Progressive (NYSE:PGR) Price Target Raised to $300.00

Progressive (NYSE:PGR) had its target price increased by Morgan Stanley from $260.00 to $300.00 in a report published on Monday morning, Benzinga reports. They currently have an overweight rating on the insurance provider’s stock.

A number of other analysts have also recently commented on PGR. Citigroup cut their price target on shares of Progressive from $232.00 to $225.00 and set a neutral rating for the company in a research note on Wednesday, July 17th. Bank of America lifted their price target on Progressive from $294.00 to $312.00 and gave the stock a buy rating in a report on Tuesday, September 3rd. HSBC upgraded Progressive from a hold rating to a buy rating and set a $253.00 price objective on the stock in a research note on Monday, August 12th. BMO Capital Markets reduced their target price on Progressive from $239.00 to $237.00 and set an outperform rating for the company in a research note on Wednesday, August 7th. Finally, Barclays initiated coverage on Progressive in a research note on Wednesday, September 4th. They issued an equal weight rating and a $367.00 price target on the stock. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Progressive currently has a consensus rating of Moderate Buy and a consensus price target of $257.18.

Progressive Price Performance

Shares of NYSE PGR opened at $257.69 on Monday. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The business has a 50-day moving average of $232.38 and a 200-day moving average of $216.31. The stock has a market capitalization of $150.93 billion, a price-to-earnings ratio of 26.38, a PEG ratio of 0.82 and a beta of 0.35. Progressive has a fifty-two week low of $137.59 and a fifty-two week high of $260.46.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.61. The firm had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business’s quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.57 EPS. As a group, sell-side analysts predict that Progressive will post 12.29 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Insider Activity

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the transaction, the chief executive officer now owns 473,735 shares in the company, valued at $119,475,967. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Progressive news, CFO John P. Sauerland sold 22,708 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $4,859,739.08. Following the sale, the chief financial officer now owns 302,958 shares of the company’s stock, valued at approximately $64,836,041.58. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The disclosure for this sale can be found here. In the last three months, insiders sold 146,704 shares of company stock worth $33,367,408. 0.34% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Sachetta LLC acquired a new stake in shares of Progressive in the 4th quarter valued at approximately $25,000. Northwest Bank & Trust Co bought a new position in Progressive in the fourth quarter valued at about $25,000. WR Wealth Planners LLC grew its holdings in shares of Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 67 shares during the last quarter. Indiana Trust & Investment Management CO acquired a new position in shares of Progressive in the first quarter valued at approximately $32,000. Finally, Hilltop National Bank raised its stake in shares of Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

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.