Progressive (NYSE:PGR) PT Lowered to $273.00

Progressive (NYSE:PGR) had its price objective dropped by equities researchers at Bank of America from $279.00 to $273.00 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 target points to a potential upside of 30.15% from the stock’s current price.

PGR has been the subject of a number of other research reports. Piper Sandler reissued an “overweight” rating and issued a $240.00 price objective on shares of Progressive in a research report on Monday, April 1st. Jefferies Financial Group upped their price target on shares of Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a research report on Monday. BMO Capital Markets upped their price target on shares of Progressive from $185.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. Citigroup upped their price target on shares of Progressive from $202.00 to $225.00 and gave the stock a “neutral” rating in a research report on Monday. Finally, Roth Mkm upped their price target on shares of Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $211.88.

Progressive Stock Performance

NYSE:PGR opened at $209.75 on Wednesday. The firm has a 50 day simple moving average of $199.28 and a 200-day simple moving average of $174.57. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.31. The firm has a market cap of $122.85 billion, a PE ratio of 21.47, a P/E/G ratio of 0.84 and a beta of 0.35. Progressive has a 1-year low of $111.41 and a 1-year high of $212.24.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. The business had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The company’s revenue was up 17.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.65 earnings per share. On average, equities analysts expect that Progressive will post 11.09 EPS for the current year.

Insider Activity

In other news, insider Karen Bailo sold 8,464 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the transaction, the insider now directly owns 32,342 shares in the company, valued at $6,128,485.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Karen Bailo sold 8,464 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the transaction, the insider now directly owns 32,342 shares in the company, valued at $6,128,485.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick K. Callahan sold 29,675 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the completion of the transaction, the insider now owns 15,189 shares of the company’s stock, valued at $2,889,859.14. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Giverny Capital Inc. boosted its stake in Progressive by 2.9% during the 3rd quarter. Giverny Capital Inc. now owns 501,431 shares of the insurance provider’s stock valued at $69,849,000 after acquiring an additional 14,022 shares during the last quarter. AIA Group Ltd boosted its stake in Progressive by 4.9% during the 3rd quarter. AIA Group Ltd now owns 155,427 shares of the insurance provider’s stock valued at $21,651,000 after acquiring an additional 7,268 shares during the last quarter. Invesco LLC boosted its stake in Progressive by 2.0% during the 4th quarter. Invesco LLC now owns 3,537 shares of the insurance provider’s stock valued at $563,000 after acquiring an additional 70 shares during the last quarter. Strs Ohio boosted its stake in Progressive by 3.1% during the 4th quarter. Strs Ohio now owns 168,187 shares of the insurance provider’s stock valued at $26,788,000 after acquiring an additional 4,983 shares during the last quarter. Finally, First Affirmative Financial Network bought a new position in Progressive during the 4th quarter valued at $295,000. 85.34% of the stock is currently owned by institutional investors.

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.