Fintel reports that on July 17, 2023, JP Morgan upgraded their outlook for Progressive (NYSE:PGR) from Neutral to Overweight .
Analyst Price Forecast Suggests 23.34% Upside
As of July 6, 2023, the average one-year price target for Progressive is 150.42. The forecasts range from a low of 121.20 to a high of $216.30. The average price target represents an increase of 23.34% from its latest reported closing price of 121.95.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Progressive is 57,099MM, an increase of 9.70%. The projected annual non-GAAP EPS is 6.35.
Progressive Declares $0.10 Dividend
On May 12, 2023 the company declared a regular quarterly dividend of $0.10 per share ($0.40 annualized). Shareholders of record as of July 7, 2023 received the payment on July 14, 2023. Previously, the company paid $0.10 per share.
At the current share price of $121.95 / share, the stock's dividend yield is 0.33%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.88%, the lowest has been 0.27%, and the highest has been 5.69%. The standard deviation of yields is 1.53 (n=236).
The current dividend yield is 1.67 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.27. 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 2175 funds or institutions reporting positions in Progressive. This is an increase of 40 owner(s) or 1.87% in the last quarter. Average portfolio weight of all funds dedicated to PGR is 0.61%, an increase of 12.71%. Total shares owned by institutions decreased in the last three months by 0.39% to 578,999K shares. 
The put/call ratio of PGR is 0.44, indicating a bullish outlook.
What are Other Shareholders Doing?
Jpmorgan Chase holds 26,383K shares representing 4.51% ownership of the company. In it's prior filing, the firm reported owning 26,128K shares, representing an increase of 0.96%. The firm increased its portfolio allocation in PGR by 2.91% over the last quarter.
Bank Of America holds 19,132K shares representing 3.27% ownership of the company. In it's prior filing, the firm reported owning 19,224K shares, representing a decrease of 0.48%. The firm decreased its portfolio allocation in PGR by 74.76% over the last quarter.
Wellington Management Group Llp holds 18,317K shares representing 3.13% ownership of the company. In it's prior filing, the firm reported owning 18,539K shares, representing a decrease of 1.21%. The firm increased its portfolio allocation in PGR by 7.70% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 18,119K shares representing 3.10% ownership of the company. In it's prior filing, the firm reported owning 17,780K shares, representing an increase of 1.87%. The firm increased its portfolio allocation in PGR by 3.78% over the last quarter.
Massachusetts Financial Services holds 14,969K shares representing 2.56% ownership of the company. In it's prior filing, the firm reported owning 15,201K shares, representing a decrease of 1.55%. The firm decreased its portfolio allocation in PGR by 83.67% 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®.
Additional reading:
- PROGRESSIVE REPORTS JUNE RESULTS
- PROGRESSIVE REPORTS MAY RESULTS
- Fourth Supplemental Indenture between The Progressive Corporation and U.S. Bank Trust Company, National Association, as trustee
- Form of 4.95% Senior Note due 2033
- PROGRESSIVE REPORTS APRIL RESULTS
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
