Shares of Progressive Corp (NYSE:PGR) have received a consensus recommendation of “Buy” from the thirteen research firms that are currently covering the company, Marketbeat reports. Six research analysts have rated the stock with a hold recommendation, six have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $82.92.
A number of equities analysts recently weighed in on the stock. B. Riley lifted their price objective on shares of Progressive from $89.00 to $96.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Zacks Investment Research lowered shares of Progressive from a “buy” rating to a “hold” rating and set a $84.00 price objective on the stock. in a research report on Monday, May 27th. Janney Montgomery Scott assumed coverage on shares of Progressive in a research report on Thursday, June 20th. They issued a “neutral” rating and a $59.00 price objective on the stock. UBS Group boosted their target price on shares of Progressive from $88.00 to $95.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Finally, Wells Fargo & Co restated a “hold” rating and set a $81.00 target price on shares of Progressive in a research report on Wednesday, July 17th.
In other Progressive news, insider Susan Patricia Griffith sold 22,500 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $78.01, for a total transaction of $1,755,225.00. Following the sale, the insider now directly owns 250,162 shares in the company, valued at approximately $19,515,137.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $78.07, for a total transaction of $936,840.00. Following the sale, the chief financial officer now owns 347,815 shares in the company, valued at $27,153,917.05. The disclosure for this sale can be found here. Insiders have sold a total of 69,000 shares of company stock worth $5,483,115 over the last 90 days. Insiders own 0.39% of the company’s stock.
NYSE:PGR traded down $3.12 during midday trading on Wednesday, reaching $76.34. The stock had a trading volume of 3,921,197 shares, compared to its average volume of 2,987,087. The business’s fifty day simple moving average is $81.23. Progressive has a 12-month low of $56.71 and a 12-month 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 0.34. The stock has a market cap of $46.50 billion, a PE ratio of 17.27, a P/E/G ratio of 2.05 and a beta of 0.66.
Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.23. Progressive had a net margin of 9.19% and a return on equity of 28.12%. The firm had revenue of $9.13 billion for the quarter, compared to analyst estimates of $9.13 billion. During the same period last year, the firm posted $1.19 EPS. Progressive’s quarterly revenue was up 12.7% on a year-over-year basis. As a group, sell-side analysts expect that Progressive will post 5.36 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, October 7th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $0.40 annualized dividend and a dividend yield of 0.52%. Progressive’s payout ratio is currently 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.
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