The Progressive (NYSE:PGR) PT Lowered to $95.00

The Progressive (NYSE:PGR) had its target price cut by Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell from $97.00 to $95.00 in a research report released on Monday morning, Analyst Ratings Network reports. They currently have a neutral rating on the insurance provider’s stock.

Other analysts have also recently issued reports about the company. Edward Jones raised The Progressive from a hold rating to a buy rating in a research note on Thursday, March 18th. Raymond James reaffirmed an outperform rating and issued a $115.00 price target on shares of The Progressive in a research note on Monday, April 26th. Bank of America lowered their price target on The Progressive from $127.00 to $123.00 and set a buy rating for the company in a research note on Thursday, June 17th. Wells Fargo & Company reaffirmed a sell rating on shares of The Progressive in a research note on Thursday, June 17th. Finally, Morgan Stanley cut The Progressive from an equal weight rating to an underweight rating and lowered their price target for the company from $90.00 to $85.00 in a research note on Monday, June 7th. Five analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $98.92.

Shares of NYSE:PGR opened at $94.60 on Monday. The company has a market cap of $55.36 billion, a PE ratio of 8.61, a P/E/G ratio of 2.41 and a beta of 0.46. The Progressive has a 1-year low of $76.16 and a 1-year high of $107.58. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.38 and a quick ratio of 0.38. The stock’s 50-day moving average price is $99.68.

The Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, May 4th. The insurance provider reported $1.72 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.72. The Progressive had a return on equity of 25.38% and a net margin of 14.50%. Sell-side analysts expect that The Progressive will post 5.83 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 15th. Investors of record on Wednesday, July 7th will be given a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, July 6th. This represents a $0.40 annualized dividend and a yield of 0.42%. The Progressive’s dividend payout ratio is currently 5.35%.

In other The Progressive news, CEO Susan Patricia Griffith sold 45,000 shares of the business’s stock in a transaction dated Thursday, June 17th. The shares were sold at an average price of $91.78, for a total transaction of $4,130,100.00. Following the sale, the chief executive officer now directly owns 365,215 shares of the company’s stock, valued at approximately $33,519,432.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction dated Thursday, June 17th. The stock was sold at an average price of $92.86, for a total transaction of $1,114,320.00. Following the sale, the chief financial officer now directly owns 296,721 shares in the company, valued at $27,553,512.06. The disclosure for this sale can be found here. Insiders have sold a total of 59,488 shares of company stock worth $5,491,000 over the last three months. Insiders own 0.37% of the company’s stock.

A number of large investors have recently modified their holdings of the business. Hexagon Capital Partners LLC raised its holdings in shares of The Progressive by 57.6% in the 1st quarter. Hexagon Capital Partners LLC now owns 279 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 102 shares during the period. Concord Wealth Partners bought a new stake in shares of The Progressive in the 1st quarter valued at about $27,000. Evolution Wealth Advisors LLC raised its holdings in shares of The Progressive by 55.2% in the 1st quarter. Evolution Wealth Advisors LLC now owns 312 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 111 shares during the period. Childress Capital Advisors LLC bought a new stake in shares of The Progressive in the 4th quarter valued at about $35,000. Finally, Sound Income Strategies LLC raised its holdings in shares of The Progressive by 81.5% in the 1st quarter. Sound Income Strategies LLC now owns 354 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 159 shares during the period. 81.01% of the stock is currently owned by hedge funds and other institutional investors.

The Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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 The Progressive (NYSE:PGR)

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