Bank of America Increases Progressive (NYSE:PGR) Price Target to $335.00

Progressive (NYSE:PGR) had its target price boosted by Bank of America from $331.00 to $335.00 in a research note issued to investors on Monday,Benzinga reports. Bank of America currently has a buy rating on the insurance provider’s stock.

Other equities research analysts also recently issued reports about the company. Roth Mkm upped their target price on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Barclays raised their target price on Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 23rd. Jefferies Financial Group upped their price target on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Piper Sandler lifted their price objective on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Finally, HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price for the company in a research note on Monday, August 12th. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $269.81.

Progressive Trading Up 0.3 %

Shares of PGR stock opened at $256.56 on Monday. The firm has a market capitalization of $150.30 billion, a PE ratio of 18.65, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. Progressive has a 1 year low of $149.14 and a 1 year high of $263.85. The stock has a fifty day moving average of $252.32 and a two-hundred day moving average of $230.44.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The firm had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. As a group, research analysts expect that Progressive will post 13.09 EPS for the current year.

Insider Buying and Selling at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. This represents a 8.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Patrick K. Callahan sold 7,696 shares of Progressive stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $255.21, for a total value of $1,964,096.16. Following the sale, the insider now owns 15,189 shares of the company’s stock, valued at approximately $3,876,384.69. This represents a 33.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 59,209 shares of company stock worth $14,975,979. 0.34% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Progressive

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PGR. Davis Capital Management acquired a new stake in shares of Progressive in the 3rd quarter valued at $25,000. WR Wealth Planners LLC lifted its position in shares of Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after buying an additional 67 shares during the last quarter. DiNuzzo Private Wealth Inc. boosted its stake in shares of Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 73 shares in the last quarter. Hilltop National Bank increased its holdings in shares of Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares during the last quarter. Finally, LRI Investments LLC acquired a new stake in Progressive in the 1st quarter worth approximately $36,000. Institutional investors own 85.34% of the company’s stock.

Progressive Company Profile

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.