Progressive (NYSE:PGR) Given New $347.00 Price Target at Bank of America

Progressive (NYSE:PGR) had its price objective upped by Bank of America from $344.00 to $347.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the insurance provider’s stock. Bank of America‘s price objective indicates a potential upside of 39.53% from the stock’s current price.

A number of other analysts have also recently issued reports on PGR. Evercore ISI cut shares of Progressive from an “outperform” rating to an “in-line” rating and set a $275.00 price objective for the company. in a research note on Thursday, July 17th. UBS Group reduced their price objective on shares of Progressive from $280.00 to $268.00 and set a “neutral” rating for the company in a research note on Monday, July 21st. Cantor Fitzgerald raised shares of Progressive to a “hold” rating in a research note on Wednesday, August 13th. Wall Street Zen cut shares of Progressive from a “buy” rating to a “hold” rating in a research note on Friday, July 18th. Finally, Morgan Stanley increased their price objective on shares of Progressive from $265.00 to $267.00 and gave the stock an “equal weight” rating in a research note on Friday, August 22nd. Nine equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $284.82.

Progressive Stock Up 0.9%

Shares of PGR stock opened at $248.69 on Wednesday. Progressive has a 12 month low of $228.54 and a 12 month high of $292.99. The stock has a market cap of $145.78 billion, a P/E ratio of 14.01, a P/E/G ratio of 1.43 and a beta of 0.32. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The company has a 50 day simple moving average of $246.68 and a two-hundred day simple moving average of $264.95.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating analysts’ consensus estimates of $4.43 by $0.45. The business had revenue of $20.08 billion during the quarter, compared to analysts’ expectations of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The firm’s revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the company earned $2.48 earnings per share. On average, research analysts expect that Progressive will post 14.68 earnings per share for the current year.

Insider Buying and Selling at Progressive

In other Progressive news, CFO John P. Sauerland sold 16,664 shares of the stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the completion of the transaction, the chief financial officer owned 228,024 shares in the company, valued at $56,832,701.76. This trade represents a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Susan Patricia Griffith sold 30,660 shares of the stock in a transaction on Monday, July 28th. The shares were sold at an average price of $242.12, for a total transaction of $7,423,399.20. Following the transaction, the chief executive officer owned 506,945 shares of the company’s stock, valued at $122,741,523.40. This trade represents a 5.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 139,010 shares of company stock valued at $34,547,699 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Progressive

Institutional investors have recently bought and sold shares of the business. Highline Wealth Partners LLC lifted its holdings in shares of Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 49 shares during the last quarter. TruNorth Capital Management LLC lifted its holdings in shares of Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 63 shares during the last quarter. HWG Holdings LP bought a new stake in shares of Progressive in the 1st quarter worth about $28,000. Minot DeBlois Advisors LLC bought a new stake in shares of Progressive in the 4th quarter worth about $28,000. Finally, Garde Capital Inc. bought a new stake in shares of Progressive in the 1st quarter worth about $33,000. 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.