Progressive (NYSE:PGR) Price Target Raised to $350.00

Key Points

• Bank of America raised Progressive's price target from $343.00 to $350.00, indicating a potential upside of 43.93% from the previous close.
• Despite the bullish outlook from some analysts, others have lowered their ratings, with Evercore ISI now setting a target of $275.00 and Barclays reducing theirs to $281.00.
• In the past 90 days, insiders at Progressive sold shares valued at $31.997 million, which may raise concerns about the company's future performance.

Progressive (NYSE:PGR - Get Free Report) had its price objective upped by equities research analysts at Bank of America from $343.00 to $350.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the insurance provider's stock. Bank of America's price objective would suggest a potential upside of 43.93% from the stock's previous close.

Several other analysts have also recently weighed in on the company. Evercore ISI cut Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price target on the stock. in a report on Thursday, July 17th. Cantor Fitzgerald raised Progressive to a "hold" rating in a report on Wednesday, August 13th. Citigroup reissued a "buy" rating on shares of Progressive in a report on Friday, August 29th. Barclays decreased their price objective on Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 19th. Finally, Wells Fargo & Company reissued an "equal weight" rating and set a $265.00 price objective (down from $327.00) on shares of Progressive in a report on Thursday, September 18th. Six research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $279.75.

Progressive Price Performance

PGR traded down $0.31 during trading on Monday, reaching $243.17. 176,632 shares of the company were exchanged, compared to its average volume of 3,164,299. The company's 50-day moving average is $245.34 and its two-hundred day moving average is $261.91. The company has a market cap of $142.55 billion, a price-to-earnings ratio of 13.70, a P/E/G ratio of 1.36 and a beta of 0.32. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. Progressive has a 12-month low of $228.54 and a 12-month high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) 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 business had revenue of $20.08 billion for the quarter, compared to analysts' expectations of $20.39 billion. During the same quarter in the prior year, the firm posted $2.48 EPS. The firm's quarterly revenue was up 12.1% on a year-over-year basis. Research analysts forecast that Progressive will post 14.68 earnings per share for the current fiscal year.

Insider Activity at Progressive

In other news, CEO Susan Patricia Griffith sold 30,659 shares of the company's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total value of $7,543,953.54. Following the completion of the transaction, the chief executive officer owned 476,286 shares of the company's stock, valued at $117,194,933.16. This represents a 6.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Lori A. Niederst sold 8,063 shares of the company's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $250.18, for a total value of $2,017,201.34. Following the completion of the transaction, the insider directly owned 39,040 shares of the company's stock, valued at approximately $9,767,027.20. This trade represents a 17.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 130,045 shares of company stock valued at $31,997,390 in the last 90 days. 0.33% of the stock is owned by company insiders.

Hedge Funds Weigh In On Progressive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PGR. Highline Wealth Partners LLC boosted its stake in Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after buying an additional 49 shares during the last quarter. TruNorth Capital Management LLC raised its position in Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 63 shares during the period. HWG Holdings LP purchased a new stake in Progressive during the first quarter valued at approximately $28,000. Garde Capital Inc. purchased a new stake in Progressive during the first quarter valued at approximately $33,000. Finally, Atlantic Union Bankshares Corp purchased a new stake in Progressive during the second quarter valued at approximately $33,000. 85.34% of the stock is owned by institutional investors.

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.

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