Progressive (NYSE:PGR) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Progressive (NYSE:PGR - Free Report) from a hold rating to a buy rating in a research note issued to investors on Saturday morning.

Other research analysts have also issued reports about the stock. UBS Group raised their target price on shares of Progressive from $275.00 to $285.00 and gave the stock a "neutral" rating in a research note on Friday, March 14th. JPMorgan Chase & Co. lifted their price objective on Progressive from $251.00 to $256.00 and gave the stock an "overweight" rating in a research report on Friday, January 3rd. Morgan Stanley raised their target price on Progressive from $300.00 to $307.00 and gave the stock an "overweight" rating in a research note on Friday, January 31st. Keefe, Bruyette & Woods lifted their price target on Progressive from $294.00 to $300.00 and gave the stock an "outperform" rating in a report on Thursday. Finally, Hsbc Global Res lowered shares of Progressive from a "strong-buy" rating to a "hold" rating in a report on Tuesday, December 10th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Progressive presently has a consensus rating of "Moderate Buy" and a consensus price target of $281.06.

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Progressive Price Performance

Shares of PGR traded up $1.21 during trading hours on Friday, hitting $274.07. 2,553,247 shares of the stock were exchanged, compared to its average volume of 2,433,886. The stock's 50-day moving average price is $262.72 and its two-hundred day moving average price is $255.19. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The company has a market cap of $160.66 billion, a price-to-earnings ratio of 19.03, a price-to-earnings-growth ratio of 1.70 and a beta of 0.35. Progressive has a 12-month low of $201.34 and a 12-month high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating analysts' consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Research analysts expect that Progressive will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be paid a $0.10 dividend. The ex-dividend date is Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. Progressive's payout ratio is presently 2.78%.

Insider Buying and Selling

In other Progressive news, CAO Mariann Wojtkun Marshall sold 191 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $46,241.10. Following the sale, the chief accounting officer now directly owns 3,982 shares in the company, valued at $964,042.20. This represents a 4.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO John P. Sauerland sold 1,542 shares of the business's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $282.66, for a total transaction of $435,861.72. Following the completion of the transaction, the chief financial officer now owns 268,024 shares of the company's stock, valued at approximately $75,759,663.84. This trade represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 65,855 shares of company stock valued at $16,767,455. Corporate insiders own 0.34% of the company's stock.

Institutional Trading of Progressive

Several hedge funds have recently modified their holdings of the stock. Kesler Norman & Wride LLC boosted its stake in shares of Progressive by 1.1% in the 4th quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider's stock valued at $885,000 after buying an additional 40 shares during the period. Atlantic Edge Private Wealth Management LLC lifted its stake in Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock worth $28,000 after acquiring an additional 41 shares during the last quarter. LRI Investments LLC grew its holdings in Progressive by 16.5% during the 3rd quarter. LRI Investments LLC now owns 296 shares of the insurance provider's stock worth $76,000 after acquiring an additional 42 shares in the last quarter. Washington Trust Bank increased its position in shares of Progressive by 4.1% in the 4th quarter. Washington Trust Bank now owns 1,066 shares of the insurance provider's stock valued at $255,000 after purchasing an additional 42 shares during the last quarter. Finally, SYM FINANCIAL Corp raised its holdings in shares of Progressive by 2.8% in the 4th quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider's stock valued at $384,000 after purchasing an additional 44 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

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.