Progressive (NYSE:PGR) Given New $335.00 Price Target at Bank of America

Progressive (NYSE:PGR - Get Free Report) had its target price lifted by Bank of America from $331.00 to $335.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the insurance provider's stock. Bank of America's price target would suggest a potential upside of 30.57% from the company's previous close.

Other equities research analysts have also recently issued research reports about the stock. BMO Capital Markets reduced their price target on shares of Progressive from $239.00 to $237.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 7th. TD Cowen increased their price target on shares of Progressive from $197.00 to $237.00 and gave the company a "hold" rating in a report on Friday, November 8th. StockNews.com cut Progressive from a "buy" rating to a "hold" rating in a research note on Monday, November 11th. Hsbc Global Res raised Progressive from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 12th. Finally, Barclays boosted their target price on Progressive from $267.00 to $277.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 23rd. Six investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $269.81.

Progressive Trading Up 0.3 %

Shares of PGR traded up $0.78 during trading hours on Monday, reaching $256.56. 1,658,276 shares of the company traded hands, compared to its average volume of 2,460,372. Progressive has a 12 month low of $149.14 and a 12 month high of $263.85. The company has a market capitalization of $150.30 billion, a price-to-earnings ratio of 18.65, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36. The company's fifty day moving average price is $252.32 and its two-hundred day moving average price is $230.44. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results 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 the consensus estimate of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. Equities research analysts predict that Progressive will post 13.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 2,981 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the transaction, the insider now owns 26,353 shares in the company, valued at approximately $6,618,555.95. This represents a 10.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Dyke Kahina Van sold 2,180 shares of the firm's stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the sale, the director now owns 13,723 shares of the company's stock, valued at $3,462,038.44. This trade represents a 13.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,209 shares of company stock worth $14,975,979 in the last quarter. 0.34% of the stock is owned by insiders.

Hedge Funds Weigh In On Progressive

A number of institutional investors have recently modified their holdings of PGR. Diversified Trust Co grew its position in Progressive by 84.3% during the third quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider's stock valued at $6,531,000 after acquiring an additional 11,770 shares during the period. Sycomore Asset Management increased its holdings in Progressive by 9.5% in the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider's stock valued at $5,856,000 after buying an additional 2,450 shares during the last quarter. Sumitomo Life Insurance Co. bought a new position in Progressive during the second quarter worth $981,000. Tidal Investments LLC boosted its stake in Progressive by 22.2% in the first quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider's stock valued at $6,480,000 after acquiring an additional 5,691 shares during the period. Finally, Advisors Asset Management Inc. grew its stake in Progressive by 88.7% during the 1st quarter. Advisors Asset Management Inc. now owns 7,626 shares of the insurance provider's stock worth $1,577,000 after buying an additional 3,585 shares during 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.