Brokerages Set The Progressive Co. (NYSE:PGR) Target Price at $288.59

Shares of The Progressive Co. (NYSE:PGR - Get Free Report) have been assigned an average rating of "Moderate Buy" from the eighteen analysts that are covering the stock, Marketbeat reports. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $288.59.

Several brokerages have weighed in on PGR. Jefferies Financial Group dropped their price target on shares of Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a research report on Friday, April 11th. BMO Capital Markets increased their target price on shares of Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a report on Thursday, April 17th. Roth Mkm boosted their price target on Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a report on Tuesday, February 25th. JPMorgan Chase & Co. upped their price target on Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a research report on Tuesday, April 8th. Finally, Wells Fargo & Company lifted their price objective on Progressive from $324.00 to $328.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th.

Progressive Trading Up 2.7%

Shares of NYSE PGR traded up $7.52 during midday trading on Friday, reaching $284.82. The company had a trading volume of 5,075,017 shares, compared to its average volume of 2,648,942. The stock has a market cap of $166.97 billion, a PE ratio of 19.78, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40. Progressive has a one year low of $201.34 and a one year high of $292.99. The firm's fifty day moving average price is $275.72 and its 200-day moving average price is $263.55. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.28 by $0.37. The firm had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a return on equity of 33.79% and a net margin of 11.25%. On average, equities research analysts anticipate that Progressive will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.14%. The ex-dividend date was Thursday, April 3rd. Progressive's dividend payout ratio is presently 2.70%.

Insider Buying and Selling

In other Progressive news, CIO Jonathan S. Bauer sold 1,227 shares of Progressive stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $281.00, for a total transaction of $344,787.00. Following the completion of the transaction, the executive now owns 28,393 shares in the company, valued at approximately $7,978,433. The trade was a 4.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Carl G. Joyce sold 360 shares of the stock in a transaction on Friday, March 21st. The stock was sold at an average price of $276.17, for a total value of $99,421.20. Following the completion of the sale, the chief accounting officer now directly owns 655 shares in the company, valued at approximately $180,891.35. This represents a 35.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,651 shares of company stock worth $12,017,780 in the last three months. 0.33% of the stock is owned by corporate insiders.

Institutional Trading of Progressive

Institutional investors and hedge funds have recently bought and sold shares of the company. Highline Wealth Partners LLC grew its position in Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after purchasing an additional 49 shares during the period. TruNorth Capital Management LLC increased its stake in Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after buying an additional 63 shares in the last quarter. Hager Investment Management Services LLC bought a new position in shares of Progressive during the fourth quarter worth $28,000. Atlantic Edge Private Wealth Management LLC grew its holdings in shares of Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock valued at $28,000 after purchasing an additional 41 shares in the last quarter. Finally, Minot DeBlois Advisors LLC purchased a new stake in Progressive during the fourth quarter valued at approximately $28,000. 85.34% of the stock is currently owned by institutional investors.

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.