Progressive (NYSE:PGR) Price Target Raised to $315.00

Progressive (NYSE:PGR) had its price objective increased by Roth Mkm from $290.00 to $315.00 in a research note published on Tuesday morning,Benzinga reports. Roth Mkm currently has a buy rating on the insurance provider’s stock.

Other research analysts have also recently issued research reports about the company. Raymond James raised Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective on the stock in a research report on Thursday, December 26th. Wells Fargo & Company increased their price target on shares of Progressive from $313.00 to $317.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Keefe, Bruyette & Woods lowered their price objective on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a research report on Friday, January 10th. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, BMO Capital Markets lowered their price target on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Progressive currently has a consensus rating of “Moderate Buy” and a consensus target price of $277.59.

Progressive Stock Performance

Shares of PGR stock opened at $279.02 on Tuesday. Progressive has a one year low of $186.94 and a one year high of $280.25. The company has a market cap of $163.45 billion, a P/E ratio of 19.38, a P/E/G ratio of 1.70 and a beta of 0.42. The firm has a 50-day moving average of $249.41 and a 200-day moving average of $250.50. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30.

Progressive (NYSE:PGR) last posted its quarterly earnings data 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%. Equities research analysts forecast that Progressive will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.14%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio is presently 2.78%.

Insider Activity

In related news, insider Lori A. Niederst sold 3,855 shares of Progressive stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $247.06, for a total transaction of $952,416.30. Following the completion of the sale, the insider now owns 39,040 shares of the company’s stock, valued at approximately $9,645,222.40. This trade represents a 8.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jeffrey D. Kelly sold 10,000 shares of the company’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $250.00, for a total value of $2,500,000.00. Following the completion of the transaction, the director now owns 27,741 shares in the company, valued at $6,935,250. This represents a 26.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,361 shares of company stock worth $11,302,675 in the last three months. Corporate insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

Several hedge funds have recently bought and sold shares of PGR. Kesler Norman & Wride LLC raised 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 buying an additional 40 shares in the last quarter. Atlantic Edge Private Wealth Management LLC raised its position 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. LRI Investments LLC lifted its stake in Progressive by 16.5% during the third quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock worth $76,000 after purchasing an additional 42 shares during the last quarter. Washington Trust Bank boosted its holdings 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 worth $255,000 after purchasing an additional 42 shares in the last quarter. Finally, SYM FINANCIAL Corp increased its position in shares of Progressive by 2.8% during the 4th quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider’s stock valued at $384,000 after purchasing an additional 44 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

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.