Progressive (NYSE:PGR) Price Target Cut to $223.00 by Analysts at Mizuho

Progressive (NYSE:PGR) had its target price lowered by Mizuho from $235.00 to $223.00 in a report released on Friday morning,Benzinga reports. Mizuho currently has a neutral rating on the insurance provider’s stock.

A number of other analysts also recently issued reports on the stock. BMO Capital Markets cut their price objective on shares of Progressive from $232.00 to $208.00 and set a “market perform” rating for the company in a report on Wednesday, March 11th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Progressive in a report on Monday, December 29th. The Goldman Sachs Group reiterated a “buy” rating and issued a $225.00 price target on shares of Progressive in a research report on Monday, February 23rd. Roth Mkm set a $235.00 price target on Progressive in a research note on Thursday, February 19th. Finally, William Blair lowered Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $239.72.

Progressive Trading Up 1.6%

Shares of Progressive stock opened at $205.93 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.35 and a current ratio of 0.35. The firm has a 50-day moving average of $206.07 and a 200-day moving average of $221.16. Progressive has a 52-week low of $197.92 and a 52-week high of $289.96. The stock has a market cap of $120.66 billion, a PE ratio of 10.70, a PEG ratio of 8.81 and a beta of 0.33.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, April 2nd. Progressive’s dividend payout ratio is 2.08%.

Insider Activity

In other news, insider Andrew J. Quigg sold 1,649 shares of Progressive stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $336,973.15. Following the transaction, the insider owned 39,626 shares in the company, valued at approximately $8,097,573.10. The trade was a 4.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Maribel Pumarejo sold 739 shares of the business’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 11,417 shares of company stock valued at $2,357,289. 0.34% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Progressive

Institutional investors and hedge funds have recently made changes to their positions in the stock. Davis Capital Management acquired a new stake in Progressive during the 3rd quarter worth about $25,000. Bard Associates Inc. acquired a new position in shares of Progressive in the 4th quarter valued at about $27,000. Dagco Inc. acquired a new position in shares of Progressive in the 4th quarter valued at about $28,000. IFC & Insurance Marketing Inc. bought a new stake in shares of Progressive during the 4th quarter valued at about $29,000. Finally, Ameriflex Group Inc. grew its stake in Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive News Roundup

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: Bank of America kept a “buy” rating and, despite trimming its target slightly to $305, still implies substantial upside — a supporting factor for the stock. Progressive had its price target lowered by Bank of America Corporation from $308.00 to $305.00
• Positive Sentiment: Wells Fargo raised its target to $217 and maintained an “equal weight” view, a modest positive signal that offsets some downgrades. Wells Fargo raised its price target on Progressive
• Neutral Sentiment: Progressive is getting increased attention from retail and news platforms; Zacks flagged PGR as a “trending” stock, which can drive short-term volume and volatility but doesn’t change fundamentals. The Progressive Corporation (PGR) Is a Trending Stock
• Neutral Sentiment: Recent media noted intraday moves in PGR (short-term price swings); useful for traders but not necessarily indicative of a lasting trend. Progressive (PGR) stock moves -1.29%: What you should know
• Negative Sentiment: Mizuho cut its target to $223 and moved to “neutral,” trimming upside expectations and applying downward pressure. Progressive had its price target lowered by Mizuho from $235.00 to $223.00
• Negative Sentiment: Barclays downgraded PGR from “strong-buy” to “hold,” reducing buy-side conviction and potentially limiting near-term gains. Progressive was downgraded by Barclays PLC from “strong-buy” to “hold”
• Negative Sentiment: Keefe, Bruyette & Woods trimmed its target to $227 and set a “market perform” rating, another modest drag on sentiment. Progressive had its price target lowered by Keefe, Bruyette & Woods
• Neutral Sentiment: An unrelated biotech update (Zenas BioPharma) appeared in the feed but has no material bearing on Progressive’s insurance business. Zenas BioPharma Advances Phase 3 Orelabrutinib Trial

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.