Progressive (NYSE:PGR) Price Target Raised to $277.00 at Barclays

Progressive (NYSE:PGR) had its price objective boosted by Barclays from $267.00 to $277.00 in a report issued on Wednesday, Benzinga reports. Barclays currently has an equal weight rating on the insurance provider’s stock.

PGR has been the topic of several other reports. Piper Sandler increased their target price on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target for the company in a report on Monday, August 12th. Roth Mkm boosted their price objective on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Finally, Jefferies Financial Group raised their target price on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $263.19.

Progressive Price Performance

Progressive stock opened at $243.78 on Wednesday. The firm has a market capitalization of $142.77 billion, a P/E ratio of 17.72, a PEG ratio of 0.68 and a beta of 0.35. The business has a 50-day moving average of $250.50 and a 200-day moving average of $225.48. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. Progressive has a 1 year low of $149.14 and a 1 year high of $260.46.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive’s dividend payout ratio is presently 2.91%.

Insiders Place Their Bets

In other news, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at approximately $119,475,967. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John Jo Murphy sold 9,512 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $237.50, for a total value of $2,259,100.00. Following the completion of the sale, the insider now owns 45,787 shares in the company, valued at approximately $10,874,412.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 74,843 shares of company stock valued at $18,674,912. 0.34% of the stock is currently owned by corporate insiders.

Institutional Trading of Progressive

A number of hedge funds have recently modified their holdings of the stock. Davis Capital Management bought a new position in Progressive in the 3rd quarter valued at about $25,000. WR Wealth Planners LLC boosted its holdings in shares of Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 67 shares during the period. DiNuzzo Private Wealth Inc. grew its position in shares of Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares during the last quarter. Indiana Trust & Investment Management CO bought a new position in shares of Progressive during the first quarter worth approximately $32,000. Finally, Hilltop National Bank lifted its holdings in Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares during the last quarter. 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.