Progressive (NYSE:PGR) Price Target Raised to $335.00 at Bank of America

Progressive (NYSE:PGR) had its price target increased by Bank of America from $331.00 to $335.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have a buy rating on the insurance provider’s stock.

PGR has been the subject of several other reports. Wells Fargo & Company increased their price objective on Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Piper Sandler increased their price objective on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Jefferies Financial Group increased their price objective on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. StockNews.com lowered Progressive from a “buy” rating to a “hold” rating in a report on Monday, November 11th. Finally, TD Cowen increased their price objective on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a report on Friday, November 8th. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and an average price target of $269.81.

Progressive Price Performance

Shares of NYSE:PGR opened at $262.90 on Monday. The company’s fifty day moving average is $252.85 and its two-hundred day moving average is $231.17. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. Progressive has a 12-month low of $149.14 and a 12-month high of $263.85. The company has a market cap of $154.01 billion, a P/E ratio of 19.11, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The company had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. Equities analysts expect that Progressive will post 13.09 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the sale, the director now directly owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This trade represents a 13.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Patrick K. Callahan sold 7,696 shares of Progressive stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $255.21, for a total value of $1,964,096.16. Following the sale, the insider now directly owns 15,189 shares in the company, valued at approximately $3,876,384.69. This trade represents a 33.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 59,209 shares of company stock valued at $14,975,979. 0.34% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Diversified Trust Co raised its stake in shares of Progressive by 84.3% in the third quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock valued at $6,531,000 after acquiring an additional 11,770 shares during the last quarter. Sycomore Asset Management increased its holdings in shares of Progressive by 9.5% in the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock valued at $5,856,000 after purchasing an additional 2,450 shares in the last quarter. Sumitomo Life Insurance Co. acquired a new stake in shares of Progressive in the second quarter valued at approximately $981,000. Tidal Investments LLC increased its holdings in shares of Progressive by 22.2% in the first quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider’s stock valued at $6,480,000 after purchasing an additional 5,691 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its holdings in shares of Progressive by 88.7% in the first quarter. Advisors Asset Management Inc. now owns 7,626 shares of the insurance provider’s stock valued at $1,577,000 after purchasing an additional 3,585 shares in 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.