Brokerages Set The Progressive Co. (NYSE:PGR) Target Price at $274.65

Shares of The Progressive Co. (NYSE:PGR) have been assigned an average rating of “Moderate Buy” from the eighteen analysts that are currently covering the company, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $275.71.

Several research firms have weighed in on PGR. Morgan Stanley boosted their target price on shares of Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a report on Friday. Keefe, Bruyette & Woods decreased their price objective on Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. JPMorgan Chase & Co. increased their price objective on 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 reduced their target price on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Finally, TD Cowen increased their price target on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a report on Friday, November 8th.

Insider Activity

In related news, CAO Mariann Wojtkun Marshall sold 191 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $46,241.10. Following the sale, 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew J. Quigg sold 681 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $164,870.10. Following the completion of the sale, the insider now directly owns 33,612 shares in the company, valued at approximately $8,137,465.20. This represents a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,361 shares of company stock worth $13,983,575. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PGR. Global Retirement Partners LLC raised its position in shares of Progressive by 3.4% during the 4th quarter. Global Retirement Partners LLC now owns 3,175 shares of the insurance provider’s stock worth $761,000 after acquiring an additional 105 shares in the last quarter. Convergence Investment Partners LLC lifted its position in shares of Progressive by 14.8% during the 4th quarter. Convergence Investment Partners LLC now owns 5,336 shares of the insurance provider’s stock worth $1,279,000 after buying an additional 686 shares during the last quarter. Bank of Jackson Hole Trust purchased a new stake in shares of Progressive during the 4th quarter worth approximately $312,000. Kentucky Retirement Systems Insurance Trust Fund grew its position in shares of Progressive by 12.7% in the 4th quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 19,548 shares of the insurance provider’s stock valued at $4,684,000 after buying an additional 2,208 shares during the last quarter. Finally, Kestra Investment Management LLC grew its position in shares of Progressive by 1.2% in the 4th quarter. Kestra Investment Management LLC now owns 3,965 shares of the insurance provider’s stock valued at $950,000 after buying an additional 47 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Price Performance

NYSE:PGR opened at $246.78 on Monday. Progressive has a one year low of $176.37 and a one year high of $270.62. The stock has a market cap of $144.57 billion, a PE ratio of 17.14, a P/E/G ratio of 0.64 and a beta of 0.41. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The stock has a 50 day moving average price of $247.01 and a 200 day moving average price of $244.75.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a return on equity of 34.32% and a net margin of 11.25%. Equities research analysts expect that Progressive will post 14.03 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive’s dividend payout ratio (DPR) is 2.78%.

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.