Progressive (NYSE:PGR) PT Raised to $319.00 at Bank of America

Progressive (NYSE:PGR) had its price target lifted by equities research analysts at Bank of America from $309.00 to $319.00 in a report released on Thursday, Benzinga reports. The firm presently has a “buy” rating on the insurance provider’s stock. Bank of America‘s price target points to a potential upside of 25.55% from the company’s current price.

PGR has been the subject of several other reports. The Goldman Sachs Group lifted their price objective on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. JPMorgan Chase & Co. raised their price objective on shares of Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th. Barclays initiated coverage on shares of Progressive in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 target price on the stock. BMO Capital Markets reduced their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Finally, Piper Sandler raised their price objective on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $260.53.

Progressive Stock Performance

NYSE:PGR opened at $254.09 on Thursday. Progressive has a 52 week low of $142.87 and a 52 week high of $260.46. The company has a fifty day simple moving average of $245.20 and a two-hundred day simple moving average of $222.47. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The company has a market cap of $148.81 billion, a price-to-earnings ratio of 21.75, a price-to-earnings-growth ratio of 0.69 and a beta of 0.35.

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

Insider Transactions at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,371 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the transaction, the chief executive officer now owns 517,105 shares of the company’s stock, valued at $110,665,641.05. 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 accessible through this hyperlink. In other Progressive news, Director Philip Bleser sold 2,129 shares of Progressive stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total transaction of $466,421.32. Following the transaction, the director now directly owns 974 shares of the company’s stock, valued at $213,383.92. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,371 shares of Progressive stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the transaction, the chief executive officer now owns 517,105 shares in the company, valued at $110,665,641.05. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 146,512 shares of company stock worth $33,912,874 in the last three months. Company insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Progressive by 0.6% during the first quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider’s stock valued at $10,703,318,000 after acquiring an additional 285,070 shares in the last quarter. Capital International Investors raised its position in shares of Progressive by 15.7% in the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock valued at $1,018,592,000 after purchasing an additional 670,006 shares in the last quarter. Legal & General Group Plc grew its position in shares of Progressive by 1.9% during the second quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock worth $1,022,507,000 after buying an additional 92,212 shares in the last quarter. FIL Ltd increased its stake in shares of Progressive by 0.4% in the fourth quarter. FIL Ltd now owns 4,885,731 shares of the insurance provider’s stock worth $778,199,000 after buying an additional 19,724 shares during the last quarter. Finally, Baird Financial Group Inc. boosted its stake in Progressive by 2.5% during the 4th quarter. Baird Financial Group Inc. now owns 3,577,731 shares of the insurance provider’s stock valued at $569,861,000 after acquiring an additional 86,686 shares during the last quarter. Institutional investors and hedge funds 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.