Progressive (NYSE:PGR – Free Report) had its price target decreased by Bank of America from $308.00 to $305.00 in a research report released on Thursday,Benzinga reports. Bank of America currently has a buy rating on the insurance provider’s stock.
Several other analysts also recently issued reports on PGR. Citigroup lowered their price objective on shares of Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a research report on Tuesday, February 3rd. Wells Fargo & Company boosted their target price on shares of Progressive from $214.00 to $217.00 and gave the stock an “equal weight” rating in a research report on Thursday. The Goldman Sachs Group restated a “buy” rating and issued a $225.00 target price on shares of Progressive in a research note on Monday, February 23rd. Barclays set a $247.00 price target on shares of Progressive in a report on Wednesday. Finally, Argus upgraded shares of Progressive to a “hold” rating in a report on Thursday, March 5th. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Progressive presently has an average rating of “Hold” and an average target price of $239.72.
Check Out Our Latest Stock Report on PGR
Progressive Price Performance
Progressive Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, April 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is presently 2.08%.
Insiders Place Their Bets
In other Progressive news, insider Maribel Pumarejo sold 739 shares of the firm’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total transaction of $150,201.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Carl G. Joyce sold 141 shares of the business’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $29,892.00. Following the completion of the sale, the chief accounting officer directly owned 828 shares of the company’s stock, valued at $175,536. The trade was a 14.55% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 11,417 shares of company stock valued at $2,357,289. 0.34% of the stock is owned by insiders.
Hedge Funds Weigh In On Progressive
A number of hedge funds have recently bought and sold shares of PGR. Davis Capital Management acquired a new stake in Progressive during the third quarter valued at approximately $25,000. Bard Associates Inc. bought a new position in Progressive during the 4th quarter worth approximately $27,000. Dagco Inc. acquired a new position in shares of Progressive in the 4th quarter worth approximately $28,000. IFC & Insurance Marketing Inc. acquired a new position in shares of Progressive in the 4th quarter worth approximately $29,000. Finally, Ameriflex Group Inc. increased its holdings in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after acquiring an additional 65 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.
Key Progressive News
Here are the key news stories impacting Progressive this week:
- Positive Sentiment: Bank of America kept a “buy” rating and, despite trimming its target slightly to $305, still implies substantial upside — a supporting factor for the stock. Progressive had its price target lowered by Bank of America Corporation from $308.00 to $305.00
- Positive Sentiment: Wells Fargo raised its target to $217 and maintained an “equal weight” view, a modest positive signal that offsets some downgrades. Wells Fargo raised its price target on Progressive
- Neutral Sentiment: Progressive is getting increased attention from retail and news platforms; Zacks flagged PGR as a “trending” stock, which can drive short-term volume and volatility but doesn’t change fundamentals. The Progressive Corporation (PGR) Is a Trending Stock
- Neutral Sentiment: Recent media noted intraday moves in PGR (short-term price swings); useful for traders but not necessarily indicative of a lasting trend. Progressive (PGR) stock moves -1.29%: What you should know
- Negative Sentiment: Mizuho cut its target to $223 and moved to “neutral,” trimming upside expectations and applying downward pressure. Progressive had its price target lowered by Mizuho from $235.00 to $223.00
- Negative Sentiment: Barclays downgraded PGR from “strong-buy” to “hold,” reducing buy-side conviction and potentially limiting near-term gains. Progressive was downgraded by Barclays PLC from “strong-buy” to “hold”
- Negative Sentiment: Keefe, Bruyette & Woods trimmed its target to $227 and set a “market perform” rating, another modest drag on sentiment. Progressive had its price target lowered by Keefe, Bruyette & Woods
- Neutral Sentiment: An unrelated biotech update (Zenas BioPharma) appeared in the feed but has no material bearing on Progressive’s insurance business. Zenas BioPharma Advances Phase 3 Orelabrutinib Trial
Progressive Company Profile
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.
Further Reading
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