Progressive (NYSE:PGR) Given New $287.00 Price Target at Barclays

Progressive (NYSE:PGR - Free Report) had its price target lowered by Barclays from $297.00 to $287.00 in a report issued on Monday morning,Benzinga reports. The firm currently has an equal weight rating on the insurance provider's stock.

A number of other research firms have also recently issued reports on PGR. JPMorgan Chase & Co. increased their target price on Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a report on Tuesday, April 8th. Wells Fargo & Company increased their price objective on Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Jefferies Financial Group decreased their price objective on Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a report on Friday, April 11th. UBS Group raised their price target on shares of Progressive from $285.00 to $291.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 28th. Finally, BMO Capital Markets raised their price target on shares of Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a research note on Thursday, April 17th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $285.94.

Progressive Stock Down 3.2%

NYSE PGR traded down $8.28 during trading hours on Monday, reaching $253.38. 5,032,693 shares of the company's stock were exchanged, compared to its average volume of 2,789,115. The company's 50-day moving average is $273.96 and its two-hundred day moving average is $265.71. Progressive has a one year low of $207.50 and a one year high of $292.99. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The company has a market capitalization of $148.54 billion, a price-to-earnings ratio of 17.09, a price-to-earnings-growth ratio of 1.61 and a beta of 0.37.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. On average, analysts forecast that Progressive will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently announced a dividend, which will be paid on Friday, July 11th. Investors 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 dividend payout ratio is presently 2.70%.

Insider Buying and Selling

In other news, Director Stuart B. Burgdoerfer sold 3,681 shares of Progressive stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.43, for a total value of $958,642.83. Following the completion of the transaction, the director owned 12,217 shares of the company's stock, valued at $3,181,673.31. This trade represents a 23.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Dyke Kahina Van sold 2,490 shares of Progressive stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total transaction of $691,398.30. Following the completion of the transaction, the director directly owned 12,429 shares of the company's stock, valued at approximately $3,451,160.43. This trade represents a 16.69% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,705 shares of company stock worth $11,450,948. Corporate insiders own 0.33% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Trust Co. of Oklahoma bought a new position in Progressive during the second quarter worth $439,000. Fox Hill Wealth Management bought a new stake in shares of Progressive during the 2nd quarter worth about $2,487,000. Capital Asset Advisory Services LLC bought a new stake in shares of Progressive during the 2nd quarter worth about $201,000. Wesbanco Bank Inc. boosted its holdings in shares of Progressive by 48.6% during the 2nd quarter. Wesbanco Bank Inc. now owns 22,361 shares of the insurance provider's stock worth $5,967,000 after buying an additional 7,314 shares during the period. Finally, Verde Capital Management boosted its holdings in shares of Progressive by 9.3% during the 2nd quarter. Verde Capital Management now owns 9,394 shares of the insurance provider's stock worth $2,507,000 after buying an additional 800 shares during the period. 85.34% of the stock is currently owned by institutional investors.

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.