Progressive (NYSE:PGR) Price Target Increased to $83.00 by Analysts at Barclays

Progressive (NYSE:PGR) had its target price raised by Barclays from $82.00 to $83.00 in a research report sent to investors on Friday, Price Targets.com reports. Barclays currently has an underweight rating on the insurance provider’s stock.

Several other research analysts also recently commented on the stock. The Goldman Sachs Group started coverage on shares of Progressive in a report on Monday, November 22nd. They issued a buy rating and a $104.00 target price on the stock. Raymond James lifted their target price on shares of Progressive from $105.00 to $110.00 and gave the stock an outperform rating in a report on Thursday, December 16th. Jefferies Financial Group started coverage on shares of Progressive in a research report on Thursday, November 18th. They issued an underperform rating and a $81.00 price target on the stock. Zacks Investment Research upgraded shares of Progressive from a strong sell rating to a hold rating and set a $101.00 target price on the stock in a research report on Monday, December 6th. Finally, Evercore ISI upgraded shares of Progressive from an in-line rating to an outperform rating and boosted their price target for the company from $90.00 to $118.00 in a research report on Thursday, January 6th. Six investment analysts have rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $98.50.

PGR stock opened at $109.75 on Friday. Progressive has a 12-month low of $84.89 and a 12-month high of $110.91. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.27. The company has a market cap of $64.21 billion, a price-to-earnings ratio of 15.93, a PEG ratio of 3.87 and a beta of 0.50. The company has a 50 day moving average of $99.09 and a two-hundred day moving average of $96.30.

Progressive (NYSE:PGR) last released its earnings results on Thursday, October 14th. The insurance provider reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.08). Progressive had a return on equity of 17.55% and a net margin of 8.74%. The company had revenue of $12.47 billion during the quarter, compared to analysts’ expectations of $12.33 billion. During the same quarter in the previous year, the company earned $2.59 EPS. The firm’s quarterly revenue was up 13.2% compared to the same quarter last year. On average, research analysts anticipate that Progressive will post 3.59 EPS for the current year.

The firm also recently declared an annual dividend, which was paid on Wednesday, December 29th. Investors of record on Monday, December 20th were paid a dividend of $1.50 per share. The ex-dividend date was Friday, December 17th. Progressive’s dividend payout ratio (DPR) is 5.81%.

In related news, insider Andrew J. Quigg sold 1,391 shares of the stock in a transaction on Tuesday, January 4th. The shares were sold at an average price of $102.24, for a total transaction of $142,215.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mariann Wojtkun Marshall sold 1,400 shares of the stock in a transaction on Wednesday, December 22nd. The stock was sold at an average price of $101.35, for a total transaction of $141,890.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 69,946 shares of company stock valued at $7,144,764. Corporate insiders own 0.37% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of PGR. State Street Corp increased its position in Progressive by 1.3% during the second quarter. State Street Corp now owns 26,730,238 shares of the insurance provider’s stock worth $2,625,177,000 after acquiring an additional 337,562 shares during the period. JPMorgan Chase & Co. increased its position in Progressive by 23.7% during the second quarter. JPMorgan Chase & Co. now owns 21,475,941 shares of the insurance provider’s stock worth $2,109,151,000 after acquiring an additional 4,109,230 shares during the period. Massachusetts Financial Services Co. MA grew its stake in Progressive by 31.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 16,353,656 shares of the insurance provider’s stock worth $1,478,206,000 after buying an additional 3,924,541 shares in the last quarter. Geode Capital Management LLC grew its stake in Progressive by 2.4% during the third quarter. Geode Capital Management LLC now owns 10,726,584 shares of the insurance provider’s stock worth $967,325,000 after buying an additional 248,302 shares in the last quarter. Finally, FMR LLC grew its stake in Progressive by 3.5% during the second quarter. FMR LLC now owns 9,032,167 shares of the insurance provider’s stock worth $887,049,000 after buying an additional 306,619 shares in the last quarter. 82.54% of the stock is currently owned by institutional investors.

About Progressive

Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines and Property.

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