Bank of America Issues Positive Forecast for Progressive (NYSE:PGR) Stock Price

Progressive (NYSE:PGR) had its price objective raised by Bank of America from $331.00 to $335.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the insurance provider’s stock. Bank of America‘s target price indicates a potential upside of 30.63% from the stock’s current price.

Other research analysts have also issued research reports about the company. Roth Mkm increased their target price on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. StockNews.com lowered Progressive from a “buy” rating to a “hold” rating in a research note on Monday, November 11th. The Goldman Sachs Group boosted their price target on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. BMO Capital Markets decreased their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Finally, Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Six investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and an average price target of $269.81.

Progressive Price Performance

Shares of PGR traded up $0.66 during midday trading on Monday, reaching $256.44. The stock had a trading volume of 499,350 shares, compared to its average volume of 2,455,176. Progressive has a 12-month low of $149.14 and a 12-month high of $263.85. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The company’s 50-day moving average is $252.22 and its 200 day moving average is $230.10. The company has a market capitalization of $150.23 billion, a price-to-earnings ratio of 18.64, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The firm had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. On average, equities analysts predict that Progressive will post 13.09 EPS for the current fiscal year.

Insider Buying and Selling at Progressive

In related news, insider Patrick K. Callahan sold 7,696 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $255.21, for a total value of $1,964,096.16. Following the transaction, the insider now owns 15,189 shares in the company, valued at $3,876,384.69. The trade was a 33.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. The trade was a 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 59,209 shares of company stock worth $14,975,979 over the last 90 days. Corporate insiders own 0.34% of the company’s stock.

Institutional Trading of Progressive

Several hedge funds have recently made changes to their positions in PGR. Davis Capital Management acquired a new position in shares of Progressive during the 3rd quarter worth $25,000. WR Wealth Planners LLC increased its holdings in Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after buying an additional 67 shares in the last quarter. Hilltop National Bank lifted its position in shares of Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares during the period. DiNuzzo Private Wealth Inc. grew its holdings in shares of Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 73 shares during the period. Finally, LRI Investments LLC purchased a new position in Progressive in the 1st quarter valued at approximately $36,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

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.