Progressive (NYSE:PGR) Price Target Raised to $312.00

Progressive (NYSE:PGR) had its price target raised by research analysts at Bank of America from $294.00 to $312.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the insurance provider’s stock. Bank of America‘s price target would indicate a potential upside of 23.71% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. Piper Sandler upped their price objective on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Roth Mkm boosted their target price on shares of Progressive from $235.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. JPMorgan Chase & Co. boosted their target price on shares of Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th. BMO Capital Markets reduced their target price on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Finally, Evercore ISI boosted their target price on shares of Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $237.24.

Progressive Price Performance

Shares of NYSE:PGR opened at $252.20 on Tuesday. The firm has a 50 day moving average of $222.09 and a 200-day moving average of $211.25. The stock has a market capitalization of $147.71 billion, a PE ratio of 25.81, a PEG ratio of 0.83 and a beta of 0.35. Progressive has a 12 month low of $131.87 and a 12 month high of $254.35. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. The business had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.57 EPS. On average, equities research analysts predict that Progressive will post 12.2 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Mariann Wojtkun Marshall sold 650 shares of the stock in a transaction on Monday, June 17th. The shares were sold at an average price of $208.11, for a total transaction of $135,271.50. Following the transaction, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at $828,485.91. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CAO Mariann Wojtkun Marshall sold 650 shares of the stock in a transaction on Monday, June 17th. The shares were sold at an average price of $208.11, for a total transaction of $135,271.50. Following the transaction, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at $828,485.91. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Steven Broz sold 3,050 shares of the company’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $209.81, for a total transaction of $639,920.50. Following the transaction, the insider now owns 32,453 shares in the company, valued at approximately $6,808,963.93. The disclosure for this sale can be found here. Insiders have sold a total of 103,984 shares of company stock valued at $22,564,766 over the last ninety days. 0.34% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Aviance Capital Partners LLC bought a new position in Progressive during the first quarter valued at about $3,628,000. TCW Group Inc. purchased a new position in shares of Progressive in the fourth quarter worth about $1,988,000. Brevan Howard Capital Management LP purchased a new position in Progressive during the fourth quarter valued at approximately $3,090,000. Concurrent Investment Advisors LLC grew its stake in Progressive by 66.4% during the first quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock valued at $1,409,000 after acquiring an additional 2,719 shares in the last quarter. Finally, Banque Cantonale Vaudoise grew its stake in Progressive by 90.4% in the 1st quarter. Banque Cantonale Vaudoise now owns 21,056 shares of the insurance provider’s stock worth $4,354,000 after buying an additional 10,000 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related 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.