The Progressive Corporation (NYSE:PGR) Given Average Rating of "Hold" by Brokerages

Key Points

• Progressive has a consensus “Hold” rating from 22 analysts: 15 recommend holding, five recommend buying and two recommend selling. The average 12-month price target is $236.11.
• Shares opened at $213.09 and were reported down 3.1%, with the stock trading between a 52-week low of $189.20 and high of $254.93.
• Progressive declared a quarterly dividend of $0.10 per share, equal to an annualized $0.40 payout and a 0.2% yield. Insiders sold 74,885 shares worth approximately $15.9 million over the past 90 days, primarily under pre-arranged trading plans.

The Progressive Corporation (NYSE:PGR - Get Free Report) has earned a consensus rating of "Hold" from the twenty-two analysts that are covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, fifteen have given a hold recommendation and five have given a buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $236.1053.

PGR has been the topic of a number of recent analyst reports. Weiss Ratings lowered Progressive from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, May 6th. BMO Capital Markets cut their price target on Progressive from $220.00 to $205.00 and set a "market perform" rating for the company in a report on Thursday, July 16th. William Blair restated a "market perform" rating on shares of Progressive in a research report on Wednesday, July 15th. Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a research report on Friday, May 22nd. Finally, UBS Group upped their price objective on Progressive from $220.00 to $230.00 and gave the company a "neutral" rating in a report on Tuesday, June 30th.

Progressive Trading Down 3.1%

PGR stock opened at $213.09 on Friday. The firm has a market cap of $124.52 billion, a P/E ratio of 10.69, a PEG ratio of 2.96 and a beta of 0.26. The company's 50-day simple moving average is $211.09 and its 200-day simple moving average is $206.01. The company has a quick ratio of 0.27, a current ratio of 0.32 and a debt-to-equity ratio of 0.24. Progressive has a 52-week low of $189.20 and a 52-week high of $254.93.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's dividend payout ratio is currently 2.01%.

Insider Transactions at Progressive

In other news, CIO Jonathan S. Bauer sold 2,242 shares of the business's stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $476,895.82. Following the sale, the executive directly owned 26,250 shares of the company's stock, valued at approximately $5,583,637.50. The trade was a 7.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total transaction of $769,780.00. Following the completion of the transaction, the chief financial officer owned 42,595 shares in the company, valued at approximately $9,370,900. This represents a 7.59% decrease in their ownership of the stock. 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 sold 74,885 shares of company stock worth $15,880,459 in the last 90 days. Insiders own 0.32% 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. Bogart Wealth LLC grew its stake in shares of Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock valued at $25,000 after buying an additional 87 shares in the last quarter. Bard Associates Inc. purchased a new stake in shares of Progressive in the 4th quarter valued at $27,000. HHM Wealth Advisors LLC lifted its stake in Progressive by 700.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider's stock worth $29,000 after acquiring an additional 126 shares in the last quarter. IFC & Insurance Marketing Inc. acquired a new position in Progressive during the 4th quarter worth about $29,000. Finally, Axiom Investment Management LLC purchased a new position in Progressive during the 1st quarter valued at about $31,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.

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