Progressive (PGR) PT Set at $57.00 by Wells Fargo & Co
Several other brokerages also recently commented on PGR. MKM Partners raised their target price on Progressive from $55.00 to $65.00 and gave the company a buy rating in a report on Thursday, January 25th. UBS Group raised their target price on Progressive from $63.00 to $64.00 and gave the company a buy rating in a report on Thursday, January 25th. Credit Suisse Group reiterated a hold rating and set a $48.00 target price on shares of Progressive in a report on Friday, December 15th. Keefe, Bruyette & Woods reiterated a buy rating and set a $60.00 target price on shares of Progressive in a report on Wednesday, December 6th. Finally, Goldman Sachs Group assumed coverage on Progressive in a report on Monday, December 4th. They set a buy rating and a $57.00 target price on the stock. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of Hold and an average price target of $50.65.
Progressive (PGR) opened at $57.58 on Thursday. The firm has a market capitalization of $33,490.00, a PE ratio of 22.58, a PEG ratio of 2.23 and a beta of 0.70. Progressive has a 52 week low of $38.61 and a 52 week high of $59.36. The company has a quick ratio of 0.50, a current ratio of 0.43 and a debt-to-equity ratio of 0.36.
The firm also recently disclosed an annual dividend, which was paid on Friday, February 9th. Shareholders of record on Friday, February 2nd were issued a dividend of $1.125 per share. The ex-dividend date of this dividend was Thursday, February 1st. This represents a yield of 0.0203325501536237%. Progressive’s dividend payout ratio is presently 43.92%.
In other Progressive news, insider William M. Cody sold 25,000 shares of Progressive stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $56.10, for a total transaction of $1,402,500.00. Following the sale, the insider now directly owns 137,722 shares in the company, valued at approximately $7,726,204.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.56% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of PGR. Crossmark Global Holdings Inc. purchased a new stake in Progressive during the 3rd quarter worth approximately $3,353,000. New York State Teachers Retirement System increased its holdings in Progressive by 2.7% during the 3rd quarter. New York State Teachers Retirement System now owns 970,618 shares of the insurance provider’s stock worth $46,997,000 after purchasing an additional 25,462 shares during the last quarter. Canada Pension Plan Investment Board increased its holdings in Progressive by 14.6% during the 3rd quarter. Canada Pension Plan Investment Board now owns 256,763 shares of the insurance provider’s stock worth $12,432,000 after purchasing an additional 32,700 shares during the last quarter. ARP Americas LLC purchased a new stake in Progressive during the 3rd quarter worth approximately $206,000. Finally, Andra AP fonden increased its holdings in Progressive by 3.3% during the 3rd quarter. Andra AP fonden now owns 268,400 shares of the insurance provider’s stock worth $12,996,000 after purchasing an additional 8,596 shares during the last quarter. Institutional investors own 79.72% of the company’s stock.
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Progressive Company Profile
The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.
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