Progressive (NYSE:PGR) Hits New 1-Year High at $214.02

The Progressive Co. (NYSE:PGR)’s share price reached a new 52-week high on Friday . The stock traded as high as $214.02 and last traded at $213.78, with a volume of 1021317 shares. The stock had previously closed at $209.75.

Analyst Ratings Changes

Several brokerages recently issued reports on PGR. Piper Sandler reiterated an “overweight” rating and issued a $240.00 target price on shares of Progressive in a research note on Monday, April 1st. Keefe, Bruyette & Woods upped their price objective on Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a report on Wednesday, April 10th. Wells Fargo & Company boosted their target price on shares of Progressive from $232.00 to $238.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. BMO Capital Markets raised their price target on shares of Progressive from $185.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. Finally, TD Cowen started coverage on shares of Progressive in a research report on Wednesday, January 10th. They set a “market perform” rating and a $174.00 target price on the stock. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Progressive presently has an average rating of “Hold” and an average price target of $211.88.

Progressive Price Performance

The stock has a market cap of $125.54 billion, a P/E ratio of 21.47, a P/E/G ratio of 0.83 and a beta of 0.35. The company’s 50 day moving average price is $199.28 and its 200-day moving average price is $174.57. The company has a quick ratio of 0.31, a current ratio of 0.36 and a debt-to-equity ratio of 0.32.

Progressive (NYSE:PGR) last announced its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) 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 business had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. During the same period last year, the company earned $0.65 EPS. Progressive’s revenue for the quarter was up 17.7% compared to the same quarter last year. As a group, sell-side analysts expect that The Progressive Co. will post 11.16 earnings per share for the current year.

Progressive Dividend Announcement

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

Insider Buying and Selling at Progressive

In other news, insider Karen Bailo sold 8,464 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the sale, the insider now directly owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Karen Bailo sold 8,464 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the transaction, the insider now directly owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Patrick K. Callahan sold 29,675 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was 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 $2,889,859.14. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Markel Corp lifted its position in Progressive by 4.1% in the 1st quarter. Markel Corp now owns 750,750 shares of the insurance provider’s stock valued at $85,578,000 after acquiring an additional 29,750 shares in the last quarter. Roundview Capital LLC grew its stake in Progressive by 0.8% in the 1st quarter. Roundview Capital LLC now owns 49,086 shares of the insurance provider’s stock valued at $5,595,000 after purchasing an additional 381 shares during the period. Cibc World Market Inc. increased its holdings in Progressive by 3.9% during the first quarter. Cibc World Market Inc. now owns 6,693 shares of the insurance provider’s stock worth $763,000 after buying an additional 254 shares during the last quarter. Moors & Cabot Inc. increased its stake in shares of Progressive by 8.0% during the 1st quarter. Moors & Cabot Inc. now owns 3,081 shares of the insurance provider’s stock worth $351,000 after purchasing an additional 228 shares during the last quarter. Finally, Sequoia Financial Advisors LLC lifted its holdings in Progressive by 103.5% during the first quarter. Sequoia Financial Advisors LLC now owns 7,022 shares of the insurance provider’s stock valued at $800,000 after purchasing an additional 3,571 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

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.