Progressive (NYSE:PGR) Price Target Increased to $83.00 by Analysts at Barclays

Progressive (NYSE:PGR) had its price target upped by Barclays from $82.00 to $83.00 in a research note issued to investors on Friday, PriceTargets.com reports. Barclays currently has an underweight rating on the insurance provider’s stock.

PGR has been the topic of a number of other reports. Jefferies Financial Group initiated coverage on Progressive in a research note on Thursday, November 18th. They issued an underperform rating and a $81.00 price target on the stock. Zacks Investment Research upgraded Progressive from a strong sell rating to a hold rating and set a $101.00 target price on the stock in a research report on Monday, December 6th. Raymond James lifted their target price on Progressive from $105.00 to $110.00 and gave the stock an outperform rating in a research report on Thursday, December 16th. The Goldman Sachs Group initiated coverage on Progressive in a research report on Monday, November 22nd. They set a buy rating and a $104.00 target price on the stock. Finally, Keefe, Bruyette & Woods cut Progressive from a market perform rating to an underperform rating and cut their target price for the stock from $95.00 to $92.00 in a research report on Thursday, December 16th. Six equities research analysts have rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $98.50.

PGR stock opened at $109.75 on Friday. The business has a fifty day moving average of $99.09 and a two-hundred day moving average of $96.30. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.27. The stock has a market cap of $64.21 billion, a price-to-earnings ratio of 15.93, a price-to-earnings-growth ratio of 3.87 and a beta of 0.50. Progressive has a 52-week low of $84.89 and a 52-week high of $110.91.

Progressive (NYSE:PGR) last released its earnings results on Thursday, October 14th. The insurance provider reported $0.14 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.08). Progressive had a net margin of 8.74% and a return on equity of 17.55%. The company had revenue of $12.47 billion during the quarter, compared to analysts’ expectations of $12.33 billion. During the same quarter last year, the business posted $2.59 earnings per share. The company’s revenue for the quarter was up 13.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Progressive will post 3.59 EPS for the current year.

The business also recently declared an annual dividend, which was paid on Wednesday, December 29th. Investors of record on Monday, December 20th were given a $1.50 dividend. The ex-dividend date was Friday, December 17th. Progressive’s dividend payout ratio (DPR) is presently 5.81%.

In other Progressive news, insider Andrew J. Quigg sold 1,391 shares of Progressive stock in a transaction that occurred on Tuesday, January 4th. The stock was sold at an average price of $102.24, for a total value of $142,215.84. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Steven Broz sold 2,311 shares of Progressive stock in a transaction that occurred on Thursday, November 18th. The shares were sold at an average price of $90.51, for a total value of $209,168.61. The disclosure for this sale can be found here. Insiders sold a total of 69,946 shares of company stock worth $7,144,764 in the last ninety days. 0.37% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the company. Wagner Wealth Management LLC boosted its stake in shares of Progressive by 221.5% during the 2nd quarter. Wagner Wealth Management LLC now owns 299 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 206 shares in the last quarter. Oakworth Capital Inc. purchased a new stake in shares of Progressive during the 3rd quarter worth approximately $27,000. Strategic Blueprint LLC purchased a new stake in shares of Progressive during the 2nd quarter worth approximately $34,000. Destiny Wealth Partners LLC purchased a new stake in shares of Progressive during the 3rd quarter worth approximately $33,000. Finally, Evolution Wealth Advisors LLC boosted its stake in shares of Progressive by 69.0% during the 3rd quarter. Evolution Wealth Advisors LLC now owns 453 shares of the insurance provider’s stock worth $41,000 after acquiring an additional 185 shares in the last quarter. 82.54% of the stock is currently owned by institutional investors and hedge funds.

Progressive Company Profile

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 and Property.

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Analyst Recommendations for Progressive (NYSE:PGR)

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