Bank of America Forecasts Strong Price Appreciation for Progressive (NYSE:PGR) Stock

Progressive (NYSE:PGR) had its target price upped by stock analysts at Bank of America from $331.00 to $335.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the insurance provider’s stock. Bank of America‘s price target indicates a potential upside of 31.63% from the company’s current price.

PGR has been the subject of a number of other research reports. HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective for the company in a report on Monday, August 12th. Piper Sandler lifted their price target on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Morgan Stanley boosted their price objective on shares of Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Barclays raised their target price on Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Finally, TD Cowen upped their price target on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research report on Friday, November 8th. Five investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Progressive has an average rating of “Moderate Buy” and an average price target of $269.81.

Progressive Stock Performance

Shares of Progressive stock opened at $254.51 on Monday. The company’s 50 day moving average price is $252.43 and its two-hundred day moving average price is $230.76. The firm has a market capitalization of $149.09 billion, a P/E ratio of 18.50, a P/E/G ratio of 0.71 and a beta of 0.36. Progressive has a fifty-two week low of $149.14 and a fifty-two week high of $263.85. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The business had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. On average, equities analysts forecast that Progressive will post 13.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Progressive

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the transaction, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. This represents a 13.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the transaction, the chief executive officer now owns 473,735 shares of the company’s stock, valued at $119,475,967. This represents a 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 59,209 shares of company stock valued at $14,975,979. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Progressive

A number of hedge funds have recently added to or reduced their stakes in PGR. Davis Capital Management purchased a new position in shares of Progressive during the third quarter valued at approximately $25,000. WR Wealth Planners LLC boosted its holdings in Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 67 shares during the last quarter. Hilltop National Bank grew its stake in shares of Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 92 shares in the last quarter. DiNuzzo Private Wealth Inc. lifted its position in shares of Progressive by 114.1% during the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares in the last quarter. Finally, LRI Investments LLC bought a new position in shares of Progressive during the first quarter valued at about $36,000. 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.