The Progressive Corporation (NYSE:PGR – Get Free Report) has been given a consensus recommendation of “Hold” by the twenty-two research firms that are presently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have issued a buy rating on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $234.89.
A number of analysts have recently issued reports on PGR shares. UBS Group restated a “neutral” rating on shares of Progressive in a report on Monday. Wells Fargo & Company upped their price objective on Progressive from $198.00 to $201.00 and gave the company an “underweight” rating in a report on Thursday, August 20th. Weiss Ratings upgraded Progressive from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, August 28th. Evercore set a $240.00 target price on Progressive in a research report on Friday, July 10th. Finally, HSBC upped their price target on Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a research note on Monday, July 6th.
Check Out Our Latest Stock Analysis on PGR
Progressive Trading Up 1.6%
Progressive (NYSE:PGR – Get Free Report) last issued its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, topping analysts’ consensus estimates of $4.64 by $1.03. The company had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. Progressive’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $5.40 earnings per share. Sell-side analysts forecast that Progressive will post 17.9 EPS for the current year.
Progressive Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive’s payout ratio is 2.01%.
Insider Buying and Selling
In other Progressive news, insider Lori Niederst sold 7,339 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $209.29, for a total value of $1,535,979.31. Following the transaction, the insider owned 42,567 shares of the company’s stock, valued at $8,908,847.43. This represents a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Murphy sold 8,124 shares of the stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the transaction, the insider directly owned 41,291 shares of the company’s stock, valued at approximately $8,782,595.70. This trade represents a 16.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 105,557 shares of company stock valued at $22,715,077 over the last three months. Company insiders own 0.32% of the company’s stock.
Institutional Trading of Progressive
Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in shares of Progressive during the second quarter worth $10,496,271,000. Bank of America Corp DE purchased a new stake in shares of Progressive in the 2nd quarter valued at $2,682,342,000. Norges Bank purchased a new stake in shares of Progressive in the 4th quarter valued at $1,836,094,000. GQG Partners LLC acquired a new position in Progressive during the 2nd quarter worth about $1,538,570,000. Finally, Deutsche Bank AG acquired a new position in Progressive during the 2nd quarter worth about $1,098,838,000. Institutional investors and hedge funds own 85.34% of the company’s stock.
About Progressive
Progressive Corporation, founded in 1937 and headquartered in Mayfield Village, Ohio, is an insurance company that primarily serves customers in the United States. The company is best known for its personal and commercial auto insurance businesses and distributes products through independent agents, direct channels and digital platforms.
Progressive offers a broad range of insurance products, including coverage for automobiles, motorcycles, boats, recreational vehicles, homes and renters.
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