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

Progressive (NYSE:PGR) had its price objective cut by 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 currently has a “buy” rating on the insurance provider’s stock. Bank of America‘s price target suggests a potential upside of 30.15% from the stock’s previous close.

Several other equities analysts have also weighed in on PGR. Keefe, Bruyette & Woods raised their price objective on shares of Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research report on Wednesday, April 10th. Roth Mkm raised their price objective on shares of Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, March 18th. The Goldman Sachs Group raised their price objective on shares of Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research report on Monday, March 25th. Wells Fargo & Company raised their price objective on shares of Progressive from $232.00 to $238.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Progressive presently has a consensus rating of “Hold” and an average target price of $211.88.

Progressive Stock Performance

PGR stock opened at $209.75 on Wednesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.31 and a current ratio of 0.36. The stock has a market cap of $122.85 billion, a P/E ratio of 21.47, a P/E/G ratio of 0.84 and a beta of 0.35. The firm has a 50 day simple moving average of $199.28 and a 200 day simple moving average of $174.57. Progressive has a 52 week low of $111.41 and a 52 week high of $212.24.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping the consensus estimate of $3.20 by $0.74. The business had revenue of $18.96 billion during 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 quarterly revenue was up 17.7% compared to the same quarter last year. During the same period last year, the company posted $0.65 earnings per share. Research analysts anticipate that Progressive will post 11.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Karen Bailo sold 8,464 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the transaction, the insider now 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 hyperlink. In related news, insider Karen Bailo sold 8,464 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the transaction, the insider now 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 hyperlink. Also, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the sale, the insider now 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

A number of institutional investors have recently bought and sold shares of the business. Capital Advisors Ltd. LLC boosted its stake in Progressive by 56.8% during the first quarter. Capital Advisors Ltd. LLC now owns 483 shares of the insurance provider’s stock worth $100,000 after buying an additional 175 shares in the last quarter. Woodmont Investment Counsel LLC boosted its stake in Progressive by 41.2% during the first quarter. Woodmont Investment Counsel LLC now owns 4,764 shares of the insurance provider’s stock worth $985,000 after buying an additional 1,390 shares in the last quarter. Financial Strategies Group Inc. boosted its stake in Progressive by 13.5% during the first quarter. Financial Strategies Group Inc. now owns 26,929 shares of the insurance provider’s stock worth $5,515,000 after buying an additional 3,205 shares in the last quarter. Park Place Capital Corp boosted its stake in shares of Progressive by 67.4% in the 1st quarter. Park Place Capital Corp now owns 1,990 shares of the insurance provider’s stock valued at $412,000 after purchasing an additional 801 shares in the last quarter. Finally, Diversified Trust Co boosted its stake in shares of Progressive by 1.5% in the 1st quarter. Diversified Trust Co now owns 8,045 shares of the insurance provider’s stock valued at $1,664,000 after purchasing an additional 121 shares in the last quarter. Institutional investors and hedge funds 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.