Wells Fargo & Co reissued their hold rating on shares of Progressive (NYSE:PGR) in a report released on Thursday morning, AnalystRatings.com reports. The brokerage currently has a $81.00 price target on the insurance provider’s stock.
“We are increasing our 2019 EPS estimate to $5.50 from $5.45 to reflect the earnings beat, partially offset by lower premium growth. We are lowering our 2020 EPS estimate to $5.70 from $5.75 and we are maintaining our 2021 EPS estimate of $6.10. Our price target is unchanged at $81. The shares traded down today likely as the slowdown in premium written more than overshadowed the EPS beat.”,” the firm’s analyst commented.
Other analysts have also issued reports about the stock. Barclays increased their price target on shares of Progressive from $90.00 to $95.00 and gave the stock an overweight rating in a research report on Monday, July 1st. Janney Montgomery Scott started coverage on shares of Progressive in a research report on Thursday, June 20th. They issued a neutral rating and a $59.00 price target for the company. B. Riley increased their price target on shares of Progressive from $89.00 to $96.00 and gave the stock a buy rating in a research report on Thursday, June 13th. ValuEngine lowered shares of Progressive from a buy rating to a hold rating in a research report on Wednesday, July 17th. Finally, Buckingham Research set a $64.00 price target on shares of Progressive and gave the stock a hold rating in a research report on Monday, May 13th. Six research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus price target of $82.92.
PGR stock opened at $77.49 on Thursday. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.34. Progressive has a one year low of $56.71 and a one year high of $84.96. The firm has a market capitalization of $45.04 billion, a PE ratio of 17.53, a P/E/G ratio of 1.96 and a beta of 0.66. The firm has a 50-day moving average of $81.13 and a two-hundred day moving average of $76.47.
Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, July 17th. The insurance provider reported $1.66 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.23. Progressive had a net margin of 9.19% and a return on equity of 28.12%. The company had revenue of $9.13 billion during the quarter, compared to analyst estimates of $9.13 billion. During the same period in the prior year, the firm earned $1.19 earnings per share. The business’s quarterly revenue was up 12.7% on a year-over-year basis. On average, equities research analysts anticipate that Progressive will post 5.37 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, October 7th will be given a $0.10 dividend. The ex-dividend date is Friday, October 4th. This represents a $0.40 annualized dividend and a dividend yield of 0.52%. Progressive’s dividend payout ratio is 9.05%.
In related news, CFO John P. Sauerland sold 12,000 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $81.63, for a total value of $979,560.00. Following the completion of the transaction, the chief financial officer now directly owns 335,815 shares of the company’s stock, valued at $27,412,578.45. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Steven Broz sold 3,000 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $81.49, for a total value of $244,470.00. Following the completion of the transaction, the insider now directly owns 15,701 shares of the company’s stock, valued at $1,279,474.49. The disclosure for this sale can be found here. Insiders sold 34,500 shares of company stock valued at $2,791,050 over the last three months. 0.39% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of PGR. Prudential PLC lifted its holdings in shares of Progressive by 104.1% during the second quarter. Prudential PLC now owns 6,793 shares of the insurance provider’s stock valued at $543,000 after acquiring an additional 3,464 shares during the period. UBS Group AG lifted its holdings in shares of Progressive by 9.3% during the second quarter. UBS Group AG now owns 1,220,125 shares of the insurance provider’s stock valued at $97,525,000 after acquiring an additional 103,662 shares during the period. Verition Fund Management LLC lifted its holdings in shares of Progressive by 2.8% during the second quarter. Verition Fund Management LLC now owns 22,566 shares of the insurance provider’s stock valued at $1,804,000 after acquiring an additional 605 shares during the period. HM Payson & Co. bought a new position in shares of Progressive during the second quarter valued at $64,000. Finally, MAI Capital Management lifted its holdings in shares of Progressive by 29.3% during the second quarter. MAI Capital Management now owns 4,093 shares of the insurance provider’s stock valued at $327,000 after acquiring an additional 928 shares during the period. 78.51% of the stock is owned by hedge funds and other institutional investors.
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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