Progressive (NYSE:PGR) Upgraded at Bank of America

Progressive (NYSE:PGR - Get Free Report) was upgraded by Bank of America from a "neutral" rating to a "buy" rating in a research report issued on Monday,Finviz reports. The firm presently has a $312.00 price objective on the insurance provider's stock. Bank of America's price target would suggest a potential upside of 17.69% from the stock's previous close.

Several other research firms have also recently weighed in on PGR. UBS Group increased their price target on Progressive from $275.00 to $285.00 and gave the company a "neutral" rating in a report on Friday, March 14th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $288.00 price target on shares of Progressive in a research report on Thursday, April 17th. Barclays raised their price objective on shares of Progressive from $285.00 to $297.00 and gave the stock an "equal weight" rating in a report on Friday, April 11th. Roth Mkm boosted their target price on shares of Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a research report on Tuesday, February 25th. Finally, BMO Capital Markets lifted their price target on shares of Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a research note on Thursday, April 17th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Progressive has an average rating of "Moderate Buy" and a consensus target price of $286.65.

Progressive Trading Down 0.0 %

Progressive stock opened at $265.11 on Monday. Progressive has a one year low of $201.34 and a one year high of $292.99. The business's fifty day moving average is $274.12 and its 200 day moving average is $258.36. The stock has a market capitalization of $155.42 billion, a PE ratio of 18.41, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, topping analysts' consensus estimates of $4.28 by $0.37. The firm had revenue of $22.21 billion during the quarter, compared to analyst estimates of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, sell-side analysts predict that Progressive will post 14.68 EPS for the current year.

Insider Activity at Progressive

In related news, CAO Carl G. Joyce sold 360 shares of the firm's stock in a transaction on Friday, March 21st. The shares were sold at an average price of $276.17, for a total value of $99,421.20. Following the completion of the transaction, the chief accounting officer now directly owns 655 shares of the company's stock, valued at approximately $180,891.35. This trade represents a 35.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 1,542 shares of the company's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $282.66, for a total transaction of $435,861.72. Following the sale, the chief financial officer now directly owns 268,024 shares in the company, valued at approximately $75,759,663.84. The trade was a 0.57 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,749 shares of company stock valued at $11,786,613. Corporate insiders own 0.34% of the company's stock.

Institutional Trading of Progressive

A number of large investors have recently made changes to their positions in PGR. Versant Capital Management Inc raised its position in Progressive by 98.2% during the fourth quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider's stock valued at $189,000 after purchasing an additional 391 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Progressive by 2,262.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 433,999 shares of the insurance provider's stock valued at $103,990,000 after purchasing an additional 415,628 shares during the last quarter. Signal Advisors Wealth LLC raised its holdings in Progressive by 42.3% during the 4th quarter. Signal Advisors Wealth LLC now owns 11,889 shares of the insurance provider's stock valued at $2,849,000 after buying an additional 3,534 shares during the period. Nordea Investment Management AB raised its holdings in Progressive by 30.5% during the 4th quarter. Nordea Investment Management AB now owns 1,069,697 shares of the insurance provider's stock valued at $255,882,000 after buying an additional 249,958 shares during the period. Finally, Oddo BHF Asset Management Sas bought a new stake in Progressive in the third quarter worth $35,253,000. 85.34% of the stock is currently owned by institutional investors.

About Progressive

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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