Progressive (NYSE:PGR) Price Target Increased to $282.00 by Analysts at Wells Fargo & Company

Progressive (NYSE:PGR) had its target price lifted by Wells Fargo & Company from $281.00 to $282.00 in a research note issued to investors on Tuesday morning, Benzinga reports. The firm currently has an overweight rating on the insurance provider’s stock.

PGR has been the topic of several other research reports. BMO Capital Markets reduced their price target on shares of Progressive from $239.00 to $237.00 and set an outperform rating on the stock in a research report on Wednesday, August 7th. HSBC upgraded shares of Progressive from a hold rating to a buy rating and set a $253.00 target price on the stock in a research report on Monday, August 12th. JPMorgan Chase & Co. raised their target price on shares of Progressive from $210.00 to $239.00 and gave the company an overweight rating in a research report on Thursday, July 11th. Keefe, Bruyette & Woods raised their target price on shares of Progressive from $255.00 to $275.00 and gave the company an outperform rating in a research report on Tuesday, September 3rd. Finally, Piper Sandler raised their target price on shares of Progressive from $250.00 to $252.00 and gave the company an overweight rating in a research report on Thursday, August 15th. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $252.29.

Progressive Stock Performance

NYSE PGR opened at $255.46 on Tuesday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $149.62 billion, a price-to-earnings ratio of 26.15, a P/E/G ratio of 0.82 and a beta of 0.35. The firm’s 50 day simple moving average is $229.54 and its 200 day simple moving average is $214.74. Progressive has a 1 year low of $134.34 and a 1 year high of $256.74.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.61. The business had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same quarter last year, the business posted $0.57 EPS. As a group, research analysts expect that Progressive will post 12.29 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date is Thursday, October 3rd. Progressive’s dividend payout ratio is presently 4.09%.

Insider Buying and Selling

In related news, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive stock in a transaction on Monday, June 17th. The shares were sold at an average price of $208.11, for a total transaction of $135,271.50. Following the completion of the transaction, the chief accounting officer now owns 3,981 shares of the company’s stock, valued at $828,485.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive stock in a transaction on Monday, June 17th. The shares were sold at an average price of $208.11, for a total transaction of $135,271.50. Following the completion of the transaction, the chief accounting officer now owns 3,981 shares of the company’s stock, valued at $828,485.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Steven Broz sold 3,050 shares of Progressive stock in a transaction on Monday, June 24th. The stock was sold at an average price of $209.81, for a total transaction of $639,920.50. Following the transaction, the insider now directly owns 32,453 shares of the company’s stock, valued at approximately $6,808,963.93. The disclosure for this sale can be found here. Insiders sold 147,354 shares of company stock valued at $33,502,680 over the last quarter. Insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

A number of large investors have recently bought and sold shares of PGR. Sachetta LLC acquired a new position in shares of Progressive during the fourth quarter valued at about $25,000. Northwest Bank & Trust Co purchased a new position in Progressive during the fourth quarter worth about $25,000. WR Wealth Planners LLC boosted its holdings in Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 67 shares during the last quarter. Indiana Trust & Investment Management CO purchased a new position in Progressive during the first quarter worth about $32,000. Finally, Hilltop National Bank boosted its holdings in Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares during the last quarter. 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.