Progressive (NYSE:PGR) Price Target Lowered to $343.00 at Bank of America

Key Points

• Bank of America lowered its price target for Progressive from $347.00 to $343.00 while maintaining a "buy" rating, indicating a potential upside of 40.87% from the current price.
• Several other analysts have also adjusted their ratings and targets for Progressive, with BMO Capital Markets dropping its rating to "market perform" and setting a new target of $250.00.
• Progressive's recent quarterly earnings report showed $4.88 earnings per share, surpassing estimates, despite a revenue decrease compared to expectations.

Progressive (NYSE:PGR - Free Report) had its price target decreased by Bank of America from $347.00 to $343.00 in a report published on Thursday morning,Benzinga reports. Bank of America currently has a buy rating on the insurance provider's stock.

Other analysts have also issued research reports about the company. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $265.00 price target (down previously from $327.00) on shares of Progressive in a research note on Thursday. Cantor Fitzgerald upgraded Progressive to a "hold" rating in a research note on Wednesday, August 13th. Barclays reduced their price target on Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a research report on Tuesday, August 19th. Keefe, Bruyette & Woods reduced their target price on Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a report on Thursday, July 17th. Finally, Citigroup reaffirmed a "buy" rating on shares of Progressive in a research report on Friday, August 29th. Six research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat, Progressive has a consensus rating of "Hold" and a consensus price target of $279.31.

Progressive Trading Down 0.5%

Shares of NYSE:PGR traded down $1.19 during midday trading on Thursday, reaching $241.16. The company had a trading volume of 1,137,206 shares, compared to its average volume of 3,174,685. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. Progressive has a 1-year low of $228.54 and a 1-year high of $292.99. The firm has a market cap of $141.37 billion, a price-to-earnings ratio of 13.58, a price-to-earnings-growth ratio of 1.36 and a beta of 0.32. The company has a fifty day simple moving average of $245.83 and a two-hundred day simple moving average of $263.22.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping analysts' consensus estimates of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The company had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. During the same period last year, the business earned $2.48 EPS. The business's quarterly revenue was up 12.1% on a year-over-year basis. Research analysts predict that Progressive will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive's dividend payout ratio (DPR) is currently 2.25%.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 1,345 shares of the company's stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $325,624.50. Following the sale, the insider owned 30,388 shares of the company's stock, valued at $7,356,934.80. This represents a 4.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Jo Murphy sold 2,218 shares of the company's stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $536,977.80. Following the transaction, the insider directly owned 43,506 shares in the company, valued at $10,532,802.60. The trade was a 4.85% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 140,045 shares of company stock worth $34,635,290. 0.33% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Progressive

Large investors have recently added to or reduced their stakes in the company. Integrated Advisors Network LLC grew its holdings in Progressive by 1.0% during the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock worth $1,078,000 after acquiring an additional 36 shares in the last quarter. Rise Advisors LLC raised its holdings in shares of Progressive by 7.4% in the 1st quarter. Rise Advisors LLC now owns 521 shares of the insurance provider's stock worth $147,000 after purchasing an additional 36 shares in the last quarter. Pines Wealth Management LLC increased its holdings in shares of Progressive by 3.0% in the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock valued at $335,000 after buying an additional 37 shares in the last quarter. Contravisory Investment Management Inc. lifted its position in Progressive by 2.0% in the 1st quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock worth $549,000 after buying an additional 38 shares in the last quarter. Finally, Beacon Financial Group lifted its position in Progressive by 1.1% in the 1st quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock worth $1,036,000 after buying an additional 39 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

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.