Wells Fargo & Company Raises Progressive (NYSE:PGR) Price Target to $254.00

Progressive (NYSE:PGRFree Report) had its target price lifted by Wells Fargo & Company from $243.00 to $254.00 in a research report released on Monday morning, Benzinga reports. They currently have an overweight rating on the insurance provider’s stock.

A number of other analysts have also recently commented on PGR. Jefferies Financial Group upped their price target on Progressive from $241.00 to $245.00 and gave the stock a buy rating in a research report on Monday, April 15th. Bank of America upped their price target on Progressive from $279.00 to $286.00 and gave the stock a buy rating in a research report on Thursday, May 16th. BMO Capital Markets upped their price target on Progressive from $234.00 to $235.00 and gave the stock an outperform rating in a research report on Thursday, May 16th. Keefe, Bruyette & Woods increased their target price on Progressive from $190.00 to $200.00 and gave the stock a market perform rating in a research report on Wednesday, April 10th. Finally, Piper Sandler reissued an overweight rating and set a $240.00 target price on shares of Progressive in a research note on Monday, April 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Progressive has an average rating of Hold and a consensus target price of $216.81.

Get Our Latest Stock Analysis on Progressive

Progressive Price Performance

PGR opened at $210.75 on Monday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.32 and a current ratio of 0.32. Progressive has a 52-week low of $111.41 and a 52-week high of $217.77. The stock has a market capitalization of $123.44 billion, a PE ratio of 21.57, a price-to-earnings-growth ratio of 0.79 and a beta of 0.35. The stock’s 50 day moving average price is $209.26 and its 200-day moving average price is $191.32.

Progressive (NYSE:PGRGet Free Report) last issued its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, topping the consensus estimate of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The company had revenue of $18.96 billion for the quarter, compared to analysts’ expectations of $16.88 billion. During the same period in the prior year, the firm earned $0.65 earnings per share. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. On average, equities research analysts predict that Progressive will post 11.46 EPS for the current year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. Progressive’s dividend payout ratio (DPR) is 4.09%.

Insider Transactions at Progressive

In other Progressive news, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $208.11, for a total value of $135,271.50. Following the completion of the sale, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at approximately $828,485.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Progressive news, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive stock in a transaction on Monday, June 17th. The shares were sold at an average price of $208.11, for a total value of $135,271.50. Following the transaction, the chief accounting officer now owns 3,981 shares in the company, valued at approximately $828,485.91. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 12,457 shares of Progressive stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the transaction, the chief financial officer now owns 312,958 shares in the company, valued at approximately $63,978,003.94. The disclosure for this sale can be found here. Insiders sold a total of 21,468 shares of company stock valued at $4,415,753 in the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

Several hedge funds and other institutional investors have recently modified their holdings of PGR. Kestra Advisory Services LLC boosted its stake in Progressive by 16.7% during the 3rd quarter. Kestra Advisory Services LLC now owns 7,657 shares of the insurance provider’s stock valued at $1,067,000 after purchasing an additional 1,096 shares during the period. QRG Capital Management Inc. acquired a new stake in shares of Progressive in the 3rd quarter worth approximately $3,417,000. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Progressive in the 3rd quarter worth approximately $4,356,000. V Square Quantitative Management LLC lifted its stake in shares of Progressive by 38.2% in the 3rd quarter. V Square Quantitative Management LLC now owns 6,682 shares of the insurance provider’s stock worth $931,000 after acquiring an additional 1,847 shares during the period. Finally, Provence Wealth Management Group acquired a new stake in shares of Progressive in the 3rd quarter worth approximately $210,000. Institutional investors own 85.34% of the company’s stock.

Progressive Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Progressive (NYSE:PGR)

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