Fintel reports that on October 25, 2023, BMO Capital upgraded their outlook for Progressive (NYSE:PGR) from Market Perform to Outperform .
Analyst Price Forecast Suggests 7.35% Downside
As of October 5, 2023, the average one-year price target for Progressive is 144.91. The forecasts range from a low of 110.09 to a high of $208.95. The average price target represents a decrease of 7.35% from its latest reported closing price of 156.41.
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The projected annual revenue for Progressive is 57,099MM, a decrease of 2.66%. The projected annual non-GAAP EPS is 6.35.
Progressive Declares $0.10 Dividend
On August 4, 2023 the company declared a regular quarterly dividend of $0.10 per share ($0.40 annualized). Shareholders of record as of October 5, 2023 received the payment on October 13, 2023. Previously, the company paid $0.10 per share.
At the current share price of $156.41 / share, the stock's dividend yield is 0.26%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.81%, the lowest has been 0.25%, and the highest has been 5.69%. The standard deviation of yields is 1.62 (n=236).
The current dividend yield is 1.57 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.09. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is -0.85%.
What is the Fund Sentiment?
There are 2145 funds or institutions reporting positions in Progressive. This is a decrease of 28 owner(s) or 1.29% in the last quarter. Average portfolio weight of all funds dedicated to PGR is 0.54%, a decrease of 11.30%. Total shares owned by institutions increased in the last three months by 0.18% to 579,181K shares. 
The put/call ratio of PGR is 0.71, indicating a bullish outlook.
What are Other Shareholders Doing?
Jpmorgan Chase holds 27,762K shares representing 4.74% ownership of the company. In it's prior filing, the firm reported owning 26,383K shares, representing an increase of 4.97%. The firm decreased its portfolio allocation in PGR by 13.15% over the last quarter.
Wellington Management Group Llp holds 18,888K shares representing 3.23% ownership of the company. In it's prior filing, the firm reported owning 18,317K shares, representing an increase of 3.02%. The firm decreased its portfolio allocation in PGR by 8.95% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 18,259K shares representing 3.12% ownership of the company. In it's prior filing, the firm reported owning 18,119K shares, representing an increase of 0.77%. The firm decreased its portfolio allocation in PGR by 13.97% over the last quarter.
Bank Of America holds 17,682K shares representing 3.02% ownership of the company. In it's prior filing, the firm reported owning 19,132K shares, representing a decrease of 8.20%. The firm decreased its portfolio allocation in PGR by 12.73% over the last quarter.
Massachusetts Financial Services holds 14,789K shares representing 2.53% ownership of the company. In it's prior filing, the firm reported owning 14,969K shares, representing a decrease of 1.21%. The firm decreased its portfolio allocation in PGR by 11.96% over the last quarter.
Progressive Background Information
(This description is provided by the company.)
Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the third largest auto insurer in the country, a leading seller of motorcycle and commercial auto insurance, and one of the top 15 homeowners insurance carriers. Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®.
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