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

19 Mar 2026, 18:13 by Danessa Lincoln · The Markets Daily

Progressive (NYSE:PGR – Get Free Report) had its target price decreased by equities researchers at Bank of America from $308.00 to $305.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the insurance provider’s stock. Bank of America‘s target price suggests a potential upside of 52.09% from the stock’s previous close.

Several other equities analysts have also issued reports on PGR. JPMorgan Chase & Co. cut their target price on Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 7th. The Goldman Sachs Group reiterated a “buy” rating and issued a $225.00 price objective on shares of Progressive in a research note on Monday, February 23rd. William Blair cut shares of Progressive from an “outperform” rating to a “market perform” rating in a report on Thursday, December 18th. UBS Group decreased their price target on shares of Progressive from $226.00 to $218.00 and set a “neutral” rating for the company in a research note on Monday, February 23rd. Finally, Barclays set a $247.00 target price on shares of Progressive in a report on Wednesday. Seven research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $240.67.

Check Out Our Latest Analysis on PGR

Progressive Trading Down 0.3%

Shares of Progressive stock traded down $0.63 during trading on Thursday, hitting $200.54. The stock had a trading volume of 1,130,463 shares, compared to its average volume of 3,457,302. Progressive has a 12 month low of $197.92 and a 12 month high of $289.96. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35. The firm’s fifty day simple moving average is $206.46 and its 200-day simple moving average is $221.58. The stock has a market cap of $117.50 billion, a PE ratio of 10.42, a PEG ratio of 8.88 and a beta of 0.33.

Insider Buying and Selling at Progressive

In related news, insider Karen Bailo sold 3,517 shares of the stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $745,604.00. Following the completion of the sale, the insider directly owned 32,348 shares of the company’s stock, valued at $6,857,776. This represents a 9.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Andrew J. Quigg sold 1,649 shares of Progressive stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total transaction of $336,973.15. Following the completion of the transaction, the insider owned 39,626 shares in the company, valued at approximately $8,097,573.10. This trade represents a 4.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 12,761 shares of company stock valued at $2,659,420. Corporate insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

Institutional investors and hedge funds have recently modified their holdings of the stock. Illinois Municipal Retirement Fund boosted its stake in shares of Progressive by 30.2% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 102,778 shares of the insurance provider’s stock worth $25,381,000 after buying an additional 23,833 shares during the last quarter. Allstate Corp boosted its stake in shares of Progressive by 1,614.1% in the third quarter. Allstate Corp now owns 21,598 shares of the insurance provider’s stock valued at $5,334,000 after buying an additional 20,338 shares during the period. Gateway Investment Advisers LLC increased its stake in Progressive by 91.7% during the 3rd quarter. Gateway Investment Advisers LLC now owns 11,710 shares of the insurance provider’s stock worth $2,892,000 after acquiring an additional 5,600 shares during the period. Mather Group LLC. raised its holdings in Progressive by 40.6% in the 3rd quarter. Mather Group LLC. now owns 16,840 shares of the insurance provider’s stock valued at $4,159,000 after acquiring an additional 4,865 shares in the last quarter. Finally, Arkadios Wealth Advisors lifted its position in shares of Progressive by 471.3% during the 3rd quarter. Arkadios Wealth Advisors now owns 22,496 shares of the insurance provider’s stock valued at $5,556,000 after acquiring an additional 18,558 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive News Roundup

Here are the key news stories impacting Progressive this week:

Positive Sentiment: February operating report: Progressive posted 5% Y/Y growth in net premiums written and an 8% rise in net premiums earned, with net income up ~2% and policies in force +10% — evidence of continued top-line growth and customer retention. Progressive Reports February 2026 Results
Neutral Sentiment: Minor analyst upgrade/price-target movement: Wells Fargo nudged its target slightly higher to $217 with an “equal weight” rating, a modest endorsement but not a strong catalyst. Tickerreport.com
Neutral Sentiment: Street views remain mixed: some firms continue to rate PGR as a Hold/Market Perform on valuation and margin sustainability concerns; consensus price-target dispersion remains wide (median near $237). (See coverage roundup and commentary.) Reassessing Progressive Valuation
Negative Sentiment: Analyst downgrade of tone from Keefe, Bruyette & Woods: KBW lowered its price target to $227 and moved to “market perform,” removing upside conviction — a near-term negative for sentiment. Benzinga
Negative Sentiment: Underwriting margin pressure: Combined ratio rose to 85.7 (from 82.6 a year ago), a sign underwriting profitability weakened and likely the principal fundamental driver behind investor caution. Progressive Reports February 2026 Results
Negative Sentiment: Insider and institutional trimming: multiple insider sales and large institutional reductions (notably a material UBS AM Q4 reduction) are adding supply pressure and may amplify downward moves. Quiver Quant

About Progressive

(Get Free Report)

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.