The Progressive Corporation (NYSE:PGR) Stock Has Consensus Target Price of $234.95

The Progressive Corporation (NYSE:PGR) has earned a consensus recommendation of “Hold” from the twenty-three ratings firms that are presently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, twelve have given a hold recommendation and nine have given a buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $234.25.

PGR has been the topic of a number of analyst reports. Raymond James Financial restated an “outperform” rating on shares of Progressive in a report on Friday. BMO Capital Markets reiterated a “market perform” rating on shares of Progressive in a research note on Thursday. Morgan Stanley upgraded shares of Progressive from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $190.00 to $210.00 in a research note on Friday, July 24th. Cantor Fitzgerald dropped their target price on Progressive from $220.00 to $200.00 and set a “neutral” rating on the stock in a report on Monday, August 17th. Finally, Weiss Ratings raised Progressive from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th.

Insider Buying and Selling at Progressive

In other news, insider Lori Niederst sold 7,339 shares of the company’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the completion of the transaction, the insider directly owned 42,567 shares of the company’s stock, valued at approximately $8,908,847.43. This represents a 14.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Murphy sold 8,124 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.70, for a total value of $1,727,974.80. Following the completion of the transaction, the insider owned 41,291 shares in the company, valued at approximately $8,782,595.70. The trade was a 16.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 106,782 shares of company stock worth $22,965,332. Corporate insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Progressive

Hedge funds have recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. purchased a new stake in shares of Progressive during the 2nd quarter worth approximately $26,000. IMG Wealth Management Inc. acquired a new position in shares of Progressive in the 2nd quarter valued at $26,000. Bogart Wealth LLC boosted its holdings in shares of Progressive by 235.1% in the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after buying an additional 87 shares in the last quarter. Kilter Group LLC purchased a new position in shares of Progressive in the 2nd quarter valued at $27,000. Finally, HHM Wealth Advisors LLC grew its position in shares of Progressive by 700.0% in the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock valued at $29,000 after buying an additional 126 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive News Summary

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: Strong underwriting supports sentiment. Progressive reported a Q3 combined ratio of 88.7%, indicating solid claims management and underwriting profitability. The company also exceeded analysts’ EPS expectations, reporting $5.67 per share versus the $4.64 consensus. Progressive Q3 Earnings Show Strong Underwriting As Profit Growth Slips
• Positive Sentiment: Premium growth and long-term execution remain supportive. Revenue increased year over year, while Progressive continues to benefit from durable demand and its position as a leading U.S. auto insurer. Its history of maintaining a combined ratio near or below its long-term target reinforces the investment case. Progressive Stock Has Turned $10,000 Into More Than $90,000 in 10 Years
• Neutral Sentiment: Investors are balancing earnings quality with slower expansion. Although EPS beat estimates, quarterly profit declined about 3%, and net premiums written grew approximately 4%. September policy-in-force growth slowed to about 2%, raising questions about future earnings momentum. Progressive: A Great Insurer, But Slowing Growth Justifies a Hold
• Negative Sentiment: Revenue and forecast concerns remain a headwind. Progressive’s sales fell short of expectations despite the EPS beat, prompting several analysts to lower their price targets, including BMO Capital Markets, which reduced its target to $216 from $221. The mixed results explain the recent volatility and could limit further upside if premium growth continues to decelerate. Analysts Slash Their Forecasts on Progressive After Q3 Results

Progressive Trading Down 0.0%

NYSE PGR opened at $218.46 on Wednesday. Progressive has a 52 week low of $189.20 and a 52 week high of $239.38. The firm has a 50 day moving average of $214.78 and a two-hundred day moving average of $209.49. The company has a quick ratio of 0.29, a current ratio of 0.31 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $127.00 billion, a PE ratio of 11.00, a price-to-earnings-growth ratio of 2.63 and a beta of 0.25.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Thursday, October 1st were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend was Thursday, October 1st. Progressive’s payout ratio is 2.01%.

About Progressive

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.