Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Progressive (NYSE:PGR) Stock

Progressive (NYSE:PGR - Free Report) had its price target raised by Keefe, Bruyette & Woods from $288.00 to $290.00 in a research report report published on Wednesday,Benzinga reports. The firm currently has a market perform rating on the insurance provider's stock.

Other research analysts also recently issued reports about the company. Wall Street Zen upgraded Progressive from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Jefferies Financial Group dropped their target price on Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. JPMorgan Chase & Co. boosted their target price on Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 8th. Barclays lowered their target price on shares of Progressive from $297.00 to $287.00 and set an "equal weight" rating for the company in a research note on Monday. Finally, Wells Fargo & Company lifted their target price on shares of Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a research note on Friday, June 20th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $285.41.

Progressive Stock Down 0.5%

Progressive stock traded down $1.29 during midday trading on Wednesday, hitting $249.13. 4,289,710 shares of the company's stock were exchanged, compared to its average volume of 2,804,723. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. Progressive has a 12 month low of $207.50 and a 12 month high of $292.99. The firm has a 50-day moving average of $272.83 and a two-hundred day moving average of $265.51. The company has a market cap of $146.04 billion, a PE ratio of 16.80, a P/E/G ratio of 1.59 and a beta of 0.37.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, topping the consensus estimate of $4.28 by $0.37. Progressive had a net margin of 11.10% and a return on equity of 33.50%. The firm had revenue of $22.21 billion during the quarter, compared to analyst estimates of $21.87 billion. As a group, analysts expect that Progressive will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a dividend, which will be paid on Friday, July 11th. Investors of record on Friday, July 4th will be issued a $0.10 dividend. This represents a yield of 0.15%. The ex-dividend date is Thursday, July 3rd. Progressive's payout ratio is presently 2.70%.

Insider Buying and Selling

In related news, insider Steven Broz sold 1,267 shares of the stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $260.38, for a total transaction of $329,901.46. Following the completion of the transaction, the insider owned 27,621 shares of the company's stock, valued at approximately $7,191,955.98. This trade represents a 4.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John Jo Murphy sold 4,000 shares of the stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $260.38, for a total transaction of $1,041,520.00. Following the transaction, the insider directly owned 41,289 shares of the company's stock, valued at $10,750,829.82. The trade was a 8.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,705 shares of company stock worth $11,450,948 in the last 90 days. 0.34% of the stock is owned by insiders.

Institutional Investors Weigh In On Progressive

Hedge funds have recently added to or reduced their stakes in the business. Highline Wealth Partners LLC raised its holdings in shares of Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 49 shares in the last quarter. TruNorth Capital Management LLC raised its holdings in shares of Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 63 shares in the last quarter. HWG Holdings LP acquired a new stake in shares of Progressive in the 1st quarter valued at $28,000. Minot DeBlois Advisors LLC acquired a new stake in shares of Progressive in the 4th quarter valued at $28,000. Finally, Garde Capital Inc. acquired a new stake in shares of Progressive in the 1st quarter valued at $33,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

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.