Progressive (NYSE:PGR) Downgraded to “Hold” Rating by StockNews.com

StockNews.com lowered shares of Progressive (NYSE:PGR) from a buy rating to a hold rating in a research report sent to investors on Friday.

Several other research firms have also recently commented on PGR. Morgan Stanley boosted their target price on Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Roth Mkm boosted their price objective on shares of Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. BMO Capital Markets reduced their target price on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Keefe, Bruyette & Woods lifted their price target on shares of Progressive from $294.00 to $300.00 and gave the company an “outperform” rating in a research note on Thursday, March 20th. Finally, JPMorgan Chase & Co. raised their price objective on Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a report on Friday, January 3rd. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $280.29.

Progressive Stock Down 10.4 %

Progressive stock opened at $257.27 on Friday. The company has a 50 day moving average of $269.14 and a 200-day moving average of $256.73. 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 twelve month low of $201.34 and a twelve month high of $292.99. The stock has a market capitalization of $150.82 billion, a PE ratio of 17.87, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38.

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

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date is Thursday, April 3rd. Progressive’s dividend payout ratio is 2.78%.

Insider Buying and Selling at Progressive

In other 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 completion of the sale, the insider now owns 34,787 shares in the company, 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 legal filing with the SEC, which is available at this hyperlink. Also, CAO Mariann Wojtkun Marshall sold 585 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $142,324.65. Following the transaction, the chief accounting officer now owns 3,983 shares in the company, valued at approximately $969,024.07. This trade represents a 12.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 56,317 shares of company stock worth $14,844,282 over the last ninety days. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Progressive

A number of institutional investors have recently modified their holdings of PGR. Webster Bank N. A. bought a new stake in Progressive in the 4th quarter valued at about $26,000. Hager Investment Management Services LLC bought a new stake in shares of Progressive in the fourth quarter valued at approximately $28,000. Minot DeBlois Advisors LLC bought a new stake in shares of Progressive in the fourth quarter valued at approximately $28,000. Atlantic Edge Private Wealth Management LLC grew its position in Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after buying an additional 41 shares in the last quarter. Finally, Valley National Advisers Inc. raised its holdings in Progressive by 3,000.0% in the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 120 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

About Progressive

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.