Progressive (NYSE:PGR) PT Raised to $312.00 at Bank of America

Progressive (NYSE:PGR) had its price target lifted by analysts at Bank of America from $294.00 to $312.00 in a report released on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the insurance provider’s stock. Bank of America‘s price target indicates a potential upside of 22.88% from the company’s previous close.

A number of other research analysts also recently issued reports on the stock. Keefe, Bruyette & Woods lifted their price objective on shares of Progressive from $255.00 to $275.00 and gave the stock an “outperform” rating in a research report on Tuesday. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Piper Sandler raised 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. Morgan Stanley dropped their target price on Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a research note on Monday, June 10th. Finally, Roth Mkm increased their price target on Progressive from $235.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $237.24.

Progressive Stock Up 0.6 %

Shares of NYSE PGR opened at $253.91 on Tuesday. Progressive has a 12-month low of $133.15 and a 12-month high of $254.83. The stock’s fifty day simple moving average is $223.88 and its two-hundred day simple moving average is $211.99. The stock has a market capitalization of $148.71 billion, a PE ratio of 25.99, a price-to-earnings-growth ratio of 0.83 and a beta of 0.35. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. The company had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.57 earnings per share. As a group, analysts expect that Progressive will post 12.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Andrew J. Quigg sold 3,975 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $850,689.75. Following the completion of the transaction, the insider now owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Progressive news, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive stock in a transaction on Monday, June 17th. The shares were sold at an average price of $208.11, for a total value of $135,271.50. Following the completion of the transaction, the chief accounting officer now owns 3,981 shares of the company’s stock, valued at $828,485.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Andrew J. Quigg sold 3,975 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $850,689.75. Following the completion of the transaction, the insider now owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 103,984 shares of company stock valued at $22,564,766. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Progressive

Several institutional investors and hedge funds have recently modified their holdings of the business. Sachetta LLC purchased a new position in Progressive during the fourth quarter worth approximately $25,000. Northwest Bank & Trust Co acquired a new position in shares of Progressive during the 4th quarter worth approximately $25,000. WR Wealth Planners LLC lifted its position in shares of Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after buying an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO acquired a new stake in Progressive in the 1st quarter valued at $32,000. Finally, Hilltop National Bank increased its holdings in 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. Hedge funds and other institutional investors 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.