Progressive (NYSE:PGR) PT Lowered to $273.00 at Bank of America

Progressive (NYSE:PGR) had its price objective dropped by equities research analysts at Bank of America from $279.00 to $273.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the insurance provider’s stock. Bank of America‘s price target suggests a potential upside of 31.00% from the company’s current price.

Several other equities research analysts have also commented on PGR. BMO Capital Markets boosted their price objective on Progressive from $185.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. HSBC boosted their price target on Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a research report on Thursday, March 28th. TD Cowen started coverage on shares of Progressive in a research note on Wednesday, January 10th. They set a “market perform” rating and a $174.00 target price on the stock. Citigroup increased their target price on shares of Progressive from $202.00 to $225.00 and gave the company a “neutral” rating in a research report on Monday. Finally, The Goldman Sachs Group boosted their price target on shares of Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a research report on Monday, March 25th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $211.88.

Progressive Stock Performance

Shares of PGR traded up $0.05 during mid-day trading on Wednesday, reaching $208.40. The company had a trading volume of 2,401,791 shares, compared to its average volume of 2,587,490. The stock has a 50 day moving average of $198.20 and a two-hundred day moving average of $174.08. The company has a quick ratio of 0.31, a current ratio of 0.36 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $122.06 billion, a P/E ratio of 21.33, a PEG ratio of 0.86 and a beta of 0.35. Progressive has a 52-week low of $111.41 and a 52-week high of $212.24.

Progressive (NYSE:PGR) last released its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. The firm had revenue of $18.96 billion for the quarter, compared to analysts’ expectations of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The firm’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.65 EPS. On average, analysts expect that Progressive will post 10.73 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Karen Bailo sold 8,464 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the transaction, the insider now directly owns 32,342 shares in the company, valued at approximately $6,128,485.58. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Karen Bailo sold 8,464 shares of Progressive stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the sale, the insider now directly owns 32,342 shares of the company’s stock, valued at $6,128,485.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Patrick K. Callahan sold 29,675 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total value of $5,645,965.50. Following the transaction, the insider now directly owns 15,189 shares in the company, valued at approximately $2,889,859.14. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Progressive

Several institutional investors have recently added to or reduced their stakes in the business. Sachetta LLC acquired a new position in shares of Progressive in the 4th quarter valued at $25,000. Northwest Bank & Trust Co purchased a new stake in Progressive in the fourth quarter valued at $25,000. Harbour Investments Inc. boosted its stake in Progressive by 109.1% in the third quarter. Harbour Investments Inc. now owns 207 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 108 shares in the last quarter. Valley National Advisers Inc. grew its holdings in shares of Progressive by 143.6% during the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 112 shares during the last quarter. Finally, Sunbelt Securities Inc. acquired a new stake in shares of Progressive during the first quarter worth about $31,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

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.