Shares of The Progressive Corporation (NYSE:PGR – Get Free Report) have earned a consensus recommendation of “Hold” from the twenty-three ratings firms that are presently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and nine have given a buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $234.25.
Several research firms recently commented on PGR. Cantor Fitzgerald dropped their price objective on Progressive from $220.00 to $200.00 and set a “neutral” rating on the stock in a research report on Monday, August 17th. Piper Sandler lifted their price objective on Progressive from $241.00 to $242.00 and gave the stock an “overweight” rating in a report on Thursday, August 20th. UBS Group reissued a “neutral” rating on shares of Progressive in a research report on Monday, September 21st. TD Cowen decreased their target price on Progressive from $266.00 to $222.00 and set a “hold” rating for the company in a research report on Wednesday, July 29th. Finally, Wells Fargo & Company lowered their target price on shares of Progressive from $201.00 to $196.00 and set an “underweight” rating on the stock in a research note on Thursday.
Read Our Latest Stock Report on PGR
Insider Activity at Progressive
In related news, CFO Andrew J. Quigg sold 3,499 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total value of $769,780.00. Following the transaction, the chief financial officer directly owned 42,595 shares of the company’s stock, valued at approximately $9,370,900. The trade was a 7.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $1,797,824.92. Following the completion of the transaction, the insider owned 32,348 shares of the company’s stock, valued at $6,880,743.08. The trade was a 20.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 106,782 shares of company stock worth $22,965,332 in the last 90 days. Company insiders own 0.32% of the company’s stock.
Hedge Funds Weigh In On Progressive
Several institutional investors have recently bought and sold shares of PGR. V Square Quantitative Management LLC boosted its holdings in shares of Progressive by 7.0% in the 3rd quarter. V Square Quantitative Management LLC now owns 13,545 shares of the insurance provider’s stock worth $2,808,000 after purchasing an additional 892 shares during the period. Community Financial Services Group LLC lifted its position in Progressive by 25.0% in the third quarter. Community Financial Services Group LLC now owns 400 shares of the insurance provider’s stock worth $84,000 after buying an additional 80 shares during the last quarter. Perpetual Ltd lifted its position in Progressive by 1.8% in the third quarter. Perpetual Ltd now owns 6,069 shares of the insurance provider’s stock worth $1,258,000 after buying an additional 108 shares during the last quarter. JGP Wealth Management LLC purchased a new position in Progressive during the third quarter worth $7,699,000. Finally, Eastern Bank increased its position in Progressive by 0.7% during the third quarter. Eastern Bank now owns 8,416 shares of the insurance provider’s stock valued at $1,745,000 after acquiring an additional 55 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.
Progressive Stock Up 2.2%
Shares of Progressive stock opened at $218.46 on Wednesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.31. The stock has a market capitalization of $127.00 billion, a PE ratio of 11.20, a price-to-earnings-growth ratio of 2.32 and a beta of 0.25. Progressive has a 52-week low of $189.20 and a 52-week high of $239.38. The company has a 50-day simple moving average of $214.78 and a two-hundred day simple moving average of $209.43.
Progressive (NYSE:PGR – Get Free Report) last issued its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.64 by $1.03. Progressive had a net margin of 12.67% and a return on equity of 34.06%. The firm had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. During the same quarter in the prior year, the firm posted $5.40 earnings per share. The business’s revenue was up 5.0% on a year-over-year basis. On average, analysts anticipate that Progressive will post 18.16 EPS for the current fiscal year.
Progressive Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Thursday, October 1st were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Thursday, October 1st. Progressive’s dividend payout ratio (DPR) is currently 2.01%.
Key Stories Impacting Progressive
Here are the key news stories impacting Progressive this week:
- Positive Sentiment: Strong underwriting supports sentiment. Progressive reported a Q3 combined ratio of 88.7%, indicating solid claims management and underwriting profitability. The company also exceeded analysts’ EPS expectations, reporting $5.67 per share versus the $4.64 consensus. Progressive Q3 Earnings Show Strong Underwriting As Profit Growth Slips
- Positive Sentiment: Premium growth and long-term execution remain supportive. Revenue increased year over year, while Progressive continues to benefit from durable demand and its position as a leading U.S. auto insurer. Its history of maintaining a combined ratio near or below its long-term target reinforces the investment case. Progressive Stock Has Turned $10,000 Into More Than $90,000 in 10 Years
- Neutral Sentiment: Investors are balancing earnings quality with slower expansion. Although EPS beat estimates, quarterly profit declined about 3%, and net premiums written grew approximately 4%. September policy-in-force growth slowed to about 2%, raising questions about future earnings momentum. Progressive: A Great Insurer, But Slowing Growth Justifies a Hold
- Negative Sentiment: Revenue and forecast concerns remain a headwind. Progressive’s sales fell short of expectations despite the EPS beat, prompting several analysts to lower their price targets, including BMO Capital Markets, which reduced its target to $216 from $221. The mixed results explain the recent volatility and could limit further upside if premium growth continues to decelerate. Analysts Slash Their Forecasts on Progressive After Q3 Results
About Progressive
Progressive Corporation is an insurance holding company that provides personal and commercial insurance products in the United States. Its primary business is automobile insurance, serving consumers through direct channels, independent agents and other distribution partners.
The company offers coverage for personal vehicles, motorcycles, recreational vehicles, boats and other specialty vehicles. Its personal insurance portfolio also includes homeowners, renters, condominium and other property coverage, while its commercial business provides insurance for commercial vehicles and related risks.
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