Bank of America Issues Positive Forecast for Progressive (NYSE:PGR) Stock Price

Progressive (NYSE:PGR) had its price objective hoisted by Bank of America from $331.00 to $335.00 in a research report released on Monday morning,Benzinga reports. Bank of America currently has a buy rating on the insurance provider’s stock.

A number of other research firms also recently commented on PGR. BMO Capital Markets dropped their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Keefe, Bruyette & Woods upped their price target on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. TD Cowen lifted their price objective on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research note on Friday, November 8th. Roth Mkm increased their target price on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Finally, Jefferies Financial Group lifted their price target on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $269.81.

Progressive Stock Performance

NYSE PGR opened at $256.56 on Monday. The business’s 50-day moving average price is $252.32 and its 200 day moving average price is $230.44. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. Progressive has a twelve month low of $149.14 and a twelve month high of $263.85. The company 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.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping 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 business had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. On average, research analysts predict that Progressive will post 13.09 earnings per share for the current year.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 2,981 shares of the company’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the sale, the insider now owns 26,353 shares in the company, valued at approximately $6,618,555.95. This represents a 10.16 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This represents a 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,209 shares of company stock valued at $14,975,979 in the last three months. Corporate insiders own 0.34% of the company’s stock.

Institutional Trading of Progressive

A number of institutional investors and hedge funds have recently modified their holdings of PGR. Covestor Ltd lifted its holdings in Progressive by 216.3% in the first quarter. Covestor Ltd now owns 639 shares of the insurance provider’s stock worth $132,000 after acquiring an additional 437 shares during the last quarter. Seven Eight Capital LP acquired a new position in Progressive during the 1st quarter valued at approximately $568,000. Bessemer Group Inc. grew its stake in Progressive by 19.8% during the 1st quarter. Bessemer Group Inc. now owns 14,940 shares of the insurance provider’s stock worth $3,090,000 after buying an additional 2,467 shares during the last quarter. Lake Street Advisors Group LLC increased its position in Progressive by 13.7% in the first quarter. Lake Street Advisors Group LLC now owns 7,006 shares of the insurance provider’s stock worth $1,449,000 after buying an additional 845 shares during the period. Finally, Crewe Advisors LLC bought a new stake in Progressive in the first quarter valued at $76,000. 85.34% of the stock is owned by institutional investors and hedge funds.

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.