Keefe, Bruyette & Woods Cuts Progressive (NYSE:PGR) Price Target to $226.00

Progressive (NYSE:PGR) had its price target reduced by Keefe, Bruyette & Woods from $231.00 to $226.00 in a research note published on Thursday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the insurance provider’s stock.

A number of other equities analysts have also recently commented on the company. Morgan Stanley decreased their target price on Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a report on Tuesday, March 31st. Wells Fargo & Company lowered their price objective on Progressive from $205.00 to $198.00 and set an “underweight” rating on the stock in a research report on Thursday. Evercore set a $240.00 price objective on Progressive in a research note on Friday, July 10th. Barclays set a $247.00 price target on shares of Progressive in a report on Wednesday, March 18th. Finally, UBS Group upped their price target on shares of Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 30th. Five investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $235.05.

Progressive Price Performance

NYSE PGR opened at $207.73 on Thursday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.32 and a quick ratio of 0.27. Progressive has a 1-year low of $189.20 and a 1-year high of $254.93. The stock has a market capitalization of $121.38 billion, a price-to-earnings ratio of 10.42, a PEG ratio of 3.91 and a beta of 0.26. The business’s fifty day moving average price is $208.77 and its 200-day moving average price is $206.50.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. The company had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.Progressive’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.37 earnings per share. On average, equities analysts predict that Progressive will post 17.38 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Thursday, July 2nd were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.01%.

Insider Buying and Selling at Progressive

In other news, insider John Jo Murphy sold 5,916 shares of Progressive stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $200.00, for a total value of $1,183,200.00. Following the sale, the insider directly owned 41,290 shares of the company’s stock, valued at approximately $8,258,000. The trade was a 12.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $204.76, for a total value of $236,907.32. Following the completion of the sale, the insider owned 27,511 shares in the company, valued at $5,633,152.36. This represents a 4.04% decrease in their ownership of the stock. 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 ninety days, insiders have sold 15,230 shares of company stock worth $3,165,817. Insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Progressive

Institutional investors have recently added to or reduced their stakes in the company. Bard Associates Inc. purchased a new position in shares of Progressive in the fourth quarter valued at $27,000. Dagco Inc. bought a new position in Progressive during the fourth quarter valued at $28,000. Bogart Wealth LLC grew its stake in shares of Progressive by 235.1% in the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after buying an additional 87 shares in the last quarter. IFC & Insurance Marketing Inc. bought a new stake in shares of Progressive in the 4th quarter worth about $29,000. Finally, HHM Wealth Advisors LLC increased its holdings 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 worth $29,000 after buying an additional 126 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive News Roundup

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: Reuters reported that Progressive’s quarterly profit rose on higher auto insurance demand, reinforcing the view that core underwriting and pricing trends remain healthy. Progressive’s quarterly profit rises on higher auto insurance demand
• Positive Sentiment: Some commentary remains constructive after Q2, noting that Progressive continues to grow policies and remains a leading property and casualty insurer, which may help investor confidence. Progressive Is The P&C Insurer To Hold, After Policies Grow In Q2
• Neutral Sentiment: Bank of America raised its price target to $308 and kept a buy rating, signaling optimism even though the target was trimmed slightly from prior levels. Progressive Given New $308.00 Price Target at Bank of America
• Neutral Sentiment: Other analysts also reduced their forecasts after the mixed Q2 report, but several still view the shares as fairly valued to modestly attractive from current levels. Progressive Analysts Slash Their Forecasts After Q2 Results
• Negative Sentiment: BMO Capital Markets cut its price target to $205 and kept a market perform rating, reflecting a more cautious stance following the earnings release. BMO Capital Markets price target cut
• Negative Sentiment: Keefe, Bruyette & Woods also lowered its target to $226 and maintained a market perform rating, adding to the post-earnings analyst headwinds. KBW price target cut

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.