Progressive (NYSE:PGR) Price Target Cut to $318.00 by Analysts at Bank of America

Progressive (NYSE:PGR) had its price target reduced by Bank of America from $333.00 to $318.00 in a research note published on Monday,Benzinga reports. They currently have a buy rating on the insurance provider’s stock.

Other equities analysts have also recently issued reports about the company. Wells Fargo & Company boosted their target price on Progressive from $313.00 to $317.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. Roth Mkm boosted their target price on shares of Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. BMO Capital Markets lowered their price objective on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Morgan Stanley lifted their price target on shares of Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Finally, Raymond James upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective on the stock in a research report on Thursday, December 26th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Progressive currently has an average rating of “Moderate Buy” and a consensus target price of $276.59.

Progressive Price Performance

Shares of PGR opened at $278.74 on Monday. Progressive has a 12-month low of $195.43 and a 12-month high of $287.49. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The business’s fifty day moving average is $255.01 and its 200 day moving average is $253.08. The stock has a market cap of $163.40 billion, a P/E ratio of 19.36, a P/E/G ratio of 1.70 and a beta of 0.35.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating the consensus estimate 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 anticipate that Progressive will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. Progressive’s dividend payout ratio (DPR) is presently 2.78%.

Insider Buying and Selling at Progressive

In related news, insider Andrew J. Quigg sold 681 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $164,870.10. Following the transaction, the insider now owns 33,612 shares in the company, valued at $8,137,465.20. This represents a 1.99 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Patrick K. Callahan sold 4,669 shares of the firm’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $279.70, for a total value of $1,305,919.30. Following the completion of the transaction, the insider now owns 15,191 shares in the company, valued at approximately $4,248,922.70. This represents a 23.51 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 62,257 shares of company stock valued at $15,752,781. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Webster Bank N. A. bought a new stake in Progressive during the fourth quarter worth about $26,000. Hager Investment Management Services LLC bought a new stake in Progressive during the fourth quarter worth $28,000. Minot DeBlois Advisors LLC acquired a new stake in Progressive in the fourth quarter valued at about $28,000. Atlantic Edge Private Wealth Management LLC increased its holdings in shares of Progressive by 54.7% during 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. Finally, Valley National Advisers Inc. raised its position in Progressive by 3,000.0% in the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 120 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

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.