Progressive (NYSE:PGR) Price Target Raised to $298.00

Key Points

• Bank of America raised its price target on Progressive to $298 (from $295) and kept a "buy" rating, implying about a 50.70% upside from the stock's prior close.
• Analysts are mixed: 6 rate the stock Buy, 14 Hold and 2 Sell, producing a consensus rating of "Hold" with an average price target of $237.50.
• Shares traded at $197.74 (down ~0.9%) with a market cap of $115.67B and a P/E of 10.28; the 52‑week range is $192.02–$289.96, and insiders sold about 11,687 shares in the past three months (insiders own 0.32%).

Progressive (NYSE:PGR - Get Free Report) had its target price increased by investment analysts at Bank of America from $295.00 to $298.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the insurance provider's stock. Bank of America's price objective indicates a potential upside of 50.70% from the stock's previous close.

Several other equities research analysts also recently weighed in on PGR. Barclays set a $247.00 price target on Progressive in a report on Wednesday, March 18th. JPMorgan Chase & Co. decreased their target price on Progressive from $303.00 to $275.00 and set an "overweight" rating for the company in a research report on Wednesday, January 7th. Roth Mkm set a $235.00 target price on Progressive in a research report on Thursday, February 19th. Argus upgraded Progressive to a "hold" rating in a research report on Thursday, March 5th. Finally, Mizuho decreased their target price on Progressive from $235.00 to $223.00 and set a "neutral" rating for the company in a research report on Friday, March 20th. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $237.50.

Progressive Trading Down 0.9%

Shares of NYSE:PGR traded down $1.83 during trading on Tuesday, hitting $197.74. The company had a trading volume of 961,081 shares, compared to its average volume of 3,350,741. The stock has a market cap of $115.67 billion, a price-to-earnings ratio of 10.28, a price-to-earnings-growth ratio of 5.61 and a beta of 0.34. Progressive has a one year low of $192.02 and a one year high of $289.96. The company has a fifty day simple moving average of $203.68 and a two-hundred day simple moving average of $215.71. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35.

Insiders Place Their Bets

In other news, insider Karen Bailo sold 3,517 shares of Progressive stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total value of $745,604.00. Following the transaction, the insider directly owned 32,348 shares in the company, valued at approximately $6,857,776. This trade represents a 9.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Maribel Pumarejo sold 739 shares of Progressive stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total value of $150,201.75. The SEC filing for this sale provides additional information. In the last three months, insiders sold 11,687 shares of company stock worth $2,413,044. Insiders own 0.32% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank purchased a new position in Progressive during the 4th quarter worth $1,836,094,000. Capital International Investors grew its stake in Progressive by 78.9% during the 3rd quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider's stock worth $3,384,082,000 after buying an additional 6,045,732 shares during the last quarter. Wellington Management Group LLP grew its stake in Progressive by 181.8% during the 4th quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider's stock worth $1,481,615,000 after buying an additional 4,197,212 shares during the last quarter. Capital Research Global Investors grew its stake in Progressive by 26.1% during the 3rd quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider's stock worth $2,757,905,000 after buying an additional 2,314,864 shares during the last quarter. Finally, Life Cycle Investment Partners Ltd purchased a new position in Progressive during the 4th quarter worth $353,906,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

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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