Bank of America Increases Progressive (NYSE:PGR) Price Target to $331.00

Progressive (NYSE:PGR) had its price target lifted by equities research analysts at Bank of America from $319.00 to $331.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the insurance provider’s stock. Bank of America‘s price target would indicate a potential upside of 31.69% from the company’s current price.

A number of other equities research analysts also recently weighed in on PGR. Morgan Stanley boosted their price target on Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, September 16th. Keefe, Bruyette & Woods increased their target price on shares of Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a report on Wednesday. Piper Sandler raised their price target 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. Jefferies Financial Group increased their price objective on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, BMO Capital Markets cut 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. Seven research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $268.19.

Progressive Trading Down 1.6 %

NYSE PGR opened at $251.34 on Wednesday. The company’s fifty day moving average price is $248.22 and its two-hundred day moving average price is $223.76. The company has a market capitalization of $147.21 billion, a price-to-earnings ratio of 25.73, a price-to-earnings-growth ratio of 0.69 and a beta of 0.35. Progressive has a 12 month low of $149.14 and a 12 month high of $260.46. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. During the same period last year, the firm earned $0.57 earnings per share. The company’s revenue for the quarter was up 21.6% compared to the same quarter last year. As a group, research analysts predict that Progressive will post 13.07 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Andrew J. Quigg sold 3,975 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $850,689.75. Following the sale, the insider now owns 32,780 shares of the company’s stock, valued at $7,015,247.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Andrew J. Quigg sold 3,975 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $850,689.75. Following the completion of the transaction, the insider now owns 32,780 shares in the company, valued at approximately $7,015,247.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the transaction, the director now directly owns 13,723 shares in the company, valued at $3,462,038.44. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 144,383 shares of company stock worth $33,446,453 over the last three months. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Progressive

A number of hedge funds have recently modified their holdings of PGR. Aviance Capital Partners LLC acquired a new position in shares of Progressive in the 1st quarter valued at $3,628,000. Concurrent Investment Advisors LLC increased its position in shares of Progressive by 66.4% in the first quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock worth $1,409,000 after acquiring an additional 2,719 shares in the last quarter. Diversified Trust Co raised its holdings in shares of Progressive by 84.3% during the third quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock valued at $6,531,000 after acquiring an additional 11,770 shares during the period. Banque Cantonale Vaudoise raised its holdings in shares of Progressive by 90.4% during the first quarter. Banque Cantonale Vaudoise now owns 21,056 shares of the insurance provider’s stock valued at $4,354,000 after acquiring an additional 10,000 shares during the period. Finally, Councilmark Asset Management LLC purchased a new stake in shares of Progressive in the 1st quarter valued at approximately $1,890,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

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.