Progressive (NYSE:PGR) Reaches New 12-Month High - Here's Why

Key Points

• Progressive shares reached a 12-month high, trading as high as $240.43, up from the previous close of $234.82.
• Analyst views are mixed: nine rate the stock Buy, twelve Hold, and two Sell. The average price target is $234.45, below the latest trading price.
• Progressive paid a quarterly dividend of $0.10 per share, equivalent to a 0.2% annualized yield; insiders also sold shares under pre-arranged trading plans.

The Progressive Corporation (NYSE:PGR - Get Free Report)'s stock price hit a new 52-week high during trading on Thursday. The company traded as high as $240.43 and last traded at $239.3380, with a volume of 668,872 shares traded. The stock had previously closed at $234.82.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PGR shares. Keefe, Bruyette & Woods cut their target price on shares of Progressive from $252.00 to $246.00 and set an "outperform" rating on the stock in a research report on Thursday, October 15th. Cantor Fitzgerald reduced their price objective on shares of Progressive from $220.00 to $200.00 and set a "neutral" rating on the stock in a research note on Monday, August 17th. Roth Capital reaffirmed a "buy" rating and set a $245.00 target price (up from $235.00) on shares of Progressive in a report on Thursday, August 20th. Bank of America lifted their target price on shares of Progressive from $302.00 to $314.00 in a report on Thursday, October 1st. Finally, The Goldman Sachs Group upped their target price on shares of Progressive from $233.00 to $235.00 and gave the company a "buy" rating in a research report on Thursday, October 1st. Nine analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $234.45.

Progressive Price Performance

The firm has a market cap of $137.34 billion, a P/E ratio of 11.90, a PEG ratio of 2.65 and a beta of 0.22. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The company has a fifty day moving average price of $218.31 and a two-hundred day moving average price of $209.71.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Thursday, October 1st were paid a dividend of $0.10 per share. The ex-dividend date was Thursday, October 1st. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's payout ratio is currently 2.01%.

Insider Activity

In related news, insider Steven Broz sold 1,225 shares of the company's stock in a transaction dated Thursday, October 22nd. The shares were sold at an average price of $223.32, for a total value of $273,567.00. Following the transaction, the insider owned 28,807 shares in the company, valued at approximately $6,433,179.24. This represents a 4.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Griffith sold 37,338 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $219.50, for a total value of $8,195,691.00. Following the transaction, the chief executive officer owned 485,438 shares in the company, valued at approximately $106,553,641. This trade represents a 7.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 48,352 shares of company stock valued at $10,524,258 over the last ninety days. 0.32% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Progressive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in shares of Progressive in the 2nd quarter worth approximately $10,496,271,000. Bank of America Corp DE bought a new stake in Progressive during the 2nd quarter worth about $2,682,342,000. GQG Partners LLC bought a new position in Progressive in the second quarter valued at about $1,538,570,000. Deutsche Bank AG bought a new position in Progressive in the second quarter valued at approximately $1,098,838,000. Finally, Jupiter Topco LLC acquired a new position in shares of Progressive during the 2nd quarter worth about $935,172,000. Institutional investors own 85.34% of the company's stock.

Progressive Company Profile

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.

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