Progressive Corp (PGR) Receives Average Rating of “Buy” from Analysts

Shares of Progressive Corp (NYSE:PGR) have received an average recommendation of “Buy” from the fifteen analysts that are covering the stock, MarketBeat reports. Six equities research analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $75.62.

Several analysts have weighed in on PGR shares. B. Riley upgraded shares of Progressive from a “neutral” rating to a “buy” rating and boosted their target price for the company from $71.00 to $81.00 in a research note on Tuesday, December 11th. Credit Suisse Group set a $79.00 target price on shares of Progressive and gave the company a “buy” rating in a research note on Friday, December 14th. Zacks Investment Research upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $68.00 target price for the company in a research note on Wednesday, January 2nd. Wells Fargo & Co set a $69.00 target price on shares of Progressive and gave the company a “hold” rating in a research note on Wednesday, December 12th. Finally, Citigroup boosted their target price on shares of Progressive from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, February 14th.

In other news, insider John A. Barbagallo sold 45,000 shares of the company’s stock in a transaction dated Friday, January 25th. The shares were sold at an average price of $65.44, for a total transaction of $2,944,800.00. Following the completion of the transaction, the insider now owns 132,370 shares in the company, valued at $8,662,292.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $72.65, for a total transaction of $871,800.00. Following the transaction, the chief financial officer now owns 371,815 shares of the company’s stock, valued at approximately $27,012,359.75. The disclosure for this sale can be found here. Insiders have sold 114,100 shares of company stock valued at $7,722,825 in the last 90 days. Insiders own 0.70% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. Rehmann Capital Advisory Group lifted its holdings in Progressive by 20.2% in the 4th quarter. Rehmann Capital Advisory Group now owns 868 shares of the insurance provider’s stock valued at $52,000 after acquiring an additional 146 shares during the last quarter. Parkside Financial Bank & Trust lifted its stake in Progressive by 3.4% during the fourth quarter. Parkside Financial Bank & Trust now owns 4,814 shares of the insurance provider’s stock valued at $291,000 after buying an additional 160 shares in the last quarter. JOYN Advisors Inc. lifted its stake in Progressive by 46.3% during the fourth quarter. JOYN Advisors Inc. now owns 588 shares of the insurance provider’s stock valued at $35,000 after buying an additional 186 shares in the last quarter. Flagship Harbor Advisors LLC lifted its stake in Progressive by 15.3% during the fourth quarter. Flagship Harbor Advisors LLC now owns 1,420 shares of the insurance provider’s stock valued at $85,000 after buying an additional 188 shares in the last quarter. Finally, Impax Asset Management Group plc lifted its stake in Progressive by 2.8% during the fourth quarter. Impax Asset Management Group plc now owns 7,924 shares of the insurance provider’s stock valued at $478,000 after buying an additional 215 shares in the last quarter. 80.59% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:PGR opened at $73.03 on Thursday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.36 and a quick ratio of 0.36. The firm has a market capitalization of $42.49 billion, a P/E ratio of 16.52, a P/E/G ratio of 1.96 and a beta of 0.77. Progressive has a 12-month low of $56.71 and a 12-month high of $73.78.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, January 23rd. The insurance provider reported $0.44 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.57). Progressive had a net margin of 8.16% and a return on equity of 24.83%. The business had revenue of $7.94 billion for the quarter, compared to the consensus estimate of $7.86 billion. During the same quarter in the previous year, the firm earned $0.98 EPS. The firm’s revenue for the quarter was up 17.6% on a year-over-year basis. Equities research analysts predict that Progressive will post 5.07 earnings per share for the current year.

The company also recently declared an annual dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, April 5th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, April 4th. This represents a dividend yield of 0.14%. Progressive’s dividend payout ratio is currently 56.79%.

Progressive Company Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Analyst Recommendations for Progressive (NYSE:PGR)

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