JPMorgan Chase & Co. Boosts Progressive (NYSE:PGR) Price Target to $287.00

Progressive (NYSE:PGR) had its target price hoisted by JPMorgan Chase & Co. from $267.00 to $287.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the insurance provider’s stock.

Several other equities research analysts have also weighed in on the stock. Bank of America lowered shares of Progressive from a “buy” rating to a “neutral” rating and cut their target price for the stock from $300.00 to $287.00 in a report on Friday, April 4th. HSBC downgraded Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective on the stock. in a research note on Tuesday, December 10th. Hsbc Global Res downgraded Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. UBS Group raised their price target on Progressive from $275.00 to $285.00 and gave the stock a “neutral” rating in a research report on Friday, March 14th. Finally, Morgan Stanley increased their target price on Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and an average target price of $281.59.

Progressive Stock Up 1.1 %

Shares of Progressive stock opened at $273.15 on Tuesday. The business has a fifty day simple moving average of $271.29 and a 200 day simple moving average of $257.07. The stock has a market cap of $160.13 billion, a PE ratio of 18.97, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. Progressive has a 12 month low of $201.34 and a 12 month high of $292.99.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Research analysts predict that Progressive will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. The ex-dividend date is Thursday, April 3rd. Progressive’s dividend payout ratio (DPR) is presently 2.78%.

Insider Transactions at Progressive

In other Progressive news, insider Andrew J. Quigg sold 962 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total transaction of $234,044.98. Following the transaction, the insider now owns 34,787 shares of the company’s stock, valued at $8,463,329.23. The trade was a 2.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Carl G. Joyce sold 360 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $276.17, for a total value of $99,421.20. Following the completion of the sale, the chief accounting officer now directly owns 655 shares of the company’s stock, valued at approximately $180,891.35. The trade was a 35.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 56,317 shares of company stock worth $14,844,282 in the last ninety days. Insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Progressive

Several institutional investors and hedge funds have recently modified their holdings of PGR. Contravisory Investment Management Inc. grew its stake in Progressive by 2.0% in the 1st quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider’s stock valued at $549,000 after buying an additional 38 shares during the last quarter. Beacon Financial Group boosted its holdings in shares of Progressive by 1.1% during the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider’s stock worth $1,036,000 after acquiring an additional 39 shares during the period. Kesler Norman & Wride LLC grew its position in shares of Progressive by 1.1% in the fourth quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider’s stock valued at $885,000 after purchasing an additional 40 shares during the last quarter. Baker Tilly Wealth Management LLC increased its stake in shares of Progressive by 3.6% during the first quarter. Baker Tilly Wealth Management LLC now owns 1,142 shares of the insurance provider’s stock worth $323,000 after purchasing an additional 40 shares during the period. Finally, Atlantic Edge Private Wealth Management LLC lifted its holdings in Progressive by 54.7% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 41 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

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.