Progressive (NYSE:PGR) Price Target Lowered to $318.00 at Bank of America

Progressive (NYSE:PGR) had its target price dropped by research analysts at Bank of America from $333.00 to $318.00 in a research note 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 13.66% from the stock’s current price.

A number of other research firms have also recently weighed in on PGR. BMO Capital Markets lowered their target price on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Hsbc Global Res lowered Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research report on Thursday. Keefe, Bruyette & Woods decreased their price target on Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. Finally, JPMorgan Chase & Co. increased their price objective on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research note on Friday, January 3rd. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $276.59.

Progressive Price Performance

Shares of NYSE:PGR opened at $279.77 on Monday. The firm has a market capitalization of $164.00 billion, a PE ratio of 19.43, a PEG ratio of 1.70 and a beta of 0.35. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. Progressive has a 1-year low of $194.49 and a 1-year high of $287.49. The business’s 50 day moving average is $254.23 and its 200-day moving average is $252.81.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Sell-side analysts predict that Progressive will post 14.68 earnings per share for the current year.

Insiders Place Their Bets

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the transaction, the chief financial officer now directly owns 282,958 shares in the company, valued at approximately $67,530,756.28. This represents a 3.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Andrew J. Quigg sold 681 shares of Progressive stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $164,870.10. Following the sale, the insider now directly owns 33,612 shares of the company’s stock, valued at $8,137,465.20. This represents a 1.99 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 56,361 shares of company stock valued at $14,102,075. 0.34% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Progressive

Large investors have recently bought and sold shares of the company. Webster Bank N. A. bought a new position in Progressive in the fourth quarter valued at approximately $26,000. Hager Investment Management Services LLC bought a new stake in Progressive in the 4th quarter valued at $28,000. Minot DeBlois Advisors LLC acquired a new position in Progressive in the 4th quarter worth $28,000. Atlantic Edge Private Wealth Management LLC boosted its stake in Progressive by 54.7% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 41 shares during the period. Finally, Valley National Advisers Inc. increased its holdings in Progressive by 3,000.0% during the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 120 shares in the last quarter. 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.