Progressive (NYSE:PGR) Price Target Cut to $280.00 by Analysts at UBS Group

Progressive (NYSE:PGR - Free Report) had its target price lowered by UBS Group from $291.00 to $280.00 in a research report report published on Wednesday,Benzinga reports. The firm currently has a neutral rating on the insurance provider's stock.

Several other research firms have also recently weighed in on PGR. Wall Street Zen upgraded shares of Progressive from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Barclays lowered their price objective on Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a research report on Monday. Jefferies Financial Group lowered their price objective on Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. JPMorgan Chase & Co. boosted their price objective on Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a research report on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods restated a "market perform" rating and set a $288.00 price objective on shares of Progressive in a research report on Thursday, April 17th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $285.41.

Progressive Stock Performance

PGR stock traded down $2.64 on Wednesday, reaching $246.74. 762,683 shares of the company were exchanged, compared to its average volume of 2,800,443. Progressive has a 12 month low of $207.50 and a 12 month high of $292.99. The stock's fifty day moving average price is $272.26 and its 200 day moving average price is $265.57. The firm has a market capitalization of $144.64 billion, a PE ratio of 16.63, a PEG ratio of 1.58 and a beta of 0.37. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29.

Progressive (NYSE:PGR - Get Free Report) last announced its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.28 by $0.37. Progressive had a net margin of 11.10% and a return on equity of 33.50%. The business had revenue of $22.21 billion for the quarter, compared to analyst estimates of $21.87 billion. On average, research analysts anticipate that Progressive will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, July 4th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a yield of 0.15%. Progressive's dividend payout ratio is 2.70%.

Insider Activity

In other Progressive news, Director Dyke Kahina Van sold 2,490 shares of Progressive stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total value of $691,398.30. Following the completion of the transaction, the director owned 12,429 shares in the company, valued at approximately $3,451,160.43. The trade was a 16.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Steven Broz sold 1,267 shares of Progressive stock in a transaction on Friday, June 20th. The shares were sold at an average price of $260.38, for a total value of $329,901.46. Following the completion of the transaction, the insider owned 27,621 shares of the company's stock, valued at approximately $7,191,955.98. The trade was a 4.39% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 42,705 shares of company stock valued at $11,450,948. Corporate insiders own 0.34% of the company's stock.

Hedge Funds Weigh In On Progressive

Several institutional investors have recently bought and sold shares of the business. Integrated Advisors Network LLC grew its holdings in Progressive by 1.0% during the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock worth $1,078,000 after acquiring an additional 36 shares during the last quarter. Rise Advisors LLC grew its holdings in Progressive by 7.4% during the 1st quarter. Rise Advisors LLC now owns 521 shares of the insurance provider's stock worth $147,000 after acquiring an additional 36 shares during the last quarter. Pines Wealth Management LLC raised its position in Progressive by 3.0% in the 1st quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock worth $335,000 after purchasing an additional 37 shares during the last quarter. Contravisory Investment Management Inc. raised its position in Progressive by 2.0% in the 1st quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock worth $549,000 after purchasing an additional 38 shares during the last quarter. Finally, Beacon Financial Group raised its position in Progressive by 1.1% in the 1st quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock worth $1,036,000 after purchasing an additional 39 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

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.