Progressive (NYSE:PGR) Shares Gap Down to $213.67

The Progressive Co. (NYSE:PGR)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $213.67, but opened at $207.36. Progressive shares last traded at $212.49, with a volume of 318,765 shares.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Wells Fargo & Company increased their price objective on Progressive from $232.00 to $238.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Morgan Stanley increased their price target on Progressive from $228.00 to $247.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Bank of America decreased their price target on Progressive from $279.00 to $273.00 and set a “buy” rating for the company in a research note on Wednesday, April 17th. The Goldman Sachs Group raised their price target on Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a research note on Monday, March 25th. Finally, JPMorgan Chase & Co. raised their price target on Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $211.88.

Progressive Stock Down 2.1 %

The business has a 50-day simple moving average of $207.67 and a two-hundred day simple moving average of $182.84. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.32 and a current ratio of 0.32. The company has a market capitalization of $122.56 billion, a price-to-earnings ratio of 21.50, a PEG ratio of 0.84 and a beta of 0.34.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating the consensus estimate of $3.20 by $0.74. The firm had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.65 earnings per share. As a group, equities analysts predict that The Progressive Co. will post 11.29 EPS for the current year.

Progressive Dividend Announcement

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

Insider Transactions at Progressive

In related news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the sale, the director now owns 7,176 shares in the company, valued at $1,494,976.08. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Progressive news, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total value of $5,645,965.50. Following the transaction, the insider now owns 15,189 shares in the company, valued at approximately $2,889,859.14. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the transaction, the director now owns 7,176 shares in the company, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. Insiders sold a total of 39,139 shares of company stock valued at $7,458,139 in the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Progressive

Institutional investors and hedge funds have recently made changes to their positions in the business. Dorsey & Whitney Trust CO LLC increased its holdings in shares of Progressive by 1.2% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 4,640 shares of the insurance provider’s stock worth $960,000 after purchasing an additional 56 shares during the period. Balentine LLC grew its holdings in shares of Progressive by 0.3% during the 4th quarter. Balentine LLC now owns 22,162 shares of the insurance provider’s stock valued at $3,530,000 after purchasing an additional 58 shares during the last quarter. Compass Ion Advisors LLC grew its holdings in shares of Progressive by 0.8% during the 4th quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock valued at $1,186,000 after purchasing an additional 59 shares during the last quarter. Cary Street Partners Investment Advisory LLC grew its holdings in Progressive by 10.2% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock worth $93,000 after acquiring an additional 62 shares during the last quarter. Finally, EP Wealth Advisors LLC lifted its position in shares of Progressive by 4.1% during the 1st quarter. EP Wealth Advisors LLC now owns 1,579 shares of the insurance provider’s stock valued at $327,000 after acquiring an additional 62 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Company Profile

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.