Progressive (NYSE:PGR) Price Target Increased to $232.00 by Analysts at Citigroup

Progressive (NYSE:PGR) had its target price hoisted by Citigroup from $230.00 to $232.00 in a report released on Monday morning, Benzinga reports. The brokerage currently has a neutral rating on the insurance provider’s stock.

A number of other analysts have also commented on PGR. Keefe, Bruyette & Woods lifted their target price on shares of Progressive from $190.00 to $200.00 and gave the stock a market perform rating in a report on Wednesday, April 10th. HSBC lifted their price objective on Progressive from $174.00 to $200.00 and gave the stock a hold rating in a research note on Thursday, March 28th. Piper Sandler reissued an overweight rating and issued a $240.00 target price on shares of Progressive in a research note on Monday, April 1st. BMO Capital Markets boosted their target price on Progressive from $234.00 to $235.00 and gave the stock an outperform rating in a research report on Thursday, May 16th. Finally, Morgan Stanley decreased their price objective on shares of Progressive from $256.00 to $255.00 and set an overweight rating for the company in a report on Monday, June 10th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $216.81.

Progressive Trading Up 2.1 %

PGR stock opened at $208.24 on Monday. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.32. Progressive has a twelve month low of $111.41 and a twelve month high of $217.77. The company has a market cap of $121.97 billion, a P/E ratio of 21.31, a PEG ratio of 0.78 and a beta of 0.35. The business has a fifty day moving average of $209.05 and a 200-day moving average of $190.85.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, topping the consensus estimate of $3.20 by $0.74. The firm had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The company’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.65 EPS. As a group, equities research analysts expect that Progressive will post 11.58 EPS for the current year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Wednesday, July 3rd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date is Wednesday, July 3rd. Progressive’s dividend payout ratio is presently 4.09%.

Insider Buying and Selling at Progressive

In other news, CFO John P. Sauerland sold 12,457 shares of Progressive stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total value of $2,546,584.51. Following the sale, the chief financial officer now directly owns 312,958 shares in the company, valued at $63,978,003.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO John P. Sauerland sold 12,457 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total value of $2,546,584.51. Following the completion of the transaction, the chief financial officer now owns 312,958 shares in the company, valued at approximately $63,978,003.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Broz sold 7,361 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total value of $1,525,567.25. Following the sale, the insider now owns 35,503 shares in the company, valued at approximately $7,357,996.75. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,818 shares of company stock worth $4,280,482. Corporate insiders own 0.34% of the company’s stock.

Institutional Trading of Progressive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kestra Advisory Services LLC increased its stake in shares of Progressive by 16.7% during the 3rd quarter. Kestra Advisory Services LLC now owns 7,657 shares of the insurance provider’s stock worth $1,067,000 after purchasing an additional 1,096 shares during the last quarter. QRG Capital Management Inc. acquired a new position in Progressive during the third quarter worth approximately $3,417,000. Envestnet Portfolio Solutions Inc. acquired a new position in Progressive during the third quarter worth approximately $4,356,000. V Square Quantitative Management LLC raised its stake in Progressive by 38.2% in the third quarter. V Square Quantitative Management LLC now owns 6,682 shares of the insurance provider’s stock valued at $931,000 after buying an additional 1,847 shares during the period. Finally, Provence Wealth Management Group bought a new position in shares of Progressive during the 3rd quarter worth approximately $210,000. 85.34% of the stock is owned by institutional investors.

About Progressive

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.