Progressive (NYSE:PGR) had its price target hoisted by B. Riley from $89.00 to $96.00 in a research note issued to investors on Thursday, BenzingaRatingsTable reports. The brokerage currently has a buy rating on the insurance provider’s stock. B. Riley also issued estimates for Progressive’s FY2020 earnings at $5.45 EPS, Q1 2021 earnings at $1.53 EPS and FY2021 earnings at $6.00 EPS.
Several other analysts also recently issued reports on PGR. ValuEngine upgraded Progressive from a hold rating to a buy rating in a research report on Thursday, June 6th. Zacks Investment Research downgraded Progressive from a buy rating to a hold rating and set a $84.00 price objective on the stock. in a research report on Monday, May 27th. UBS Group upped their price objective on Progressive from $85.00 to $88.00 and gave the company a buy rating in a research report on Friday, May 17th. Buckingham Research set a $64.00 price objective on Progressive and gave the company a hold rating in a research report on Monday, May 13th. Finally, Credit Suisse Group upped their price objective on Progressive from $80.00 to $84.00 and gave the company an outperform rating in a research report on Wednesday, April 17th. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The company has an average rating of Buy and an average target price of $81.00.
Progressive stock opened at $81.64 on Thursday. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $47.38 billion, a price-to-earnings ratio of 18.47, a PEG ratio of 2.13 and a beta of 0.74. Progressive has a fifty-two week low of $56.71 and a fifty-two week high of $84.30.
Progressive (NYSE:PGR) last posted its earnings results on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.38 by $0.45. The company had revenue of $9.24 billion for the quarter, compared to analyst estimates of $9.20 billion. Progressive had a return on equity of 27.10% and a net margin of 8.77%. Progressive’s revenue was up 16.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.22 earnings per share. Equities analysts predict that Progressive will post 5.2 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, July 5th will be given a dividend of $0.10 per share. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.49%. Progressive’s payout ratio is 9.05%.
In other news, insider John A. Barbagallo sold 48,000 shares of Progressive stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $75.78, for a total value of $3,637,440.00. Following the transaction, the insider now directly owns 84,370 shares in the company, valued at $6,393,558.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dyke Kahina Van sold 1,715 shares of Progressive stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $78.49, for a total value of $134,610.35. Following the completion of the transaction, the director now owns 2,464 shares in the company, valued at $193,399.36. The disclosure for this sale can be found here. Insiders sold 131,350 shares of company stock valued at $10,089,257 in the last ninety days. Insiders own 0.39% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of PGR. Oregon Public Employees Retirement Fund grew its holdings in shares of Progressive by 4,886.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 9,709,752 shares of the insurance provider’s stock worth $161,000 after purchasing an additional 9,515,013 shares during the last quarter. Norges Bank acquired a new stake in Progressive during the fourth quarter valued at $346,597,000. Amundi Pioneer Asset Management Inc. lifted its position in shares of Progressive by 101.1% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 4,989,430 shares of the insurance provider’s stock worth $359,688,000 after buying an additional 2,508,171 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Progressive by 21.8% during the 1st quarter. Geode Capital Management LLC now owns 9,108,549 shares of the insurance provider’s stock worth $655,610,000 after purchasing an additional 1,629,843 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Progressive by 17.0% during the 1st quarter. Wellington Management Group LLP now owns 10,163,461 shares of the insurance provider’s stock worth $732,683,000 after purchasing an additional 1,478,779 shares during the last quarter. Hedge funds and other institutional investors own 79.11% of the company’s stock.
Progressive Company Profile
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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