Progressive (NYSE:PGR) Given New $267.00 Price Target at BMO Capital Markets

Progressive (NYSE:PGR - Free Report) had its target price trimmed by BMO Capital Markets from $273.00 to $267.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has an outperform rating on the insurance provider's stock.

Other research analysts have also recently issued research reports about the stock. Roth Mkm raised their target price on shares of Progressive from $270.00 to $290.00 and gave the stock a "buy" rating in a report on Monday, September 16th. The Goldman Sachs Group increased their price target on Progressive from $262.00 to $280.00 and gave the stock a "buy" rating in a research report on Wednesday, September 18th. Barclays boosted their price objective on Progressive from $267.00 to $277.00 and gave the company an "equal weight" rating in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods raised their target price on Progressive from $280.00 to $290.00 and gave the stock an "outperform" rating in a report on Wednesday, October 16th. Finally, Evercore ISI lifted their price target on Progressive from $277.00 to $285.00 and gave the company an "outperform" rating in a research report on Wednesday, November 6th. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, Progressive has an average rating of "Moderate Buy" and a consensus price target of $273.81.

Progressive Stock Performance

Progressive stock traded down $1.56 during trading hours on Monday, hitting $250.25. 2,496,389 shares of the stock traded hands, compared to its average volume of 2,484,150. The firm's 50 day moving average price is $253.91 and its 200-day moving average price is $237.02. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The stock has a market capitalization of $146.60 billion, a price-to-earnings ratio of 18.20, a P/E/G ratio of 0.70 and a beta of 0.38. Progressive has a 1 year low of $154.38 and a 1 year high of $270.62.

Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating analysts' consensus estimates of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The firm had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. As a group, equities analysts expect that Progressive will post 13.2 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be given a $0.10 dividend. The ex-dividend date is Thursday, January 9th. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive's dividend payout ratio (DPR) is 2.91%.

Insider Buying and Selling

In related news, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the completion of the sale, the chief financial officer now directly owns 292,958 shares in the company, valued at approximately $78,539,110.22. The trade was a 3.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dyke Kahina Van sold 2,180 shares of the firm's stock in a transaction on Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the transaction, the director now owns 13,723 shares in the company, valued at $3,462,038.44. The trade was a 13.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,839 shares of company stock worth $6,718,965 in the last 90 days. Insiders own 0.34% of the company's stock.

Institutional Trading of Progressive

Hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC increased its holdings in shares of Progressive by 13.2% in the third quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider's stock valued at $3,652,235,000 after purchasing an additional 1,682,213 shares during the last quarter. Jennison Associates LLC grew its holdings in Progressive by 21.6% in the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider's stock valued at $1,205,266,000 after buying an additional 842,109 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its stake in shares of Progressive by 75.3% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider's stock worth $379,139,000 after acquiring an additional 641,943 shares during the last quarter. International Assets Investment Management LLC raised its holdings in shares of Progressive by 29,701.6% during the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider's stock worth $151,325,000 after acquiring an additional 594,330 shares during the period. Finally, SG Americas Securities LLC boosted its position in shares of Progressive by 206.8% during the 3rd quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider's stock valued at $222,207,000 after acquiring an additional 590,235 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Company Profile

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.