Progressive (NYSE:PGR) PT Raised to $319.00 at Bank of America

Progressive (NYSE:PGR) had its price target upped by analysts at Bank of America from $309.00 to $319.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the insurance provider’s stock. Bank of America‘s price objective suggests a potential upside of 26.54% from the company’s current price.

Several other brokerages have also recently weighed in on PGR. Jefferies Financial Group lifted their price target on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research report on Wednesday. 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 note on Monday, September 16th. JPMorgan Chase & Co. raised their price target on shares of Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a report on Thursday, July 11th. BMO Capital Markets decreased their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Finally, Piper Sandler increased their price objective on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Progressive currently has an average rating of “Moderate Buy” and a consensus price target of $259.82.

Progressive Stock Up 0.5 %

Shares of PGR traded up $1.33 during trading hours on Thursday, reaching $252.09. The stock had a trading volume of 542,203 shares, compared to its average volume of 2,489,025. The firm has a 50-day simple moving average of $243.73 and a 200 day simple moving average of $221.93. Progressive has a 12 month low of $142.07 and a 12 month high of $260.46. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $147.65 billion, a price-to-earnings ratio of 25.80, a P/E/G ratio of 0.71 and a beta of 0.35.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. The company had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.57 EPS. Equities research analysts predict that Progressive will post 13.01 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the transaction, the director now directly owns 13,723 shares in the company, valued at $3,462,038.44. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related 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 completion of the sale, the director now directly owns 13,723 shares in the company, valued at $3,462,038.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Susan Patricia Griffith sold 43,371 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the completion of the sale, the chief executive officer now directly owns 517,105 shares in the company, valued at approximately $110,665,641.05. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 146,512 shares of company stock valued at $33,912,874. Insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PGR. Sunbelt Securities Inc. boosted its position in shares of Progressive by 21.3% during the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after acquiring an additional 46 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Progressive by 11.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after buying an additional 48 shares during the last quarter. Farmers & Merchants Investments Inc. lifted its stake in shares of Progressive by 10.4% in the 2nd quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock valued at $106,000 after purchasing an additional 48 shares during the last quarter. Graypoint LLC raised its holdings in Progressive by 1.2% during the 2nd quarter. Graypoint LLC now owns 4,202 shares of the insurance provider’s stock valued at $873,000 after buying an additional 49 shares during the period. Finally, City State Bank lifted its position in Progressive by 8.2% in the second quarter. City State Bank now owns 661 shares of the insurance provider’s stock worth $137,000 after buying an additional 50 shares during the last quarter. 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.