Progressive (NYSE:PGR) Price Target Lowered to $300.00 at Morgan Stanley

Progressive (NYSE:PGR - Free Report) had its target price lowered by Morgan Stanley from $310.00 to $300.00 in a research report report published on Tuesday,Benzinga reports. The firm currently has an overweight rating on the insurance provider's stock.

PGR has been the topic of a number of other research reports. Hsbc Global Res downgraded Progressive from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 10th. Bank of America boosted their price target on shares of Progressive from $331.00 to $335.00 and gave the stock a "buy" rating in a research report on Monday, November 18th. BMO Capital Markets cut their price target on shares of Progressive from $273.00 to $267.00 and set an "outperform" rating for the company in a report on Monday, December 16th. Wells Fargo & Company lifted their price objective on shares of Progressive from $299.00 to $302.00 and gave the stock an "overweight" rating in a research note on Monday, December 16th. Finally, Keefe, Bruyette & Woods cut their target price on shares of Progressive from $295.00 to $294.00 and set an "outperform" rating for the company in a research note on Friday, January 10th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, Progressive currently has a consensus rating of "Moderate Buy" and a consensus target price of $274.65.

Progressive Price Performance

Shares of Progressive stock traded down $3.04 on Tuesday, hitting $240.64. The company had a trading volume of 3,203,982 shares, compared to its average volume of 2,598,948. Progressive has a 52 week low of $169.57 and a 52 week high of $270.62. The company has a market cap of $140.97 billion, a PE ratio of 17.49, a PEG ratio of 0.64 and a beta of 0.41. The business has a 50-day simple moving average of $249.85 and a 200-day simple moving average of $242.95. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 annualized dividend and a dividend yield of 0.17%. Progressive's dividend payout ratio is 2.91%.

Insider Transactions at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the firm's stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the transaction, the chief financial officer now directly owns 282,958 shares in the company, valued at $67,530,756.28. This trade represents a 3.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Susan Patricia Griffith sold 9,066 shares of the company's stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $2,194,878.60. Following the sale, the chief executive officer now owns 473,736 shares of the company's stock, valued at approximately $114,691,485.60. This trade represents a 1.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,938 shares of company stock valued at $7,473,490 in the last three months. Corporate insiders own 0.34% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Davis Capital Management bought a new stake in Progressive during the third quarter valued at about $25,000. DiNuzzo Private Wealth Inc. boosted its stake in Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider's stock valued at $35,000 after purchasing an additional 73 shares during the period. Kimelman & Baird LLC acquired a new stake in Progressive in the 2nd quarter valued at approximately $36,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Progressive in the 3rd quarter worth approximately $49,000. Finally, Friedenthal Financial acquired a new position in shares of Progressive during the third quarter worth approximately $49,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

About Progressive

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.