Progressive (NYSE:PGR) Downgraded by Barclays to Hold

Barclays downgraded shares of Progressive (NYSE:PGR) from a strong-buy rating to a hold rating in a report released on Wednesday morning,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the stock. UBS Group reduced their price objective on shares of Progressive from $226.00 to $218.00 and set a “neutral” rating on the stock in a research report on Monday, February 23rd. Roth Mkm set a $235.00 target price on shares of Progressive in a research note on Thursday, February 19th. The Goldman Sachs Group reiterated a “buy” rating and issued a $225.00 price target on shares of Progressive in a report on Monday, February 23rd. Bank of America decreased their price target on shares of Progressive from $308.00 to $305.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Argus raised shares of Progressive to a “hold” rating in a report on Thursday, March 5th. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $240.67.

Progressive Stock Up 0.6%

Shares of PGR opened at $202.34 on Wednesday. The business’s 50 day moving average is $206.25 and its 200 day moving average is $221.44. The company has a market capitalization of $118.55 billion, a PE ratio of 10.52, a price-to-earnings-growth ratio of 8.76 and a beta of 0.33. Progressive has a 12-month low of $197.92 and a 12-month high of $289.96. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, April 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is 2.08%.

Insiders Place Their Bets

In other news, insider Karen Bailo sold 3,517 shares of the business’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $212.00, for a total value of $745,604.00. Following the sale, the insider directly owned 32,348 shares in the company, valued at $6,857,776. The trade was a 9.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Carl G. Joyce sold 141 shares of the company’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $29,892.00. Following the sale, the chief accounting officer owned 828 shares in the company, valued at $175,536. This represents a 14.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 11,417 shares of company stock worth $2,357,289. Insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

Several institutional investors have recently modified their holdings of the stock. Davis Capital Management bought a new stake in Progressive in the third quarter worth $25,000. Bard Associates Inc. bought a new position in Progressive during the fourth quarter valued at $27,000. Dagco Inc. purchased a new stake in shares of Progressive in the fourth quarter valued at $28,000. Howard Hughes Medical Institute bought a new stake in shares of Progressive in the 2nd quarter worth about $34,000. Finally, Ameriflex Group Inc. lifted its holdings in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after acquiring an additional 65 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.