Progressive (PGR) PT Raised to $88.00 at UBS Group

Progressive (NYSE:PGR) had its target price upped by UBS Group from $85.00 to $88.00 in a research note published on Friday morning, BenzingaRatingsTable reports. The brokerage currently has a buy rating on the insurance provider’s stock.

PGR has been the subject of a number of other research reports. Credit Suisse Group upped their price objective on Progressive from $80.00 to $84.00 and gave the stock an outperform rating in a research note on Wednesday, April 17th. Citigroup upped their price objective on Progressive from $71.00 to $75.00 and gave the stock a neutral rating in a research note on Thursday, February 14th. Wells Fargo & Co reaffirmed a hold rating and issued a $70.00 price objective on shares of Progressive in a research note on Wednesday, January 23rd. Buckingham Research set a $64.00 price objective on Progressive and gave the stock a hold rating in a research note on Monday, May 13th. Finally, Zacks Investment Research upgraded Progressive from a hold rating to a buy rating and set a $85.00 target price on the stock in a research report on Monday, April 22nd. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of Buy and an average price target of $78.46.

Shares of NYSE PGR traded down $0.13 during mid-day trading on Friday, reaching $77.72. The company’s stock had a trading volume of 2,196,750 shares, compared to its average volume of 2,854,144. The firm has a market cap of $45.46 billion, a price-to-earnings ratio of 17.58, a price-to-earnings-growth ratio of 2.04 and a beta of 0.79. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.38. Progressive has a 52 week low of $56.71 and a 52 week high of $78.58.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.45. The firm had revenue of $9.24 billion during the quarter, compared to analyst estimates of $9.20 billion. Progressive had a return on equity of 27.10% and a net margin of 8.77%. The business’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.22 earnings per share. Research analysts expect that Progressive will post 5.21 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, July 5th will be given a $0.10 dividend. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.51%. Progressive’s dividend payout ratio is currently 59.05%.

In other Progressive news, Director Dyke Kahina Van sold 1,715 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $78.49, for a total transaction of $134,610.35. Following the sale, the director now directly owns 2,464 shares in the company, valued at $193,399.36. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider John A. Barbagallo sold 2,433 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $76.99, for a total value of $187,316.67. Following the sale, the insider now owns 84,371 shares in the company, valued at $6,495,723.29. The disclosure for this sale can be found here. Insiders sold 103,850 shares of company stock worth $7,857,617 over the last quarter. 0.39% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the business. Jackson Grant Investment Advisers Inc. purchased a new stake in Progressive during the first quarter valued at approximately $26,000. Lindbrook Capital LLC purchased a new stake in Progressive during the fourth quarter valued at approximately $27,000. Liberty Wealth Management LLC purchased a new stake in Progressive during the fourth quarter valued at approximately $30,000. Karp Capital Management Corp purchased a new stake in Progressive during the fourth quarter valued at approximately $32,000. Finally, Capital Investment Advisory Services LLC purchased a new stake in Progressive during the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 80.76% of the company’s stock.

About Progressive

Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, Property, and Other Indemnity.

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