The Progressive Co. (NYSE:PGR – Get Free Report)’s share price hit a new 52-week high during trading on Monday after UBS Group raised their price target on the stock from $275.00 to $285.00. UBS Group currently has a neutral rating on the stock. Progressive traded as high as $287.60 and last traded at $289.16, with a volume of 191491 shares trading hands. The stock had previously closed at $283.69.
A number of other brokerages have also recently weighed in on PGR. Bank of America reduced their price objective on Progressive from $333.00 to $318.00 and set a “buy” rating for the company in a research note on Monday, March 10th. Roth Mkm raised their target price on shares of Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target on the stock in a report on Thursday, December 26th. Hsbc Global Res downgraded Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Finally, HSBC cut Progressive from a “buy” rating to a “hold” rating and set a $267.00 target price on the stock. in a report on Tuesday, December 10th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Progressive currently has an average rating of “Moderate Buy” and an average price target of $281.76.
Check Out Our Latest Analysis on PGR
Insider Transactions at Progressive
Institutional Trading of Progressive
Hedge funds have recently made changes to their positions in the company. Versant Capital Management Inc boosted its stake in Progressive by 98.2% during the fourth quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider’s stock worth $189,000 after acquiring an additional 391 shares in the last quarter. Townsquare Capital LLC grew its stake in shares of Progressive by 90.9% in the 3rd quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider’s stock valued at $1,983,000 after buying an additional 3,720 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Progressive by 7.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock valued at $1,286,036,000 after buying an additional 330,667 shares during the period. Assenagon Asset Management S.A. raised its stake in Progressive by 2,262.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 433,999 shares of the insurance provider’s stock worth $103,990,000 after buying an additional 415,628 shares during the period. Finally, Signal Advisors Wealth LLC grew its stake in Progressive by 42.3% in the fourth quarter. Signal Advisors Wealth LLC now owns 11,889 shares of the insurance provider’s stock valued at $2,849,000 after acquiring an additional 3,534 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.
Progressive Trading Up 1.8 %
The firm has a market cap of $169.28 billion, a price-to-earnings ratio of 20.05, a P/E/G ratio of 1.70 and a beta of 0.35. The firm’s 50-day moving average is $258.14 and its 200-day moving average is $254.07. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27.
Progressive (NYSE:PGR – Get Free Report) last released its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. As a group, sell-side analysts anticipate that The Progressive Co. will post 14.68 EPS for the current fiscal year.
Progressive Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Thursday, April 3rd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.14%. The ex-dividend date is Thursday, April 3rd. Progressive’s payout ratio is 2.78%.
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.
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