The Progressive Corporation (NYSE:PGR) Stock Has Consensus Target Price of $234.95

Shares of The Progressive Corporation (NYSE:PGR) have been assigned an average recommendation of “Hold” from the twenty-three brokerages that are currently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, twelve have given a hold recommendation and nine have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $234.45.

A number of brokerages have recently issued reports on PGR. Raymond James Financial reiterated an “outperform” rating on shares of Progressive in a research report on Friday. HSBC reiterated a “hold” rating and issued a $216.00 price objective (down from $221.00) on shares of Progressive in a research report on Wednesday, October 7th. BMO Capital Markets reissued a “market perform” rating on shares of Progressive in a research note on Thursday, October 15th. Jefferies Financial Group reiterated a “hold” rating and issued a $228.00 price objective (up from $213.00) on shares of Progressive in a research report on Wednesday, August 19th. Finally, Evercore set a $240.00 price objective on Progressive in a research report on Friday, July 10th.

Progressive Price Performance

NYSE:PGR opened at $221.87 on Wednesday. The firm has a market cap of $128.99 billion, a PE ratio of 11.17, a price-to-earnings-growth ratio of 2.63 and a beta of 0.25. The company has a quick ratio of 0.29, a current ratio of 0.31 and a debt-to-equity ratio of 0.24. Progressive has a 12 month low of $189.20 and a 12 month high of $239.38. The company’s 50-day moving average price is $215.08 and its two-hundred day moving average price is $209.84.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Thursday, October 1st were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is presently 2.01%.

Insider Activity

In other Progressive news, insider John Murphy sold 8,124 shares of the business’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.70, for a total value of $1,727,974.80. Following the completion of the transaction, the insider directly owned 41,291 shares of the company’s stock, valued at approximately $8,782,595.70. The trade was a 16.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori Niederst sold 7,339 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the sale, the insider owned 42,567 shares in the company, valued at $8,908,847.43. This trade represents a 14.71% 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. In the last quarter, insiders sold 106,782 shares of company stock valued at $22,965,332. Company insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Progressive

A number of large investors have recently modified their holdings of the business. Physician Wealth Advisors Inc. raised its position in Progressive by 31.3% in the third quarter. Physician Wealth Advisors Inc. now owns 419 shares of the insurance provider’s stock worth $87,000 after acquiring an additional 100 shares during the period. Carnegie Investment Counsel increased its stake in Progressive by 3.5% in the 3rd quarter. Carnegie Investment Counsel now owns 273,510 shares of the insurance provider’s stock worth $56,701,000 after acquiring an additional 9,178 shares during the last quarter. Nisa Investment Advisors LLC raised its position in Progressive by 13.6% during the third quarter. Nisa Investment Advisors LLC now owns 160,309 shares of the insurance provider’s stock valued at $33,234,000 after purchasing an additional 19,237 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its holdings in shares of Progressive by 62.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 128,729 shares of the insurance provider’s stock valued at $26,687,000 after purchasing an additional 49,580 shares during the last quarter. Finally, Diversify Advisory Services LLC increased its stake in shares of Progressive by 39.8% in the third quarter. Diversify Advisory Services LLC now owns 14,250 shares of the insurance provider’s stock worth $3,046,000 after buying an additional 4,058 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

About Progressive

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.