Progressive (PGR) Stock Price Up 5.2%

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Progressive Corp (NYSE:PGR)’s share price rose 5.2% during mid-day trading on Wednesday . The stock traded as high as $77.78 and last traded at $77.50. Approximately 5,239,825 shares traded hands during mid-day trading, an increase of 65% from the average daily volume of 3,171,125 shares. The stock had previously closed at $73.64.

PGR has been the topic of several analyst reports. Barclays upped their price objective on Progressive from $81.00 to $86.00 and gave the company an “overweight” rating in a research report on Monday, April 1st. Credit Suisse Group upped their price objective on Progressive from $73.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, March 7th. Wells Fargo & Co set a $73.00 price objective on Progressive and gave the company a “hold” rating in a research report on Thursday, February 14th. UBS Group upped their price objective on Progressive from $85.00 to $88.00 and gave the company a “buy” rating in a research report on Friday. Finally, Zacks Investment Research raised Progressive from a “hold” rating to a “buy” rating and set a $85.00 price objective on the stock in a research report on Monday, April 22nd. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Progressive currently has a consensus rating of “Buy” and an average price target of $76.07.

The firm has a market cap of $45.26 billion, a price-to-earnings ratio of 17.58, a price-to-earnings-growth ratio of 2.03 and a beta of 0.79. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.40 and a quick ratio of 0.40.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.45. The firm had revenue of $9.24 billion for the quarter, compared to analysts’ expectations of $9.20 billion. Progressive had a return on equity of 27.10% and a net margin of 8.77%. The company’s revenue was up 16.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.22 EPS. As a group, equities analysts anticipate that Progressive Corp will post 5.2 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, July 5th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.51%. Progressive’s payout ratio is 59.05%.

In related news, Director Dyke Kahina Van sold 1,715 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $78.49, for a total value of $134,610.35. Following the transaction, the director now directly owns 2,464 shares of the company’s stock, valued at approximately $193,399.36. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $72.65, for a total value of $871,800.00. Following the completion of the transaction, the chief financial officer now directly owns 371,815 shares in the company, valued at $27,012,359.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 103,850 shares of company stock worth $7,857,617. 0.39% of the stock is owned by insiders.

Institutional investors have recently made changes to their positions in the stock. PCJ Investment Counsel Ltd. bought a new position in Progressive in the 4th quarter worth $1,985,000. Retirement Systems of Alabama increased its stake in Progressive by 0.5% in the 1st quarter. Retirement Systems of Alabama now owns 654,987 shares of the insurance provider’s stock worth $47,218,000 after buying an additional 2,985 shares in the last quarter. Picton Mahoney Asset Management increased its stake in Progressive by 3.7% in the 4th quarter. Picton Mahoney Asset Management now owns 306,700 shares of the insurance provider’s stock worth $18,503,000 after buying an additional 10,900 shares in the last quarter. Bank of Montreal Can increased its stake in Progressive by 35.1% in the 4th quarter. Bank of Montreal Can now owns 3,273,063 shares of the insurance provider’s stock worth $197,463,000 after buying an additional 850,970 shares in the last quarter. Finally, V Wealth Advisors LLC increased its stake in Progressive by 1.2% in the 4th quarter. V Wealth Advisors LLC now owns 26,151 shares of the insurance provider’s stock worth $1,586,000 after buying an additional 309 shares in the last quarter. 80.76% of the stock is currently owned by institutional investors.

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Progressive Company Profile (NYSE:PGR)

Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, Property, and Other Indemnity.

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