Progressive (NYSE:PGR) had its target price boosted by UBS Group from $85.00 to $88.00 in a research note published on Friday morning, BenzingaRatingsTable reports. They currently have a buy rating on the insurance provider’s stock.

PGR has been the topic of several other reports. Barclays lifted their price objective on shares of Progressive from $81.00 to $86.00 and gave the stock an overweight rating in a research report on Monday, April 1st. Citigroup lifted their price objective on shares of Progressive from $71.00 to $75.00 and gave the stock a neutral rating in a research report on Thursday, February 14th. Wells Fargo & Co reiterated a hold rating and set a $70.00 price objective on shares of Progressive in a research report on Wednesday, January 23rd. Credit Suisse Group lifted their price objective on shares of Progressive from $73.00 to $80.00 and gave the stock an outperform rating in a research report on Thursday, March 7th. Finally, Buckingham Research set a $64.00 target price on shares of Progressive and gave the company a hold rating in a research note on Monday, May 13th. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Progressive presently has a consensus rating of Buy and a consensus target price of $78.46.

NYSE PGR opened at $78.30 on Friday. Progressive has a twelve month low of $56.71 and a twelve month high of $78.58. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 0.40. The company has a market cap of $45.39 billion, a price-to-earnings ratio of 17.71, a PEG ratio of 2.04 and a beta of 0.79.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.45. Progressive had a net margin of 8.77% and a return on equity of 27.10%. The firm had revenue of $9.24 billion for the quarter, compared to analysts’ expectations of $9.20 billion. During the same period in the previous year, the company posted $1.22 EPS. The company’s quarterly revenue was up 16.0% compared to the same quarter last year. As a group, equities analysts expect that Progressive will post 5.21 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, July 5th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s dividend payout ratio (DPR) is currently 59.05%.

In related news, insider Susan Patricia Griffith sold 22,500 shares of Progressive stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $78.01, for a total value of $1,755,225.00. Following the completion of the sale, the insider now owns 250,162 shares of the company’s stock, valued at approximately $19,515,137.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Steven Broz sold 2,500 shares of Progressive stock in a transaction on Friday, March 1st. The shares were sold at an average price of $72.93, for a total transaction of $182,325.00. The disclosure for this sale can be found here. Insiders have sold a total of 138,350 shares of company stock valued at $10,549,682 in the last three months. Company insiders own 0.39% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Jackson Grant Investment Advisers Inc. acquired a new stake in shares of Progressive in the 1st quarter valued at $26,000. Lindbrook Capital LLC acquired a new stake in shares of Progressive in the 4th quarter valued at $27,000. Liberty Wealth Management LLC acquired a new stake in shares of Progressive in the 4th quarter valued at $30,000. Karp Capital Management Corp acquired a new stake in shares of Progressive in the 4th quarter valued at $32,000. Finally, Ropes Wealth Advisors LLC acquired a new stake in shares of Progressive in the 1st quarter valued at $39,000. 80.76% of the stock is owned by institutional investors and hedge funds.

Progressive Company Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Analyst Recommendations for Progressive (NYSE:PGR)

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