Progressive (NYSE:PGR) Price Target Raised to $285.00 at UBS Group

Progressive (NYSE:PGR - Free Report) had its price objective hoisted by UBS Group from $275.00 to $285.00 in a report issued on Friday,Benzinga reports. They currently have a neutral rating on the insurance provider's stock.

Several other analysts have also recently weighed in on the company. Morgan Stanley boosted their price objective on Progressive from $300.00 to $307.00 and gave the stock an "overweight" rating in a report on Friday, January 31st. Bank of America dropped their price objective on Progressive from $333.00 to $318.00 and set a "buy" rating for the company in a report on Monday, March 10th. Barclays boosted their price objective on Progressive from $264.00 to $285.00 and gave the stock an "equal weight" rating in a report on Thursday. StockNews.com cut Progressive from a "buy" rating to a "hold" rating in a report on Friday. Finally, Roth Mkm boosted their target price on Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $281.76.

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Progressive Price Performance

Shares of Progressive stock traded up $4.47 during trading on Friday, reaching $283.87. The company's stock had a trading volume of 2,223,359 shares, compared to its average volume of 2,388,837. The stock has a 50-day moving average price of $258.14 and a two-hundred day moving average price of $254.03. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. Progressive has a one year low of $201.34 and a one year high of $287.49. The stock has a market capitalization of $166.41 billion, a P/E ratio of 19.71, a price-to-earnings-growth ratio of 1.70 and a beta of 0.35.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. As a group, sell-side analysts anticipate that Progressive will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Thursday, April 3rd will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. Progressive's payout ratio is 2.78%.

Insider Buying and Selling

In other news, CIO Jonathan S. Bauer sold 1,227 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $281.00, for a total transaction of $344,787.00. Following the completion of the transaction, the executive now directly owns 28,393 shares of the company's stock, valued at $7,978,433. This trade represents a 4.14 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick K. Callahan sold 4,669 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $279.70, for a total transaction of $1,305,919.30. Following the transaction, the insider now directly owns 15,191 shares of the company's stock, valued at $4,248,922.70. This represents a 23.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 62,257 shares of company stock valued at $15,752,781. 0.34% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Progressive

Several hedge funds have recently made changes to their positions in the business. Versant Capital Management Inc boosted its holdings in shares of Progressive by 98.2% in the 4th quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider's stock valued at $189,000 after buying an additional 391 shares during the last quarter. Townsquare Capital LLC boosted its holdings in shares of Progressive by 90.9% in the 3rd quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider's stock valued at $1,983,000 after buying an additional 3,720 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Progressive by 7.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider's stock valued at $1,286,036,000 after buying an additional 330,667 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Progressive by 2,262.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 433,999 shares of the insurance provider's stock valued at $103,990,000 after buying an additional 415,628 shares during the last quarter. Finally, Signal Advisors Wealth LLC boosted its holdings in shares of Progressive by 42.3% in the 4th quarter. Signal Advisors Wealth LLC now owns 11,889 shares of the insurance provider's stock valued at $2,849,000 after buying an additional 3,534 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

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.