Progressive (NYSE:PGR) Given New $264.00 Price Target at Barclays

Progressive (NYSE:PGR) had its target price raised by Barclays from $261.00 to $264.00 in a report released on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the insurance provider’s stock.

Several other equities research analysts have also recently weighed in on PGR. Keefe, Bruyette & Woods cut their target price on Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. StockNews.com raised Progressive from a “hold” rating to a “buy” rating in a research note on Thursday, February 13th. Hsbc Global Res downgraded Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. BMO Capital Markets reduced their price target on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Finally, Morgan Stanley upped their price objective on shares of Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $275.88.

Progressive Stock Up 0.4 %

Shares of NYSE PGR opened at $263.59 on Tuesday. The stock has a market capitalization of $154.41 billion, a P/E ratio of 18.30, a PEG ratio of 0.64 and a beta of 0.42. The stock’s fifty day moving average is $245.26 and its 200 day moving average is $247.88. Progressive has a 52 week low of $186.94 and a 52 week high of $270.62. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Sell-side analysts forecast that Progressive will post 14.44 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were given a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. Progressive’s dividend payout ratio (DPR) is presently 2.78%.

Insider Transactions at Progressive

In related news, CAO Mariann Wojtkun Marshall sold 191 shares of Progressive stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $46,241.10. Following the completion of the transaction, the chief accounting officer now owns 3,982 shares of the company’s stock, valued at $964,042.20. This trade represents a 4.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Susan Patricia Griffith sold 9,066 shares of the company’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $2,194,878.60. Following the sale, the chief executive officer now directly owns 473,736 shares in the company, valued at $114,691,485.60. This trade represents a 1.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 56,361 shares of company stock worth $13,983,575 over the last ninety days. 0.34% of the stock is owned by insiders.

Hedge Funds Weigh In On Progressive

Institutional investors have recently added to or reduced their stakes in the business. Kesler Norman & Wride LLC lifted its position in shares of Progressive by 1.1% during the 4th quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider’s stock valued at $885,000 after acquiring an additional 40 shares during the period. Raleigh Capital Management Inc. increased its stake in Progressive by 20.9% in the third quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock valued at $60,000 after purchasing an additional 41 shares in the last quarter. Atlantic Edge Private Wealth Management LLC raised its holdings in shares of 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 during the period. LRI Investments LLC boosted its position in shares of Progressive by 16.5% during the 3rd quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock worth $76,000 after purchasing an additional 42 shares in the last quarter. Finally, Washington Trust Bank grew its stake in shares of Progressive by 4.1% in the 4th quarter. Washington Trust Bank now owns 1,066 shares of the insurance provider’s stock valued at $255,000 after buying an additional 42 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

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.