Shares of Progressive Corp (NYSE:PGR) have earned an average rating of “Hold” from the fifteen ratings firms that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $81.62.
A number of equities research analysts have weighed in on PGR shares. Morgan Stanley downgraded shares of Progressive from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $84.00 to $74.00 in a report on Monday, December 16th. ValuEngine downgraded shares of Progressive from a “hold” rating to a “sell” rating in a report on Monday, November 25th. Buckingham Research cut their price target on shares of Progressive from $78.00 to $72.00 and set a “neutral” rating for the company in a report on Friday, December 6th. Goldman Sachs Group downgraded shares of Progressive from a “buy” rating to a “neutral” rating in a report on Wednesday, November 27th. Finally, Credit Suisse Group cut their price target on shares of Progressive from $90.00 to $85.00 and set an “outperform” rating for the company in a report on Friday, October 18th.
In other Progressive news, CMO M Jeffrey Charney sold 10,238 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $74.10, for a total transaction of $758,635.80. Following the completion of the sale, the chief marketing officer now directly owns 91,166 shares of the company’s stock, valued at $6,755,400.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Steven Broz sold 5,000 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $70.84, for a total transaction of $354,200.00. Following the sale, the insider now directly owns 25,295 shares of the company’s stock, valued at $1,791,897.80. The disclosure for this sale can be found here. Insiders sold a total of 44,895 shares of company stock valued at $3,263,586 over the last three months. 0.39% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the business. First Financial Corp IN purchased a new stake in Progressive during the third quarter valued at about $25,000. Simon Quick Advisors LLC lifted its stake in Progressive by 562.0% during the fourth quarter. Simon Quick Advisors LLC now owns 523 shares of the insurance provider’s stock valued at $38,000 after buying an additional 444 shares in the last quarter. Mirova purchased a new stake in Progressive during the second quarter valued at about $43,000. Carroll Financial Associates Inc. lifted its stake in Progressive by 26.6% during the fourth quarter. Carroll Financial Associates Inc. now owns 647 shares of the insurance provider’s stock valued at $46,000 after buying an additional 136 shares in the last quarter. Finally, Golden State Wealth Management LLC purchased a new stake in Progressive during the third quarter valued at about $53,000. 78.64% of the stock is owned by institutional investors.
PGR stock traded down $0.24 during trading on Friday, hitting $73.70. The company had a trading volume of 3,650,687 shares, compared to its average volume of 2,879,413. The firm has a market capitalization of $43.23 billion, a price-to-earnings ratio of 16.67, a P/E/G ratio of 1.87 and a beta of 0.64. The business has a 50 day moving average of $72.47 and a 200 day moving average of $75.52. Progressive has a fifty-two week low of $60.84 and a fifty-two week high of $84.96. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.32.
Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, November 13th. The insurance provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.03. Progressive had a net margin of 8.69% and a return on equity of 26.09%. As a group, equities analysts predict that Progressive will post 5.22 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Wednesday, January 8th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.54%. The ex-dividend date is Tuesday, January 7th. Progressive’s payout ratio is 9.05%.
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
See Also: Options Trading – What is a Straddle?
Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.