Progressive (NYSE:PGR) Price Target Raised to $297.00 at Bank of America

Progressive (NYSE:PGR) had its price objective lifted by equities researchers at Bank of America from $289.00 to $297.00 in a report released on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the insurance provider’s stock. Bank of America‘s price objective would indicate a potential upside of 7.68% from the stock’s previous close.

PGR has been the subject of a number of other reports. JPMorgan Chase & Co. raised their price target on Progressive from $267.00 to $287.00 and gave the company an “overweight” rating in a research note on Tuesday, April 8th. Keefe, Bruyette & Woods decreased their target price on shares of Progressive from $300.00 to $288.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. UBS Group upped their price target on shares of Progressive from $275.00 to $285.00 and gave the stock a “neutral” rating in a research report on Friday, March 14th. Wells Fargo & Company lifted their price objective on shares of Progressive from $317.00 to $320.00 and gave the company an “overweight” rating in a research report on Thursday, April 10th. Finally, Morgan Stanley upped their target price on shares of Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $284.29.

Progressive Trading Down 0.1 %

NYSE:PGR opened at $275.82 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The business’s 50-day simple moving average is $273.44 and its 200-day simple moving average is $257.68. Progressive has a fifty-two week low of $201.34 and a fifty-two week high of $292.99. The stock has a market capitalization of $161.70 billion, a PE ratio of 19.15, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Sell-side analysts expect that Progressive will post 14.68 earnings per share for the current fiscal year.

Insider Activity at Progressive

In other Progressive news, insider Lori A. Niederst sold 3,855 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $247.06, for a total transaction of $952,416.30. Following the completion of the transaction, the insider now owns 39,040 shares of the company’s stock, valued at $9,645,222.40. This represents a 8.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Andrew J. Quigg sold 962 shares of Progressive stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $234,044.98. Following the completion of the sale, the insider now owns 34,787 shares in the company, valued at approximately $8,463,329.23. This represents a 2.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 56,317 shares of company stock valued at $14,844,282 over the last three months. 0.34% of the stock is owned by corporate insiders.

Institutional Trading of Progressive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PGR. Webster Bank N. A. bought a new position in Progressive in the 4th quarter worth $26,000. Hager Investment Management Services LLC purchased a new position in shares of Progressive during the fourth quarter valued at about $28,000. Atlantic Edge Private Wealth Management LLC raised its stake in Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after buying an additional 41 shares in the last quarter. Minot DeBlois Advisors LLC purchased a new stake in Progressive in the fourth quarter worth about $28,000. Finally, Valley National Advisers Inc. boosted its position in Progressive by 3,000.0% during the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 120 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

About Progressive

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.