Progressive (NYSE:PGR) Price Target Raised to $222.00

Key Points

• Wells Fargo raised Progressive’s price target from $218 to $222 and kept an equal weight rating, implying about 10% upside from the current share price.
• Progressive’s recent earnings showed better-than-expected EPS of $4.80 versus $4.67 estimated, while revenue rose 6.5% year over year to $22.19 billion.
• Fresh operating data remains positive, with April net premiums written up 6% and net income up 10%, though the combined ratio worsened to 90.2, pointing to higher underwriting costs.

Progressive (NYSE:PGR - Get Free Report) had its target price increased by investment analysts at Wells Fargo & Company from $218.00 to $222.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an "equal weight" rating on the insurance provider's stock. Wells Fargo & Company's price target indicates a potential upside of 10.02% from the stock's current price.

Several other analysts have also recently issued reports on PGR. Weiss Ratings cut shares of Progressive from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, May 6th. Evercore reaffirmed a "negative" rating on shares of Progressive in a report on Wednesday, March 18th. Piper Sandler reiterated an "overweight" rating and set a $259.00 target price on shares of Progressive in a research note on Monday, March 2nd. Zacks Research upgraded shares of Progressive from a "strong sell" rating to a "hold" rating in a research note on Tuesday, February 24th. Finally, Barclays set a $247.00 target price on shares of Progressive in a research note on Wednesday, March 18th. Six analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Progressive has an average rating of "Hold" and an average price target of $239.78.

Progressive Stock Down 0.4%

PGR traded down $0.81 during trading on Thursday, hitting $201.79. The company had a trading volume of 424,260 shares, compared to its average volume of 3,150,018. The company has a market cap of $117.91 billion, a PE ratio of 10.27, a P/E/G ratio of 5.86 and a beta of 0.31. The business has a 50-day moving average of $200.65 and a 200-day moving average of $210.34. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27. Progressive has a 1-year low of $191.75 and a 1-year high of $289.96.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.13. The firm had revenue of $22.19 billion for the quarter, compared to analysts' expectations of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm's quarterly revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the company posted $4.37 earnings per share. As a group, analysts forecast that Progressive will post 16.4 earnings per share for the current year.

Insider Buying and Selling at Progressive

In other news, CAO Carl G. Joyce sold 270 shares of the company's stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the transaction, the chief accounting officer owned 558 shares in the company, valued at approximately $115,227. This represents a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Karen Bailo sold 3,517 shares of the company's stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $745,604.00. Following the transaction, the insider owned 32,348 shares of the company's stock, valued at $6,857,776. This represents a 9.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 6,933 shares of company stock worth $1,441,564 in the last ninety days. 0.32% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Progressive

Institutional investors have recently modified their holdings of the company. Bard Associates Inc. bought a new position in shares of Progressive during the fourth quarter worth about $27,000. Dagco Inc. bought a new position in shares of Progressive during the fourth quarter worth about $28,000. Bogart Wealth LLC grew its position in shares of Progressive by 235.1% during the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock worth $25,000 after acquiring an additional 87 shares during the last quarter. Ameriflex Group Inc. grew its position in shares of Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock worth $31,000 after acquiring an additional 65 shares during the last quarter. Finally, IFC & Insurance Marketing Inc. bought a new position in shares of Progressive during the fourth quarter worth about $29,000. Institutional investors own 85.34% of the company's stock.

Key Stories Impacting Progressive

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: April net premiums written rose 6% year over year to $7.28 billion, while net premiums earned increased 7%, signaling continued demand and solid business growth. Progressive Reports April 2026 Results
• Positive Sentiment: Net income climbed 10% to $1.087 billion and EPS for common shareholders rose 11% to $1.86, reflecting stronger profitability in the month. Progressive Reports April 2026 Results
• Neutral Sentiment: Total policies in force increased 8% to 39.8 million, showing ongoing customer growth across personal and commercial lines. Progressive Reports April 2026 Results
• Negative Sentiment: The combined ratio worsened to 90.2 from 84.9 a year earlier, suggesting underwriting costs rose relative to premiums and may be limiting enthusiasm around the results. Progressive Reports April 2026 Results

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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