Progressive Corp (PGR) Receives Average Recommendation of “Buy” from Analysts

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Shares of Progressive Corp (NYSE:PGR) have earned an average rating of “Buy” from the fifteen research firms that are covering the stock, MarketBeat.com reports. Six research analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $74.62.

A number of equities analysts have commented on the company. Wells Fargo & Co restated a “hold” rating and set a $73.00 price objective on shares of Progressive in a research note on Thursday, February 28th. Credit Suisse Group raised their price objective on Progressive from $73.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, March 7th. Citigroup raised their price objective on Progressive from $71.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, February 14th. Buckingham Research upgraded Progressive from an “underperform” rating to a “neutral” rating and set a $58.00 price objective on the stock in a research note on Monday, November 19th. Finally, B. Riley upgraded Progressive from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $71.00 to $81.00 in a research note on Tuesday, December 11th.

NYSE:PGR traded up $0.50 during mid-day trading on Friday, hitting $73.36. 87,783 shares of the stock were exchanged, compared to its average volume of 3,360,641. The stock has a market cap of $42.96 billion, a P/E ratio of 16.61, a PEG ratio of 1.98 and a beta of 0.78. The company has a current ratio of 0.36, a quick ratio of 0.32 and a debt-to-equity ratio of 0.43. Progressive has a fifty-two week low of $56.71 and a fifty-two week high of $73.78.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, January 23rd. The insurance provider reported $0.44 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.01 by ($0.57). Progressive had a return on equity of 24.83% and a net margin of 8.16%. The firm had revenue of $7.94 billion for the quarter, compared to analyst estimates of $7.86 billion. During the same period in the previous year, the business posted $0.98 earnings per share. The business’s revenue for the quarter was up 17.6% on a year-over-year basis. As a group, sell-side analysts forecast that Progressive will post 5.07 EPS for the current year.

The firm also recently declared an annual dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, April 5th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, April 4th. This represents a dividend yield of 0.14%. Progressive’s payout ratio is 56.79%.

In other news, insider John A. Barbagallo sold 45,000 shares of Progressive stock in a transaction on Friday, January 25th. The stock was sold at an average price of $65.44, for a total value of $2,944,800.00. Following the transaction, the insider now owns 132,370 shares in the company, valued at approximately $8,662,292.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider John A. Barbagallo sold 5,948 shares of Progressive stock in a transaction on Thursday, January 3rd. The shares were sold at an average price of $58.96, for a total value of $350,694.08. Following the completion of the transaction, the insider now owns 177,370 shares in the company, valued at approximately $10,457,735.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 108,048 shares of company stock worth $7,201,719. Corporate insiders own 0.70% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rehmann Capital Advisory Group boosted its holdings in shares of Progressive by 20.2% during the 4th quarter. Rehmann Capital Advisory Group now owns 868 shares of the insurance provider’s stock valued at $52,000 after acquiring an additional 146 shares in the last quarter. Parkside Financial Bank & Trust lifted its holdings in Progressive by 3.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 4,814 shares of the insurance provider’s stock worth $291,000 after buying an additional 160 shares during the period. JOYN Advisors Inc. lifted its holdings in Progressive by 46.3% during the 4th quarter. JOYN Advisors Inc. now owns 588 shares of the insurance provider’s stock worth $35,000 after buying an additional 186 shares during the period. Flagship Harbor Advisors LLC lifted its holdings in Progressive by 15.3% during the 4th quarter. Flagship Harbor Advisors LLC now owns 1,420 shares of the insurance provider’s stock worth $85,000 after buying an additional 188 shares during the period. Finally, Impax Asset Management Group plc lifted its holdings in Progressive by 2.8% during the 4th quarter. Impax Asset Management Group plc now owns 7,924 shares of the insurance provider’s stock worth $478,000 after buying an additional 215 shares during the period. 79.85% of the stock is currently owned by institutional investors.

About Progressive

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Analyst Recommendations for Progressive (NYSE:PGR)

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