Progressive (NYSE:PGR) Given New $245.00 Price Target at Jefferies Financial Group

Progressive (NYSE:PGR) had its target price upped by Jefferies Financial Group from $241.00 to $245.00 in a research report report published on Monday, Benzinga reports. They currently have a buy rating on the insurance provider’s stock.

A number of other analysts have also recently issued reports on the company. Wells Fargo & Company upped their target price on Progressive from $232.00 to $238.00 and gave the company an overweight rating in a research report on Thursday, April 11th. JPMorgan Chase & Co. raised their target price on shares of Progressive from $171.00 to $202.00 and gave the stock an overweight rating in a research report on Monday, April 8th. Citigroup lifted their target price on shares of Progressive from $192.00 to $202.00 and gave the company a neutral rating in a report on Monday, March 18th. Bank of America decreased their price target on shares of Progressive from $265.00 to $264.00 and set a buy rating for the company in a research note on Tuesday, April 2nd. Finally, TD Cowen initiated coverage on shares of Progressive in a research note on Wednesday, January 10th. They issued a market perform rating and a $174.00 price objective on the stock. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Hold and a consensus price target of $208.31.

Progressive Stock Up 1.3 %

PGR stock opened at $206.59 on Monday. The stock has a market cap of $121.00 billion, a P/E ratio of 21.15, a PEG ratio of 0.86 and a beta of 0.35. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32. Progressive has a twelve month low of $111.41 and a twelve month high of $212.24. The company’s 50 day moving average is $197.64 and its two-hundred day moving average is $173.59.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping the consensus estimate of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The firm had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. During the same period last year, the business earned $0.65 EPS. Progressive’s revenue for the quarter was up 17.7% compared to the same quarter last year. Research analysts expect that Progressive will post 10.5 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, April 4th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date of this dividend was Wednesday, April 3rd. Progressive’s payout ratio is currently 4.09%.

Insider Buying and Selling at Progressive

In other news, insider Andrew J. Quigg sold 551 shares of the business’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total value of $93,251.24. Following the completion of the transaction, the insider now directly owns 27,921 shares of the company’s stock, valued at $4,725,350.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the completion of the sale, the insider now directly owns 15,189 shares in the company, valued at $2,889,859.14. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Andrew J. Quigg sold 551 shares of the business’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $169.24, for a total transaction of $93,251.24. Following the completion of the transaction, the insider now directly owns 27,921 shares of the company’s stock, valued at approximately $4,725,350.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,629 shares of company stock worth $8,348,176. 0.34% of the stock is owned by insiders.

Institutional Trading of Progressive

Several hedge funds and other institutional investors have recently bought and sold shares of PGR. Sachetta LLC acquired a new stake in shares of Progressive during the fourth quarter worth $25,000. Northwest Bank & Trust Co acquired a new stake in Progressive in the 4th quarter worth about $25,000. Valley National Advisers Inc. grew its holdings in Progressive by 143.6% in the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after buying an additional 112 shares during the period. Harbour Investments Inc. increased its stake in shares of Progressive by 109.1% during the 3rd quarter. Harbour Investments Inc. now owns 207 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 108 shares during the last quarter. Finally, Sunbelt Securities Inc. purchased a new position in shares of Progressive during the 1st quarter worth about $31,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

About Progressive

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.