Shares of The Progressive Corporation (NYSE:PGR – Get Free Report) have earned an average rating of “Hold” from the twenty-two research firms that are presently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, fourteen have given a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $238.1053.
PGR has been the subject of a number of recent analyst reports. Mizuho decreased their price objective on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating for the company in a research note on Friday, March 20th. Morgan Stanley cut their target price on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a research report on Tuesday, March 31st. Weiss Ratings downgraded shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Argus upgraded shares of Progressive to a “hold” rating in a research report on Thursday, March 5th. Finally, Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a research report on Friday, May 22nd.
View Our Latest Research Report on Progressive
Progressive Trading Up 0.1%
Progressive (NYSE:PGR – Get Free Report) last posted its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same quarter last year, the business posted $4.37 EPS. The company’s revenue was up 6.5% on a year-over-year basis. Research analysts forecast that Progressive will post 16.35 EPS for the current year.
Progressive Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be given a $0.10 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio is presently 2.03%.
Insiders Place Their Bets
In other Progressive news, insider Steven Broz sold 1,157 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $231,400.00. Following the completion of the sale, the insider owned 28,668 shares in the company, valued at $5,733,600. This represents a 3.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the completion of the sale, the insider owned 41,290 shares of the company’s stock, valued at approximately $8,258,000. The trade was a 12.53% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 7,343 shares of company stock worth $1,470,355 in the last quarter. 0.32% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of the business. First National Bank of Mount Dora Trust Investment Services raised its holdings in shares of Progressive by 42.0% during the 1st quarter. First National Bank of Mount Dora Trust Investment Services now owns 36,751 shares of the insurance provider’s stock valued at $7,286,000 after purchasing an additional 10,879 shares in the last quarter. Wealthquest Corp bought a new position in shares of Progressive during the 1st quarter valued at $201,000. Parallel Advisors LLC raised its holdings in shares of Progressive by 10.1% during the 1st quarter. Parallel Advisors LLC now owns 9,698 shares of the insurance provider’s stock valued at $1,923,000 after purchasing an additional 891 shares in the last quarter. First Nebraska Trust Co bought a new position in shares of Progressive during the 1st quarter valued at $426,000. Finally, Maripau Wealth Management LLC raised its holdings in shares of Progressive by 9.9% during the 1st quarter. Maripau Wealth Management LLC now owns 2,091 shares of the insurance provider’s stock valued at $415,000 after purchasing an additional 189 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.
About Progressive
Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.
The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.
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