The Progressive Co. (NYSE:PGR) Given Average Rating of “Hold” by Brokerages

Posted by on Jun 7th, 2023

Shares of The Progressive Co. (NYSE:PGR – Get Rating) have been given a consensus recommendation of “Moderate Buy” by the eighteen brokerages that are presently covering the stock, MarketBeat Ratings reports. Seven equities research analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $148.13.

Several equities research analysts have commented on PGR shares. Citigroup dropped their price target on shares of Progressive from $124.00 to $121.00 in a research report on Wednesday, May 3rd. BMO Capital Markets lowered shares of Progressive from an “outperform” rating to a “market perform” rating and cut their price target for the company from $165.00 to $150.00 in a report on Thursday, April 27th. Keefe, Bruyette & Woods lowered their target price on Progressive from $140.00 to $133.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 18th. Piper Sandler raised Progressive from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $133.00 to $138.00 in a research report on Monday, February 13th. Finally, Jefferies Financial Group increased their target price on shares of Progressive from $159.00 to $168.00 and gave the stock a “buy” rating in a research report on Monday, April 10th.

Insider Transactions at Progressive

In other Progressive news, CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $127.55, for a total transaction of $1,530,600.00. Following the completion of the sale, the chief financial officer now directly owns 333,507 shares of the company’s stock, valued at approximately $42,538,817.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $127.55, for a total value of $1,530,600.00. Following the completion of the sale, the chief financial officer now owns 333,507 shares in the company, valued at $42,538,817.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Daniel P. Mascaro sold 2,806 shares of the stock in a transaction on Friday, March 24th. The stock was sold at an average price of $136.96, for a total transaction of $384,309.76. Following the completion of the sale, the insider now owns 33,276 shares in the company, valued at $4,557,480.96. The disclosure for this sale can be found here. Insiders sold a total of 18,708 shares of company stock worth $2,458,317 over the last 90 days. 0.33% of the stock is owned by insiders.

Institutional Trading of Progressive

A number of hedge funds and other institutional investors have recently made changes to their positions in PGR. Commerce Bank grew its holdings in shares of Progressive by 1.9% in the 4th quarter. Commerce Bank now owns 41,781 shares of the insurance provider’s stock valued at $5,419,000 after acquiring an additional 767 shares in the last quarter. Kentucky Retirement Systems raised its position in Progressive by 5.5% during the third quarter. Kentucky Retirement Systems now owns 45,786 shares of the insurance provider’s stock worth $5,321,000 after acquiring an additional 2,377 shares in the last quarter. Summit Trail Advisors LLC lifted its stake in Progressive by 19.8% in the fourth quarter. Summit Trail Advisors LLC now owns 2,141 shares of the insurance provider’s stock valued at $278,000 after acquiring an additional 354 shares during the last quarter. HighTower Advisors LLC raised its holdings in shares of Progressive by 14.5% in the 4th quarter. HighTower Advisors LLC now owns 82,242 shares of the insurance provider’s stock valued at $10,689,000 after purchasing an additional 10,427 shares during the period. Finally, Ieq Capital LLC lifted its stake in Progressive by 7.1% in the 4th quarter. Ieq Capital LLC now owns 25,308 shares of the insurance provider’s stock valued at $3,283,000 after purchasing an additional 1,688 shares during the last quarter. 83.19% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Performance

Shares of PGR opened at $129.81 on Wednesday. The firm has a fifty day moving average of $135.86 and a 200-day moving average of $135.28. The company has a market cap of $75.98 billion, a price-to-earnings ratio of 92.06, a price-to-earnings-growth ratio of 0.95 and a beta of 0.50. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.37 and a current ratio of 0.37. Progressive has a 1 year low of $108.64 and a 1 year high of $149.87.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Friday, July 7th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.31%. The ex-dividend date of this dividend is Thursday, July 6th. Progressive’s payout ratio is presently 28.37%.

About Progressive

(Get Rating)

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.

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