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

by · The Markets Daily

Progressive (NYSE:PGR – Get Free Report) had its price target upped by equities researchers at Bank of America from $331.00 to $335.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the insurance provider’s stock. Bank of America‘s target price suggests a potential upside of 30.63% from the stock’s previous close.

Several other analysts also recently issued reports on PGR. 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. Evercore ISI lifted their target price on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Piper Sandler lifted their price objective on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. The Goldman Sachs Group upped their target price on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Finally, BMO Capital Markets decreased their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Six equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $269.81.

Read Our Latest Analysis on PGR

Progressive Stock Up 0.3 %

Shares of NYSE PGR traded up $0.66 during mid-day trading on Monday, reaching $256.44. The company had a trading volume of 499,350 shares, compared to its average volume of 2,455,176. The stock has a market capitalization of $150.23 billion, a PE ratio of 18.64, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36. Progressive has a twelve month low of $149.14 and a twelve month high of $263.85. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The stock’s 50 day moving average is $252.22 and its 200-day moving average is $230.10.

Progressive (NYSE:PGR – Get Free Report) last announced its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.18. The business had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. As a group, equities analysts anticipate that Progressive will post 13.09 earnings per share for the current fiscal year.

Insider Activity at Progressive

In related news, insider Steven Broz sold 2,982 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the transaction, the insider now owns 29,334 shares of the company’s stock, valued at approximately $7,626,840. This trade represents a 9.23 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the sale, the chief executive officer now owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The trade was a 8.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,209 shares of company stock worth $14,975,979 in the last quarter. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Progressive

Large investors have recently modified their holdings of the business. Davis Capital Management purchased a new stake in shares of Progressive during the third quarter worth $25,000. WR Wealth Planners LLC boosted its stake in Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 67 shares during the period. DiNuzzo Private Wealth Inc. grew its holdings in Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after buying an additional 73 shares in the last quarter. Hilltop National Bank increased its position in shares of Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after buying an additional 92 shares during the period. Finally, LRI Investments LLC purchased a new stake in shares of Progressive in the first quarter worth about $36,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

About Progressive

(Get Free Report)

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.

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