Progressive (NYSE:PGR) Price Target Increased to $225.00 by Analysts at Citigroup

Progressive (NYSE:PGR) had its price objective boosted by Citigroup from $202.00 to $225.00 in a research report sent to investors on Monday, Benzinga reports. They currently have a neutral rating on the insurance provider’s stock.

Several other equities research analysts have also issued reports on the company. Keefe, Bruyette & Woods lifted their price target on Progressive from $190.00 to $200.00 and gave the stock a market perform rating in a research note on Wednesday, April 10th. Piper Sandler reissued an overweight rating and issued a $240.00 target price on shares of Progressive in a research note on Monday, April 1st. Jefferies Financial Group boosted their target price on Progressive from $241.00 to $245.00 and gave the company a buy rating in a research note on Monday. The Goldman Sachs Group boosted their target price on Progressive from $161.00 to $216.00 and gave the company a neutral rating in a research note on Monday, March 25th. Finally, Morgan Stanley boosted their target price on Progressive from $228.00 to $247.00 and gave the company an overweight rating in a research note on Thursday, April 11th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Progressive presently has an average rating of Hold and an average target price of $211.88.

Progressive Trading Up 0.3 %

Shares of PGR stock opened at $209.75 on Monday. The company has a quick ratio of 0.31, a current ratio of 0.36 and a debt-to-equity ratio of 0.32. The business has a 50-day moving average price of $199.28 and a two-hundred day moving average price of $174.57. Progressive has a 12-month low of $111.41 and a 12-month high of $212.24. The firm has a market cap of $122.85 billion, a P/E ratio of 21.47, a price-to-earnings-growth ratio of 0.84 and a beta of 0.35.

Progressive (NYSE:PGR) last issued its quarterly 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 firm had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. During the same quarter in the previous year, the company posted $0.65 earnings per share. The company’s revenue was up 17.7% compared to the same quarter last year. Equities analysts anticipate that Progressive will post 11.09 EPS for the current fiscal year.

Progressive Dividend Announcement

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

Insider Activity at Progressive

In other Progressive news, insider Patrick K. Callahan sold 29,675 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the transaction, the insider now owns 15,189 shares in the company, valued at approximately $2,889,859.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Progressive news, insider Patrick K. Callahan sold 29,675 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the transaction, the insider now owns 15,189 shares in the company, valued at approximately $2,889,859.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Karen Bailo sold 8,464 shares of the company’s stock in a transaction that occurred on 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 owns 32,342 shares in the company, valued at approximately $6,128,485.58. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

Institutional Trading of Progressive

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Giverny Capital Inc. grew its stake in shares of Progressive by 2.9% in the 3rd quarter. Giverny Capital Inc. now owns 501,431 shares of the insurance provider’s stock worth $69,849,000 after buying an additional 14,022 shares during the last quarter. AIA Group Ltd grew its stake in shares of Progressive by 4.9% in the 3rd quarter. AIA Group Ltd now owns 155,427 shares of the insurance provider’s stock worth $21,651,000 after buying an additional 7,268 shares during the last quarter. Invesco LLC grew its stake in shares of Progressive by 2.0% in the 4th quarter. Invesco LLC now owns 3,537 shares of the insurance provider’s stock worth $563,000 after buying an additional 70 shares during the last quarter. Strs Ohio grew its stake in shares of Progressive by 3.1% in the 4th quarter. Strs Ohio now owns 168,187 shares of the insurance provider’s stock worth $26,788,000 after buying an additional 4,983 shares during the last quarter. Finally, First Affirmative Financial Network purchased a new stake in shares of Progressive in the 4th quarter worth approximately $295,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

About Progressive

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.