UBS Group Raises Progressive (NYSE:PGR) Price Target to $218.00

Progressive (NYSE:PGR - Free Report) had its price target increased by UBS Group from $216.00 to $218.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the insurance provider's stock.

Other analysts have also issued reports about the stock. Keefe, Bruyette & Woods increased their target price on shares of Progressive from $190.00 to $200.00 and gave the company a market perform rating in a research note on Wednesday, April 10th. Piper Sandler restated an overweight rating and set a $240.00 price target on shares of Progressive in a report on Monday, April 1st. Citigroup boosted their price target on shares of Progressive from $202.00 to $225.00 and gave the company a neutral rating in a report on Monday. JPMorgan Chase & Co. boosted their price target on shares of Progressive from $171.00 to $202.00 and gave the company an overweight rating in a report on Monday, April 8th. Finally, BMO Capital Markets upped their price objective on shares of Progressive from $185.00 to $200.00 and gave the company an outperform rating in a research note on Thursday, January 25th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $211.88.

Progressive Price Performance

PGR stock traded up $0.77 on Wednesday, hitting $209.12. 3,554,558 shares of the company's stock traded hands, compared to its average volume of 2,604,509. Progressive has a 1-year low of $111.41 and a 1-year high of $212.24. The stock has a market cap of $122.48 billion, a price-to-earnings ratio of 21.33, a P/E/G ratio of 0.86 and a beta of 0.35. The stock has a fifty day moving average of $198.20 and a 200-day moving average of $174.08. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating the consensus estimate of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. During the same period in the prior year, the business earned $0.65 earnings per share. The business's quarterly revenue was up 17.7% on a year-over-year basis. On average, analysts forecast that Progressive will post 10.73 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, April 4th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date was Wednesday, April 3rd. Progressive's dividend payout ratio (DPR) is presently 4.09%.

Insider Buying and Selling at Progressive

In other Progressive news, insider Karen Bailo sold 8,464 shares of the stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the sale, the insider now directly owns 32,342 shares of the company's stock, valued at approximately $6,128,485.58. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Karen Bailo sold 8,464 shares of the stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the transaction, the insider now owns 32,342 shares in the company, valued at approximately $6,128,485.58. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Patrick K. Callahan sold 29,675 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the completion of the transaction, the insider now owns 15,189 shares of the company's stock, valued at approximately $2,889,859.14. The disclosure for this sale can be found here. Insiders own 0.34% of the company's stock.

Hedge Funds Weigh In On Progressive

Hedge funds have recently made changes to their positions in the business. Sachetta LLC acquired a new stake in shares of Progressive during the 4th quarter worth about $25,000. Northwest Bank & Trust Co acquired a new stake in shares of Progressive during the 4th quarter worth about $25,000. Harbour Investments Inc. increased its position in shares of Progressive by 109.1% during the 3rd quarter. Harbour Investments Inc. now owns 207 shares of the insurance provider's stock worth $29,000 after purchasing an additional 108 shares in the last quarter. Valley National Advisers Inc. increased its position in Progressive by 143.6% in the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider's stock valued at $30,000 after acquiring an additional 112 shares in the last quarter. Finally, Sunbelt Securities Inc. acquired a new stake in Progressive in the 1st quarter valued at about $31,000. 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.