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.
COPYRIGHT VIOLATION NOTICE: “Progressive (PGR) Stock Price Up 5.2%” was reported by Equities Focus and is owned by of Equities Focus. If you are viewing this piece on another website, it was stolen and reposted in violation of US and international copyright laws. The correct version of this piece can be accessed at https://www.equitiesfocus.com/2019/05/17/progressive-pgr-stock-price-up-5-2.html.
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.
Read More: Different Options Trading Strategies
Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.