Progressive (NYSE:PGR) Lowered to “Hold” at StockNews.com

StockNews.com lowered shares of Progressive (NYSE:PGR) from a buy rating to a hold rating in a report released on Wednesday morning.

PGR has been the topic of several other research reports. Piper Sandler raised their price objective on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Wells Fargo & Company upped their price objective on Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Citigroup lowered their price target on Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research report on Wednesday, July 17th. Finally, Barclays started coverage on shares of Progressive in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $268.81.

Progressive Price Performance

Progressive stock opened at $251.12 on Wednesday. The firm’s 50-day moving average is $248.81 and its two-hundred day moving average is $224.14. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The stock has a market capitalization of $147.07 billion, a P/E ratio of 21.50, a P/E/G ratio of 0.70 and a beta of 0.35. Progressive has a 12-month low of $149.14 and a 12-month high of $260.46.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date of this dividend was Thursday, October 3rd. Progressive’s payout ratio is currently 3.42%.

Insiders Place Their Bets

In other news, insider Steven Broz sold 2,982 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the completion of the sale, the insider now directly owns 29,334 shares in the company, valued at approximately $7,626,840. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Steven Broz sold 2,982 shares of Progressive stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the completion of the transaction, the insider now directly owns 29,334 shares of the company’s stock, valued at approximately $7,626,840. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Patrick K. Callahan sold 7,696 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $255.21, for a total transaction of $1,964,096.16. Following the sale, the insider now owns 15,189 shares in the company, valued at approximately $3,876,384.69. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 144,383 shares of company stock valued at $33,446,453 in the last quarter. Insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PGR. SG Americas Securities LLC lifted its stake in Progressive by 4,545.0% in the first quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider’s stock valued at $145,858,000 after buying an additional 690,060 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Progressive by 548.2% during the first quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock valued at $167,866,000 after buying an additional 686,433 shares during the last quarter. Capital International Investors boosted its position in shares of Progressive by 15.7% during the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after buying an additional 670,006 shares during the period. Swedbank AB bought a new position in Progressive in the 1st quarter worth approximately $116,852,000. Finally, Skandinaviska Enskilda Banken AB publ increased its position in Progressive by 457.2% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 651,707 shares of the insurance provider’s stock valued at $135,366,000 after acquiring an additional 534,754 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.