Progressive (NYSE:PGR) Given Buy Rating at Roth Mkm

Roth Mkm reaffirmed their buy rating on shares of Progressive (NYSE:PGR) in a research note issued to investors on Wednesday morning, Benzinga reports. Roth Mkm currently has a $235.00 price objective on the insurance provider’s stock.

PGR has been the subject of several other reports. The Goldman Sachs Group lifted their price target on Progressive from $161.00 to $216.00 and gave the company a neutral rating in a research report on Monday, March 25th. Bank of America lifted their price target on Progressive from $279.00 to $286.00 and gave the company a buy rating in a research report on Thursday, May 16th. HSBC lifted their price target on Progressive from $174.00 to $200.00 and gave the company a hold rating in a research report on Thursday, March 28th. JPMorgan Chase & Co. lifted their price target on Progressive from $171.00 to $202.00 and gave the company an overweight rating in a research report on Monday, April 8th. Finally, Morgan Stanley reduced their price target on Progressive from $256.00 to $255.00 and set an overweight rating for the company in a research report on Monday, June 10th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $216.81.

Progressive Stock Performance

NYSE:PGR opened at $208.19 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.32 and a quick ratio of 0.32. The business has a fifty day simple moving average of $209.62 and a two-hundred day simple moving average of $192.86. Progressive has a 1 year low of $111.41 and a 1 year high of $217.77. The company has a market capitalization of $121.94 billion, a P/E ratio of 21.31, a P/E/G ratio of 0.80 and a beta of 0.35.

Progressive (NYSE:PGR) last released its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The business had revenue of $18.96 billion during the quarter, compared to the consensus estimate of $16.88 billion. During the same period last year, the business posted $0.65 earnings per share. The business’s revenue for the quarter was up 17.7% on a year-over-year basis. On average, analysts expect that Progressive will post 11.34 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.19%. The ex-dividend date is Wednesday, July 3rd. Progressive’s dividend payout ratio (DPR) is currently 4.09%.

Insiders Place Their Bets

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the sale, the director now owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Steven Broz sold 7,361 shares of the business’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 completion of the sale, the insider now owns 35,503 shares of the company’s stock, valued at approximately $7,357,996.75. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the completion of the sale, the director now directly owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. Insiders sold a total of 24,518 shares of company stock valued at $5,055,674 over the last 90 days. Insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

A number of hedge funds and other institutional investors have recently modified their holdings of PGR. Cary Street Partners Investment Advisory LLC lifted its holdings in Progressive by 10.2% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock worth $93,000 after buying an additional 62 shares during the period. O Shaughnessy Asset Management LLC lifted its holdings in Progressive by 23.1% in the 3rd quarter. O Shaughnessy Asset Management LLC now owns 42,073 shares of the insurance provider’s stock worth $5,861,000 after buying an additional 7,890 shares during the period. Vinva Investment Management Ltd lifted its holdings in Progressive by 11.7% in the 3rd quarter. Vinva Investment Management Ltd now owns 8,645 shares of the insurance provider’s stock worth $1,214,000 after buying an additional 906 shares during the period. Trexquant Investment LP purchased a new stake in Progressive in the 3rd quarter worth approximately $1,468,000. Finally, Bamco Inc. NY lifted its holdings in Progressive by 4.0% in the 3rd quarter. Bamco Inc. NY now owns 13,000 shares of the insurance provider’s stock worth $1,811,000 after buying an additional 500 shares during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Company Profile

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.