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

Progressive (NYSE:PGR) had its target price hoisted by Bank of America from $319.00 to $331.00 in a research note published on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the insurance provider’s stock.

Other equities analysts have also recently issued reports about the company. Evercore ISI raised their price objective on Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Morgan Stanley upped their price objective on shares of Progressive from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Barclays assumed coverage on Progressive in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 price objective for the company. Finally, The Goldman Sachs Group raised their price target on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Seven equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Progressive presently has a consensus rating of “Moderate Buy” and a consensus price target of $268.19.

Progressive Trading Up 1.5 %

NYSE:PGR opened at $255.37 on Wednesday. Progressive has a one year low of $149.14 and a one year high of $260.46. The company has a market cap of $149.57 billion, a PE ratio of 26.14, a PEG ratio of 0.69 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The firm has a 50-day moving average of $247.56 and a 200-day moving average of $223.57.

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

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date was Thursday, October 3rd. Progressive’s payout ratio is 4.09%.

Insider Buying and Selling at Progressive

In other news, CEO Susan Patricia Griffith sold 43,371 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the completion of the transaction, the chief executive officer now owns 517,105 shares of the company’s stock, valued at approximately $110,665,641.05. 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 can be accessed through the SEC website. In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the sale, the director now owns 13,723 shares in the company, valued at $3,462,038.44. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 43,371 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $9,281,827.71. Following the completion of the transaction, the chief executive officer now owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 144,383 shares of company stock valued at $33,446,453 in the last 90 days. Corporate insiders own 0.34% of the company’s stock.

Institutional Trading of Progressive

Hedge funds have recently bought and sold shares of the company. Davis Capital Management bought a new position in Progressive during the third quarter valued at approximately $25,000. WR Wealth Planners LLC grew its holdings in shares of Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares during the last quarter. Indiana Trust & Investment Management CO purchased a new position in Progressive in the 1st quarter worth $32,000. Hilltop National Bank lifted its stake in Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares during the last quarter. Finally, Register Financial Advisors LLC purchased a new stake in Progressive during the first quarter valued at about $35,000. 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.