Keefe, Bruyette & Woods Cuts Progressive (NYSE:PGR) Price Target to $210.00

by · The Cerbat Gem

Progressive (NYSE:PGR – Free Report) had its target price decreased by Keefe, Bruyette & Woods from $227.00 to $210.00 in a research note published on Tuesday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the insurance provider’s stock.

PGR has been the topic of several other reports. UBS Group raised their price objective on Progressive from $218.00 to $220.00 and gave the stock a “neutral” rating in a research note on Monday, March 23rd. JPMorgan Chase & Co. reduced their price objective on Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 7th. Citigroup reduced their price objective on Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a research note on Tuesday, February 3rd. Mizuho reduced their price objective on Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a research note on Friday, March 20th. Finally, BMO Capital Markets reduced their price objective on Progressive from $232.00 to $208.00 and set a “market perform” rating on the stock in a research note on Wednesday, March 11th. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $237.33.

View Our Latest Analysis on Progressive

Progressive Stock Performance

Shares of PGR opened at $200.02 on Tuesday. The business’s fifty day moving average price is $204.02 and its 200 day moving average price is $216.66. Progressive has a 12-month low of $192.02 and a 12-month high of $289.96. The stock has a market capitalization of $117.00 billion, a PE ratio of 10.40, a price-to-earnings-growth ratio of 5.72 and a beta of 0.34. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35.

Progressive Announces Dividend

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

Insider Transactions at Progressive

In other Progressive news, insider Andrew J. Quigg sold 1,649 shares of the stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $336,973.15. Following the sale, the insider directly owned 39,626 shares of the company’s stock, valued at $8,097,573.10. This trade represents a 4.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Carl G. Joyce sold 270 shares of the stock in a transaction on Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the completion of the sale, the chief accounting officer directly owned 558 shares in the company, valued at $115,227. This represents a 32.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 11,687 shares of company stock valued at $2,413,044 over the last three months. 0.32% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Davis Capital Management acquired a new position in shares of Progressive during the third quarter valued at $25,000. Bard Associates Inc. acquired a new position in shares of Progressive during the fourth quarter valued at $27,000. Dagco Inc. acquired a new position in shares of Progressive during the fourth quarter valued at $28,000. Ameriflex Group Inc. increased its holdings in shares of Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares during the period. Finally, IFC & Insurance Marketing Inc. acquired a new position in shares of Progressive during the fourth quarter valued at $29,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting Progressive

Here are the key news stories impacting Progressive this week:

About Progressive

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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.

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