Progressive (NYSE:PGR) Upgraded to Hold by Jefferies Financial Group

Jefferies Financial Group upgraded shares of Progressive (NYSE:PGRGet Rating) from an underperform rating to a hold rating in a research note published on Tuesday, The Fly reports. They currently have $106.00 price objective on the insurance provider’s stock, up from their prior price objective of $99.00. Jefferies Financial Group also issued estimates for Progressive’s Q2 2022 earnings at $0.93 EPS, Q3 2022 earnings at $1.18 EPS, Q4 2022 earnings at $1.52 EPS, FY2023 earnings at $6.40 EPS and FY2024 earnings at $8.95 EPS.

Several other analysts have also commented on the company. Barclays boosted their price target on Progressive from $85.00 to $88.00 and gave the company an underweight rating in a research note on Thursday, March 17th. The Goldman Sachs Group lowered shares of Progressive from a buy rating to a neutral rating and set a $116.00 target price on the stock. in a report on Wednesday, March 2nd. Raymond James boosted their price target on shares of Progressive from $125.00 to $130.00 and gave the company an outperform rating in a research report on Friday, March 18th. Credit Suisse Group began coverage on shares of Progressive in a report on Thursday, April 28th. They set a neutral rating and a $124.00 price objective for the company. Finally, UBS Group downgraded Progressive from a buy rating to a neutral rating and boosted their target price for the stock from $106.00 to $114.00 in a report on Monday, February 14th. They noted that the move was a valuation call. Five investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Progressive presently has a consensus rating of Hold and a consensus target price of $106.87.

PGR opened at $107.82 on Tuesday. Progressive has a fifty-two week low of $89.35 and a fifty-two week high of $120.17. The company has a market capitalization of $63.06 billion, a P/E ratio of 29.30, a P/E/G ratio of 1.30 and a beta of 0.50. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.33 and a quick ratio of 0.33. The firm’s fifty day moving average price is $111.49 and its two-hundred day moving average price is $105.20.

Progressive (NYSE:PGRGet Rating) last posted its earnings results on Thursday, April 14th. The insurance provider reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.24 by ($0.12). The business had revenue of $12.29 billion during the quarter, compared to the consensus estimate of $12.24 billion. Progressive had a net margin of 4.54% and a return on equity of 12.85%. On average, equities research analysts expect that Progressive will post 4.74 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 14th. Shareholders of record on Thursday, April 7th were given a dividend of $0.10 per share. The ex-dividend date was Wednesday, April 6th. This represents a $0.40 dividend on an annualized basis and a yield of 0.37%. Progressive’s payout ratio is presently 10.87%.

In related news, insider Daniel P. Mascaro sold 558 shares of Progressive stock in a transaction on Thursday, April 21st. The stock was sold at an average price of $113.59, for a total transaction of $63,383.22. Following the completion of the sale, the insider now directly owns 39,445 shares of the company’s stock, valued at $4,480,557.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Patrick K. Callahan sold 3,230 shares of the stock in a transaction dated Tuesday, February 22nd. The shares were sold at an average price of $106.82, for a total value of $345,028.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 76,957 shares of company stock valued at $8,632,952. 0.37% of the stock is owned by corporate insiders.

A number of large investors have recently modified their holdings of the business. Renaissance Technologies LLC increased its position in shares of Progressive by 829.4% in the 1st quarter. Renaissance Technologies LLC now owns 663,600 shares of the insurance provider’s stock valued at $75,644,000 after buying an additional 592,200 shares in the last quarter. Industrial Alliance Investment Management Inc. grew its stake in Progressive by 15.7% in the first quarter. Industrial Alliance Investment Management Inc. now owns 115,780 shares of the insurance provider’s stock valued at $13,198,000 after acquiring an additional 15,727 shares during the period. ING Groep NV increased its holdings in shares of Progressive by 8.1% in the first quarter. ING Groep NV now owns 82,514 shares of the insurance provider’s stock worth $9,406,000 after acquiring an additional 6,153 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Progressive by 3.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,870,296 shares of the insurance provider’s stock worth $327,186,000 after purchasing an additional 95,501 shares during the period. Finally, Edgestream Partners L.P. bought a new position in shares of Progressive during the 1st quarter valued at about $4,775,000. 83.68% of the stock is owned by hedge funds and other institutional investors.

Progressive Company Profile (Get Rating)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.

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