Keefe, Bruyette & Woods Boosts Progressive (NYSE:PGR) Price Target to $290.00

Progressive (NYSE:PGR - Free Report) had its price objective lifted by Keefe, Bruyette & Woods from $288.00 to $290.00 in a report released on Wednesday,Benzinga reports. They currently have a market perform rating on the insurance provider's stock.

Several other equities analysts also recently commented on the stock. BMO Capital Markets upped their price objective on shares of Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a report on Thursday, April 17th. Jefferies Financial Group decreased their target price on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Barclays lowered their target price on shares of Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a report on Monday. UBS Group cut their price target on Progressive from $291.00 to $280.00 and set a "neutral" rating for the company in a research note on Wednesday. Finally, Wells Fargo & Company lifted their price objective on Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a report on Friday, June 20th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Progressive has a consensus rating of "Moderate Buy" and an average price target of $285.41.

Progressive Stock Down 0.5%

Shares of PGR stock traded down $1.29 during trading on Wednesday, reaching $250.35. The company's stock had a trading volume of 2,533,874 shares, compared to its average volume of 2,798,782. The business has a fifty day moving average price of $272.83 and a 200-day moving average price of $265.51. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The company has a market cap of $146.76 billion, a price-to-earnings ratio of 16.88, a price-to-earnings-growth ratio of 1.59 and a beta of 0.37. Progressive has a one year low of $207.50 and a one year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (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 for the quarter, compared to analyst estimates of $21.87 billion. Analysts anticipate that Progressive will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

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

Insider Buying and Selling

In other news, insider John Jo Murphy sold 4,000 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $260.38, for a total value of $1,041,520.00. Following the sale, the insider directly owned 41,289 shares in the company, valued at approximately $10,750,829.82. This trade represents a 8.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $263.79, for a total transaction of $2,637,900.00. Following the sale, the chief financial officer directly owned 228,024 shares of the company's stock, valued at $60,150,450.96. This represents a 4.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,705 shares of company stock worth $11,450,948 in the last quarter. Corporate insiders own 0.34% of the company's stock.

Institutional Trading of Progressive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Highline Wealth Partners LLC grew its position in shares of Progressive by 114.0% during the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after buying an additional 49 shares during the period. TruNorth Capital Management LLC grew its position in 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 during the period. HWG Holdings LP acquired a new stake in Progressive in the 1st quarter valued at $28,000. Minot DeBlois Advisors LLC acquired a new stake in Progressive in the 4th quarter valued at $28,000. Finally, Garde Capital Inc. acquired a new stake in Progressive in the 1st quarter valued at $33,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Company Profile

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.