Progressive (NYSE:PGR) Price Target Cut to $305.00 by Analysts at Bank of America

Key Points

• Bank of America trimmed its price target on Progressive to $305 (from $308) but kept a "buy" rating, implying roughly a 52% upside from the stock's current level.
• Analyst coverage is mixed with a consensus rating of "Hold" and a consensus target of about $240.67 (7 Buys, 13 Holds, 2 Sells); Progressive is trading around $200.54, well below most targets.
• Operationally, Progressive showed top-line growth in February but faces underwriting pressure—its combined ratio rose to 85.7 from 82.6—and recent insider selling (about $2.66M last quarter) may add near-term supply pressure.

Progressive (NYSE:PGR - Get Free Report) had its target price dropped by Bank of America from $308.00 to $305.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the insurance provider's stock. Bank of America's target price would indicate a potential upside of 52.09% from the stock's current price.

A number of other brokerages have also recently issued reports on PGR. Zacks Research upgraded shares of Progressive from a "strong sell" rating to a "hold" rating in a research note on Tuesday, February 24th. Wells Fargo & Company raised their price objective on shares of Progressive from $214.00 to $217.00 and gave the stock an "equal weight" rating in a research note on Thursday. Morgan Stanley decreased their price target on Progressive from $214.00 to $205.00 and set an "underweight" rating for the company in a research note on Wednesday, January 28th. Jefferies Financial Group set a $216.00 price objective on Progressive in a report on Wednesday, February 11th. Finally, Mizuho set a $240.00 price objective on shares of Progressive in a research note on Wednesday, January 14th. Seven research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $240.67.

Progressive Price Performance

NYSE PGR traded down $0.63 during trading on Thursday, reaching $200.54. The company's stock had a trading volume of 1,130,463 shares, compared to its average volume of 3,457,302. The firm has a fifty day moving average of $206.46 and a 200 day moving average of $221.58. Progressive has a one year low of $197.92 and a one year high of $289.96. The stock has a market capitalization of $117.50 billion, a PE ratio of 10.42, a P/E/G ratio of 8.88 and a beta of 0.33. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35.

Insider Buying and Selling

In other Progressive news, insider Andrew J. Quigg sold 1,649 shares of the firm's stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $336,973.15. Following the transaction, the insider directly owned 39,626 shares of the company's stock, valued at approximately $8,097,573.10. This trade represents a 4.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Karen Bailo sold 3,517 shares of the company's stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $745,604.00. Following the completion of the sale, the insider directly owned 32,348 shares of the company's stock, valued at $6,857,776. The trade was a 9.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 12,761 shares of company stock worth $2,659,420 in the last quarter. 0.34% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Progressive

Several hedge funds and other institutional investors have recently made changes to their positions in PGR. Vanguard Group Inc. increased its holdings in Progressive by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider's stock worth $12,584,067,000 after buying an additional 593,612 shares during the last quarter. State Street Corp boosted its holdings in Progressive by 0.3% in the third quarter. State Street Corp now owns 25,808,762 shares of the insurance provider's stock worth $6,373,474,000 after acquiring an additional 78,374 shares in the last quarter. Capital International Investors increased its holdings in shares of Progressive by 8.9% during the fourth quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider's stock valued at $3,398,123,000 after acquiring an additional 1,217,527 shares in the last quarter. Capital Research Global Investors raised its position in shares of Progressive by 26.1% during the third quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider's stock worth $2,757,905,000 after purchasing an additional 2,314,864 shares during the period. Finally, Alliancebernstein L.P. lifted its holdings in shares of Progressive by 32.8% in the 2nd quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider's stock worth $2,928,141,000 after purchasing an additional 2,709,417 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about Progressive

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: February operating report: Progressive posted 5% Y/Y growth in net premiums written and an 8% rise in net premiums earned, with net income up ~2% and policies in force +10% — evidence of continued top-line growth and customer retention. Progressive Reports February 2026 Results
• Neutral Sentiment: Minor analyst upgrade/price-target movement: Wells Fargo nudged its target slightly higher to $217 with an "equal weight" rating, a modest endorsement but not a strong catalyst. Tickerreport.com
• Neutral Sentiment: Street views remain mixed: some firms continue to rate PGR as a Hold/Market Perform on valuation and margin sustainability concerns; consensus price-target dispersion remains wide (median near $237). (See coverage roundup and commentary.) Reassessing Progressive Valuation
• Negative Sentiment: Analyst downgrade of tone from Keefe, Bruyette & Woods: KBW lowered its price target to $227 and moved to "market perform," removing upside conviction — a near-term negative for sentiment. Benzinga
• Negative Sentiment: Underwriting margin pressure: Combined ratio rose to 85.7 (from 82.6 a year ago), a sign underwriting profitability weakened and likely the principal fundamental driver behind investor caution. Progressive Reports February 2026 Results
• Negative Sentiment: Insider and institutional trimming: multiple insider sales and large institutional reductions (notably a material UBS AM Q4 reduction) are adding supply pressure and may amplify downward moves. Quiver Quant

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.

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