Progressive (NYSE:PGR) Upgraded at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Progressive (NYSE:PGR – Get Rating) from an underweight rating to an overweight rating in a research note published on Thursday, Marketbeat.com reports. Wells Fargo & Company currently has $158.00 price objective on the insurance provider’s stock, up from their previous price objective of $116.00.

A number of other equities research analysts also recently weighed in on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Progressive from $127.00 to $140.00 and gave the stock a market perform rating in a research note on Friday, February 17th. StockNews.com downgraded shares of Progressive from a buy rating to a hold rating in a research note on Friday, March 10th. Piper Sandler upgraded shares of Progressive from an underweight rating to a neutral rating and lifted their price target for the stock from $133.00 to $138.00 in a research note on Monday, February 13th. Citigroup lifted their price target on shares of Progressive from $109.00 to $111.00 and gave the stock a sell rating in a research note on Wednesday, February 1st. Finally, BMO Capital Markets lifted their price target on shares of Progressive from $155.00 to $165.00 and gave the stock an outperform rating in a research note on Thursday, February 16th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $139.85.

Progressive Trading Down 4.6 %

Shares of Progressive stock opened at $136.32 on Thursday. Progressive has a 1 year low of $106.35 and a 1 year high of $146.50. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.41. The company’s fifty day simple moving average is $137.74 and its 200-day simple moving average is $130.29. The company has a market cap of $79.79 billion, a price-to-earnings ratio of 115.53, a PEG ratio of 0.92 and a beta of 0.50.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 14th. Investors of record on Thursday, April 6th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, April 5th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.29%. Progressive’s dividend payout ratio is 33.90%.

Insider Activity at Progressive

In related news, CAO Mariann Wojtkun Marshall sold 472 shares of Progressive stock in a transaction dated Thursday, March 16th. The stock was sold at an average price of $138.67, for a total value of $65,452.24. Following the completion of the transaction, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at $552,045.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Mariann Wojtkun Marshall sold 472 shares of Progressive stock in a transaction dated Thursday, March 16th. The stock was sold at an average price of $138.67, for a total value of $65,452.24. Following the completion of the transaction, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at $552,045.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 26,885 shares of Progressive stock in a transaction dated Wednesday, January 4th. The shares were sold at an average price of $130.36, for a total value of $3,504,728.60. Following the completion of the transaction, the chief executive officer now directly owns 431,810 shares of the company’s stock, valued at $56,290,751.60. The disclosure for this sale can be found here. Insiders sold 54,140 shares of company stock valued at $7,273,080 over the last ninety days. 0.37% of the stock is owned by insiders.

Institutional Trading of Progressive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. raised its holdings in Progressive by 9.9% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 7,767 shares of the insurance provider’s stock worth $1,007,000 after purchasing an additional 699 shares during the last quarter. Mather Group LLC. raised its holdings in Progressive by 2.5% during the 4th quarter. Mather Group LLC. now owns 8,217 shares of the insurance provider’s stock worth $1,066,000 after purchasing an additional 199 shares during the last quarter. Rockefeller Capital Management L.P. raised its holdings in Progressive by 11.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 97,411 shares of the insurance provider’s stock worth $12,633,000 after purchasing an additional 9,943 shares during the last quarter. OLD Mission Capital LLC bought a new stake in Progressive during the 4th quarter worth about $42,000. Finally, Trust Investment Advisors bought a new stake in Progressive during the 4th quarter worth about $233,000. 83.19% of the stock is owned by institutional investors.

About Progressive

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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.