Progressive (NYSE:PGR) Hits New 12-Month High at $84.41

Progressive Corp (NYSE:PGR)’s stock price hit a new 52-week high on Friday . The company traded as high as $84.41 and last traded at $84.39, with a volume of 1418036 shares traded. The stock had previously closed at $83.75.

A number of brokerages have weighed in on PGR. Buckingham Research set a $64.00 target price on shares of Progressive and gave the stock a “hold” rating in a research report on Monday, May 13th. Janney Montgomery Scott began coverage on shares of Progressive in a research report on Thursday, June 20th. They set a “neutral” rating and a $59.00 target price for the company. B. Riley set a $18.00 target price on shares of TiVo and gave the stock a “buy” rating in a research report on Thursday, June 13th. Credit Suisse Group reiterated an “underperform” rating on shares of MARKS & SPENCER/S in a research report on Wednesday, April 17th. Finally, Zacks Investment Research upgraded shares of GALP ENERGIA SG/ADR from a “sell” rating to a “hold” rating in a research report on Monday, May 27th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Progressive presently has an average rating of “Buy” and a consensus target price of $80.00.

The firm’s 50-day moving average is $81.51. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.38. The stock has a market cap of $48.72 billion, a P/E ratio of 19.09, a P/E/G ratio of 2.14 and a beta of 0.69.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, April 16th. The insurance provider reported $1.83 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.45. Progressive had a net margin of 8.77% and a return on equity of 27.10%. The company had revenue of $9.24 billion during the quarter, compared to analyst estimates of $9.20 billion. During the same period last year, the business earned $1.22 earnings per share. Progressive’s revenue was up 16.0% compared to the same quarter last year. Equities analysts expect that Progressive Corp will post 5.31 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, July 5th will be given a dividend of $0.10 per share. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 annualized dividend and a yield of 0.47%. Progressive’s payout ratio is presently 9.05%.

In other Progressive news, insider John Jo Murphy sold 8,000 shares of Progressive stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $76.63, for a total transaction of $613,040.00. Following the completion of the sale, the insider now directly owns 24,144 shares in the company, valued at $1,850,154.72. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CMO M Jeffrey Charney sold 10,000 shares of Progressive stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $76.59, for a total transaction of $765,900.00. Following the sale, the chief marketing officer now owns 127,304 shares of the company’s stock, valued at $9,750,213.36. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 146,350 shares of company stock valued at $11,313,287. 0.39% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in PGR. Clark Capital Management Group Inc. raised its stake in shares of Progressive by 11.4% during the second quarter. Clark Capital Management Group Inc. now owns 787,748 shares of the insurance provider’s stock worth $62,965,000 after acquiring an additional 80,570 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Progressive by 0.9% during the second quarter. Nisa Investment Advisors LLC now owns 248,666 shares of the insurance provider’s stock worth $19,876,000 after acquiring an additional 2,195 shares in the last quarter. Orgel Wealth Management LLC purchased a new position in shares of Progressive during the second quarter worth approximately $204,000. NN Investment Partners Holdings N.V. raised its stake in shares of Progressive by 12.0% during the second quarter. NN Investment Partners Holdings N.V. now owns 100,814 shares of the insurance provider’s stock worth $8,058,000 after acquiring an additional 10,807 shares in the last quarter. Finally, Xact Kapitalforvaltning AB raised its stake in shares of Progressive by 8.2% during the second quarter. Xact Kapitalforvaltning AB now owns 113,489 shares of the insurance provider’s stock worth $9,071,000 after acquiring an additional 8,594 shares in the last quarter. Institutional investors and hedge funds own 79.01% of the company’s stock.

Progressive Company Profile (NYSE:PGR)

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.

Featured Article: Understanding Average Daily Trade Volume

Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.