BMO Capital Markets Cuts Progressive (NYSE:PGR) Price Target to $253.00

Progressive (NYSE:PGR) had its target price cut by BMO Capital Markets from $256.00 to $253.00 in a research note published on Thursday, Marketbeat.com reports. They currently have a market perform rating on the insurance provider’s stock.

A number of other research analysts have also recently weighed in on PGR. HSBC set a $259.00 price target on Progressive and gave the company an “underperform” rating in a research report on Monday, November 17th. Weiss Ratings restated a “hold (c+)” rating on shares of Progressive in a report on Monday, December 15th. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 17th. Jefferies Financial Group reiterated a “hold” rating on shares of Progressive in a research report on Wednesday. Finally, Citigroup dropped their price objective on shares of Progressive from $301.38 to $300.60 and set a “buy” rating for the company in a research note on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Progressive has a consensus rating of “Hold” and a consensus price target of $264.68.

Progressive Price Performance

PGR stock opened at $224.30 on Thursday. The firm has a 50 day moving average of $222.77 and a 200-day moving average of $240.83. The company has a market cap of $131.53 billion, a price-to-earnings ratio of 12.30, a PEG ratio of 1.26 and a beta of 0.36. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.19. Progressive has a 12-month low of $199.90 and a 12-month high of $292.99.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing the consensus estimate of $5.04 by ($0.59). The firm had revenue of $21.38 billion during the quarter, compared to analysts’ expectations of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same period in the previous year, the business earned $3.58 earnings per share. As a group, equities analysts expect that Progressive will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd will be given a $0.10 dividend. The ex-dividend date of this dividend is Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s payout ratio is currently 2.19%.

Insider Activity

In other news, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $228.29, for a total transaction of $307,050.05. Following the completion of the sale, the insider directly owned 27,698 shares of the company’s stock, valued at $6,323,176.42. The trade was a 4.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO John P. Sauerland sold 5,000 shares of the stock in a transaction on Friday, November 28th. The stock was sold at an average price of $228.48, for a total value of $1,142,400.00. Following the completion of the transaction, the chief financial officer directly owned 223,024 shares in the company, valued at $50,956,523.52. This trade represents a 2.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 7,690 shares of company stock worth $1,745,350. Insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. New York Life Investment Management LLC grew its position in Progressive by 1.4% in the 2nd quarter. New York Life Investment Management LLC now owns 87,760 shares of the insurance provider’s stock worth $23,420,000 after purchasing an additional 1,192 shares during the last quarter. Baron Silver Stevens Financial Advisors LLC bought a new stake in shares of Progressive in the second quarter valued at about $306,000. Wakefield Asset Management LLLP grew its position in Progressive by 199.0% during the second quarter. Wakefield Asset Management LLLP now owns 9,411 shares of the insurance provider’s stock worth $2,511,000 after buying an additional 6,263 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Progressive during the second quarter valued at about $13,583,000. Finally, Whalen Wealth Management Inc. acquired a new position in Progressive in the 2nd quarter valued at approximately $647,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Key Progressive News

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: Keefe, Bruyette & Woods raised its price target on PGR to $250 and kept a “market perform” rating — a modest vote of confidence that implies upside from current levels. KBW price target raise
• Neutral Sentiment: BMO Capital Markets trimmed its target slightly (from $256 to $253) but maintained a “market perform” view; the change is small and keeps implied upside intact. BMO target change
• Neutral Sentiment: Brokerage consensus remains around “Hold” for PGR, per a recent aggregation — this keeps expectations cautious rather than bullish. Brokerage consensus
• Neutral Sentiment: Investor attention to PGR is high (search and site-traffic notes), which can amplify moves but doesn’t by itself change fundamentals. Investor interest
• Neutral Sentiment: Some headlines discuss dividend implications and a sector downgrade that could alter the investment case — watch for follow-up on capital return policy and whether downgrades spread across insurers. Dividend/sector piece
• Neutral Sentiment: Be aware of name confusion in newsfeeds: unrelated companies (e.g., a drug approval for “JASCAYD” and results from “Progressive Planet”) reference “Progressive” but do not affect PGR’s insurance business. JASCAYD approval (unrelated) Progressive Planet (unrelated)
• Negative Sentiment: Analyst skepticism: Morgan Stanley (and commentary aggregated on TipRanks) reiterated concerns — citing decelerating growth, rising competition and smaller buybacks — and kept a Sell stance, which likely weighs on sentiment and downside risk. Morgan Stanley sell thesis
• Negative Sentiment: Recent coverage notes PGR shares slipped despite a stronger market — short-term technical/flow factors and the negative analyst narrative are contributing to the decline. Price drop article

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.