The Progressive Co. (NYSE:PGR) Given Consensus Rating of “Moderate Buy” by Brokerages

The Progressive Co. (NYSE:PGRGet Free Report) has earned a consensus rating of “Moderate Buy” from the eighteen ratings firms that are currently covering the company, Marketbeat reports. Six equities research analysts have rated the stock with a hold recommendation and twelve have given a buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $281.76.

A number of analysts have recently issued reports on PGR shares. Morgan Stanley raised their price target on shares of Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a report on Friday, January 31st. JPMorgan Chase & Co. lifted their target price on shares of Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research report on Friday, January 3rd. BMO Capital Markets lowered their price target on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Raymond James raised Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective for the company in a report on Thursday, December 26th. Finally, StockNews.com downgraded Progressive from a “buy” rating to a “hold” rating in a report on Friday.

View Our Latest Stock Report on Progressive

Insider Transactions at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 11,021 shares of Progressive stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total value of $2,681,299.09. Following the sale, the chief executive officer now directly owns 473,736 shares in the company, valued at approximately $115,255,231.44. The trade was a 2.27 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Andrew J. Quigg sold 681 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $164,870.10. Following the transaction, the insider now directly owns 33,612 shares of the company’s stock, valued at $8,137,465.20. This trade represents a 1.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 62,257 shares of company stock valued at $15,752,781 over the last 90 days. Company insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

A number of hedge funds have recently made changes to their positions in PGR. Webster Bank N. A. purchased a new stake in shares of Progressive during the 4th quarter worth approximately $26,000. Hager Investment Management Services LLC bought a new stake in Progressive in the fourth quarter worth $28,000. Minot DeBlois Advisors LLC purchased a new stake in Progressive during the fourth quarter valued at $28,000. Atlantic Edge Private Wealth Management LLC raised its stake in Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 41 shares in the last quarter. Finally, Valley National Advisers Inc. grew its stake in shares of Progressive by 3,000.0% in the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock worth $29,000 after buying an additional 120 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Price Performance

Shares of NYSE PGR opened at $291.69 on Tuesday. The firm has a market cap of $170.99 billion, a P/E ratio of 20.26, a PEG ratio of 1.70 and a beta of 0.35. Progressive has a twelve month low of $201.34 and a twelve month high of $292.99. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The company has a 50 day moving average of $259.18 and a 200 day moving average of $254.36.

Progressive (NYSE:PGRGet Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. As a group, research analysts expect that Progressive will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be given a $0.10 dividend. The ex-dividend date is Thursday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. Progressive’s payout ratio is 2.78%.

Progressive Company Profile

(Get Free Report

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.

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Analyst Recommendations for Progressive (NYSE:PGR)

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