BMO Capital lowered the firm’s price target on Progressive (PGR) to $256 from $260 and keeps a Market Perform rating on the shares. The company’s $13.50 per share special annual dividend of about $8B is $3.5B above BMO’s prior estimate and above consensus $5 per share, the analyst tells investors in a research note. BMO is reducing its next-12-month buyback estimate by a similar $3.5B, which is about in line with consensus buyback estimates post-today’s announcement, the firm added.
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- Progressive price target raised to $260 from $247 at BMO Capital