Progressive (NYSE:PGR) Given New $308.00 Price Target at Bank of America

Progressive (NYSE:PGR) had its price target decreased by equities researchers at Bank of America from $315.00 to $308.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the insurance provider’s stock. Bank of America‘s target price suggests a potential upside of 49.01% from the company’s previous close.

PGR has been the subject of several other reports. Wells Fargo & Company cut their target price on shares of Progressive from $220.00 to $214.00 and set an “equal weight” rating for the company in a research note on Thursday, February 19th. UBS Group reduced their target price on shares of Progressive from $226.00 to $218.00 and set a “neutral” rating on the stock in a research note on Monday, February 23rd. Piper Sandler reiterated an “overweight” rating and issued a $259.00 target price on shares of Progressive in a research note on Monday, March 2nd. Barclays upgraded Progressive from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $257.00 to $265.00 in a report on Thursday, January 8th. Finally, HSBC downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Seven research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $243.28.

Progressive Stock Down 1.9%

Shares of Progressive stock opened at $206.70 on Tuesday. The company has a market cap of $121.10 billion, a price-to-earnings ratio of 10.74, a price-to-earnings-growth ratio of 9.19 and a beta of 0.33. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.23. The company’s 50 day moving average is $208.55 and its 200 day moving average is $223.48. Progressive has a twelve month low of $197.92 and a twelve month high of $292.99.

Insider Transactions at Progressive

In other news, insider Karen Bailo sold 3,517 shares of the stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $745,604.00. Following the completion of the transaction, the insider directly owned 32,348 shares in the company, valued at approximately $6,857,776. This represents a 9.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Steven Broz sold 1,344 shares of the firm’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $224.80, for a total value of $302,131.20. Following the transaction, the insider owned 26,354 shares of the company’s stock, valued at approximately $5,924,379.20. This represents a 4.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 12,761 shares of company stock valued at $2,659,420 in the last ninety days. 0.33% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Norges Bank acquired a new position in shares of Progressive in the 2nd quarter valued at $2,156,939,000. Capital International Investors grew its position in shares of Progressive by 78.9% during the third quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock worth $3,384,082,000 after acquiring an additional 6,045,732 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Progressive by 181.8% in the fourth quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider’s stock valued at $1,481,615,000 after buying an additional 4,197,212 shares during the last quarter. Alliancebernstein L.P. raised its stake in Progressive by 32.8% during the 2nd quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock valued at $2,928,141,000 after acquiring an additional 2,709,417 shares during the last quarter. Finally, Capital Research Global Investors grew its stake in shares of Progressive by 26.1% in the 3rd quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock valued at $2,757,905,000 after purchasing an additional 2,314,864 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

More Progressive News

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: Analyst/idea piece highlights Progressive’s competitive advantages — data-driven underwriting, market share gains and a long-term dividend/special-dividend track record that one writer argues creates an asymmetric, high-conviction income case for PGR. Read More.
• Neutral Sentiment: Board declared a routine quarterly common dividend of $0.10 per share (record April 2, payable April 10) — a small regular payout (annualized ~$0.40) that is unlikely to materially move fundamentals but is relevant for income-focused holders. Read More.
• Neutral Sentiment: Recent market coverage remains mixed: some firms trimmed targets or ratings while others remain constructive, leaving a consensus near a hold and a mid/high-two-hundreds price target — this creates uneven analyst signals for traders. Read More.
• Negative Sentiment: Insider selling: Chief Accounting Officer Carl Joyce sold 141 shares and senior executive Karen Bailo sold 3,517 shares (both reported at ~ $212/share). Significant insider sales can spook investors even if sales are routine or for personal reasons. Read More.
• Negative Sentiment: Technical/price signals and analyst pressure — the stock is trading below recent short- and long-term moving averages and faced recent price-target cuts/underweight calls from some firms, contributing to downward momentum. Read More.

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.