The Progressive Co. (NYSE:PGR – Get Rating) – Equities research analysts at Jefferies Financial Group issued their Q1 2024 earnings per share (EPS) estimates for Progressive in a note issued to investors on Monday, August 8th. Jefferies Financial Group analyst Y. Kinar anticipates that the insurance provider will earn $2.27 per share for the quarter. Jefferies Financial Group currently has a "Hold" rating and a $125.00 price objective on the stock. The consensus estimate for Progressive's current full-year earnings is $4.50 per share.
PGR has been the subject of a number of other research reports. Piper Sandler lowered shares of Progressive from a "neutral" rating to an "underweight" rating and cut their target price for the stock from $113.00 to $100.00 in a research report on Monday, April 18th. Wells Fargo & Company restated a "sell" rating and issued a $98.00 price objective on shares of Progressive in a report on Friday, July 15th. Citigroup began coverage on shares of Progressive in a report on Monday, May 23rd. They issued a "sell" rating and a $93.00 price objective on the stock. Barclays increased their target price on shares of Progressive from $88.00 to $90.00 and gave the stock an "underweight" rating in a report on Thursday, May 19th. Finally, Credit Suisse Group assumed coverage on shares of Progressive in a report on Thursday, April 28th. They issued a "neutral" rating and a $124.00 target price on the stock. Five analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $111.93.
Progressive Price Performance
Institutional Investors Weigh In On Progressive
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC grew its holdings in shares of Progressive by 14.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 697 shares of the insurance provider's stock valued at $79,000 after purchasing an additional 88 shares during the last quarter. Stockman Wealth Management Inc. grew its holdings in Progressive by 4.1% during the 4th quarter. Stockman Wealth Management Inc. now owns 2,322 shares of the insurance provider's stock worth $238,000 after acquiring an additional 92 shares during the last quarter. Parkside Financial Bank & Trust grew its holdings in Progressive by 2.0% during the 1st quarter. Parkside Financial Bank & Trust now owns 4,753 shares of the insurance provider's stock worth $542,000 after acquiring an additional 95 shares during the last quarter. Trail Ridge Investment Advisors LLC grew its holdings in Progressive by 2.7% during the 2nd quarter. Trail Ridge Investment Advisors LLC now owns 3,787 shares of the insurance provider's stock worth $440,000 after acquiring an additional 98 shares during the last quarter. Finally, Centered Wealth LLC dba Miller Equity Capital Advisors grew its holdings in Progressive by 1.3% during the 4th quarter. Centered Wealth LLC dba Miller Equity Capital Advisors now owns 8,100 shares of the insurance provider's stock worth $831,000 after acquiring an additional 100 shares during the last quarter. 83.68% of the stock is owned by institutional investors.
几家对冲基金和其他机构投资者最近改变了他们在该股的头寸。Everource Wealth Advisors LLC在第一季度增持了进步公司的股票14.4%。Eversource Wealth Advisors LLC在上个季度又购买了88股后，现在拥有697股这家保险公司的股票，价值7.9万美元。斯托克曼财富管理公司在第四季度增持了进步基金4.1%的股份。斯托克曼财富管理公司目前持有这家保险公司2,322股股票，价值23.8万美元，该公司在上个季度增持了92股。Parkside Financial Bank&Trust在第一季度增持了进步银行2.0%的股份。Parkside Financial Bank&Trust现在拥有这家保险公司4753股股票，价值542,000美元，上个季度又购买了95股。TRAIL Ridge Investment Advisors LLC在第二季度增持了2.7%的进步股份。TRAIL Ridge Investment Advisors LLC现在拥有这家保险公司3,787股股票，价值44万美元，上个季度又购买了98股。最后，Centrated Wealth LLC dba Miller Equity Capital Advisors在第四季度增持了1.3%的进步股份。Centrated Wealth LLC dba Miller Equity Capital Advisors在上个季度额外收购了100股后，现在拥有这家保险公司8,100股股票，价值831,000美元。83.68%的股票由机构投资者持有。
In other news, insider Daniel P. Mascaro sold 558 shares of the business's stock in a transaction that occurred on Tuesday, May 24th. The shares were sold at an average price of $112.94, for a total value of $63,020.52. Following the completion of the transaction, the insider now directly owns 38,887 shares in the company, valued at approximately $4,391,897.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.33% of the company's stock.
Progressive announced that its board has authorized a share buyback program on Wednesday, May 18th that allows the company to buyback 25,000,000 outstanding shares. This buyback authorization allows the insurance provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.
Progressive Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, October 7th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.33%. The ex-dividend date is Thursday, October 6th. Progressive's payout ratio is presently 28.57%.
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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