shares of Progressive from $239.00 to $237.00 and set an outperform rating on the stock in a research report on Wednesday, August 7th. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $252.24.

Progressive Trading Down 0.3 %

Shares of PGR stock opened at $248.69 on Wednesday. The stock has a 50-day simple moving average of $225.47 and a 200 day simple moving average of $212.83. The stock has a market capitalization of $145.66 billion, a P/E ratio of 25.45, a P/E/G ratio of 0.83 and a beta of 0.35. Progressive has a fifty-two week low of $134.34 and a fifty-two week high of $254.83. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The company had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.54 billion. During the same quarter last year, the firm posted $0.57 EPS. The business’s revenue for the quarter was up 21.6% on a year-over-year basis. On average, sell-side analysts expect that Progressive will post 12.2 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s dividend payout ratio is currently 4.09%.

Insider Buying and Selling at Progressive

In other news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the transaction, the chief executive officer now owns 473,735 shares in the company, valued at approximately $119,475,967. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the transaction, the chief executive officer now owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 6,122 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $235.19, for a total value of $1,439,833.18. Following the completion of the sale, the insider now owns 32,316 shares of the company’s stock, valued at $7,600,400.04. The disclosure for this sale can be found here. Insiders sold 147,354 shares of company stock worth $33,502,680 over the last ninety days. 0.34% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Progressive

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Progressive by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider’s stock valued at $10,703,318,000 after buying an additional 285,070 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Progressive by 3.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 14,935,652 shares of the insurance provider’s stock valued at $2,378,951,000 after acquiring an additional 520,742 shares during the period. Norges Bank acquired a new stake in shares of Progressive in the fourth quarter worth $1,078,831,000. Capital International Investors increased its position in Progressive by 15.7% during the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after acquiring an additional 670,006 shares during the period. Finally, Legal & General Group Plc raised its stake in Progressive by 1.9% during the 2nd quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock valued at $1,022,507,000 after purchasing an additional 92,212 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

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.