The Progressive Corporation (NYSE:PGR) Given Consensus Recommendation of “Hold” by Analysts

Shares of The Progressive Corporation (NYSE:PGR) have received an average rating of “Hold” from the twenty-two ratings firms that are presently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $260.7412.

A number of research analysts have issued reports on the company. Wolfe Research initiated coverage on Progressive in a report on Monday, September 15th. They set a “peer perform” rating for the company. Barclays raised shares of Progressive from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $257.00 to $265.00 in a report on Thursday. Raymond James Financial decreased their price objective on shares of Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a research note on Friday, October 17th. Wall Street Zen lowered shares of Progressive from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. Finally, BMO Capital Markets reduced their target price on Progressive from $256.00 to $253.00 and set a “market perform” rating on the stock in a report on Thursday, December 18th.

Progressive Trading Up 0.9%

PGR stock opened at $214.97 on Monday. Progressive has a 1-year low of $199.90 and a 1-year high of $292.99. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.19. The business’s 50 day moving average is $223.26 and its 200-day moving average is $235.79. The firm has a market cap of $126.06 billion, a P/E ratio of 11.79, a P/E/G ratio of 1.31 and a beta of 0.34.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The company had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. During the same period in the prior year, the firm earned $3.58 EPS. Equities analysts anticipate that Progressive will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s payout ratio is currently 2.19%.

Insider Buying and Selling at Progressive

In other news, CFO John P. Sauerland sold 5,000 shares of the firm’s stock in a transaction on Friday, November 28th. The stock was sold at an average price of $228.48, for a total value of $1,142,400.00. Following the completion of the sale, the chief financial officer directly owned 223,024 shares in the company, valued at approximately $50,956,523.52. This trade represents a 2.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Steven Broz sold 1,344 shares of Progressive stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $224.80, for a total value of $302,131.20. Following the completion of the transaction, the insider directly owned 26,354 shares of the company’s stock, valued at $5,924,379.20. This represents a 4.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 9,034 shares of company stock worth $2,047,481 in the last 90 days. Company insiders own 0.34% of the company’s stock.

Institutional Trading of Progressive

Several hedge funds have recently modified their holdings of PGR. Brighton Jones LLC lifted its holdings in Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after buying an additional 457 shares in the last quarter. Revolve Wealth Partners LLC acquired a new stake in shares of Progressive in the 4th quarter valued at $269,000. Bison Wealth LLC raised its position in shares of Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after acquiring an additional 80 shares during the last quarter. HBW Advisory Services LLC lifted its stake in shares of Progressive by 37.5% during the second quarter. HBW Advisory Services LLC now owns 1,695 shares of the insurance provider’s stock valued at $452,000 after acquiring an additional 462 shares during the period. Finally, TrueWealth Advisors LLC boosted its holdings in Progressive by 14.5% in the second quarter. TrueWealth Advisors LLC now owns 2,543 shares of the insurance provider’s stock valued at $678,000 after acquiring an additional 323 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

About Progressive

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.