BofA lowered the firm’s price target on Progressive (PGR) to $348 from $350 and keeps a Buy rating on the shares after the company announced a $13.50 per share dividend payable to shareholders of record on January 2. The firm is lowering its target as EPS declines due to fewer shares being retired as dividends “appear to be embraced as the primary vehicle of capital return,” the analyst tells investors.
Claim 50% Off TipRanks Premium and Invest with Confidence
- Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PGR:
- Progressive price target lowered to $256 from $260 at BMO Capital
- Progressive declares $13.50 per share annual special dividend
- Progressive’s Strong Financial Position and Strategic Capital Returns Justify Buy Rating
- Progressive’s Stable Outlook: Hold Rating Amid Conservative Growth and Balanced Capital Strategy
- Home Depot Stock (NYSE:HD) Surges as it Keeps its Top Spot in Radio