Progressive (NYSE:PGR) Price Target Cut to $273.00 by Analysts at Bank of America

Progressive (NYSE:PGR) had its target price dropped by equities research analysts at Bank of America from $279.00 to $273.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the insurance provider’s stock. Bank of America‘s price target points to a potential upside of 31.00% from the company’s previous close.

A number of other equities analysts also recently weighed in on PGR. JPMorgan Chase & Co. lifted their target price on shares of Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Wells Fargo & Company raised their price objective on shares of Progressive from $232.00 to $238.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Roth Mkm raised their price target on shares of Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, March 18th. TD Cowen started coverage on shares of Progressive in a research note on Wednesday, January 10th. They issued a “market perform” rating and a $174.00 price target for the company. Finally, Morgan Stanley raised their price objective on shares of Progressive from $228.00 to $247.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $211.88.

Progressive Trading Up 0.0 %

PGR traded up $0.05 during midday trading on Wednesday, hitting $208.40. 2,401,791 shares of the company were exchanged, compared to its average volume of 2,587,490. The firm has a market capitalization of $122.06 billion, a P/E ratio of 21.33, a P/E/G ratio of 0.86 and a beta of 0.35. The firm’s 50 day moving average price is $198.20 and its 200-day moving average price is $174.08. The company has a quick ratio of 0.31, a current ratio of 0.36 and a debt-to-equity ratio of 0.32. Progressive has a 1-year low of $111.41 and a 1-year high of $212.24.

Progressive (NYSE:PGR) last announced its earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating the consensus estimate of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The business had revenue of $18.96 billion for the quarter, compared to analysts’ expectations of $16.88 billion. During the same period in the prior year, the business posted $0.65 earnings per share. The firm’s revenue was up 17.7% on a year-over-year basis. As a group, equities analysts forecast that Progressive will post 10.73 EPS for the current fiscal year.

Insider Activity at Progressive

In related news, insider Karen Bailo sold 8,464 shares of Progressive stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the transaction, the insider now directly owns 32,342 shares in the company, valued at approximately $6,128,485.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Progressive news, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the transaction, the insider now owns 32,342 shares in the company, valued at approximately $6,128,485.58. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Patrick K. Callahan sold 29,675 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total value of $5,645,965.50. Following the sale, the insider now owns 15,189 shares in the company, valued at $2,889,859.14. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Progressive

Several large investors have recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Progressive during the 4th quarter valued at about $1,078,831,000. Moneta Group Investment Advisors LLC purchased a new stake in Progressive in the fourth quarter valued at approximately $840,885,000. Viking Global Investors LP lifted its position in Progressive by 412.0% during the fourth quarter. Viking Global Investors LP now owns 5,863,559 shares of the insurance provider’s stock valued at $933,948,000 after purchasing an additional 4,718,237 shares during the last quarter. Wellington Management Group LLP lifted its position in Progressive by 14.1% during the third quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock valued at $3,002,542,000 after purchasing an additional 2,666,449 shares during the last quarter. Finally, Morgan Stanley increased its holdings in shares of Progressive by 25.4% in the 4th quarter. Morgan Stanley now owns 6,721,345 shares of the insurance provider’s stock worth $871,826,000 after buying an additional 1,361,665 shares during the last quarter. 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.