Bank of America Boosts Progressive (NYSE:PGR) Price Target to $331.00

Progressive (NYSE:PGR) had its price target raised by Bank of America from $319.00 to $331.00 in a research note released on Wednesday morning, Benzinga reports. They currently have a buy rating on the insurance provider’s stock.

PGR has been the topic of a number of other research reports. Evercore ISI boosted their price objective on shares of Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Piper Sandler increased their price objective on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. BMO Capital Markets decreased their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Roth Mkm upped their target price on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Finally, Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Seven 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 data from MarketBeat, Progressive currently has an average rating of “Moderate Buy” and an average target price of $268.81.

Progressive Stock Down 0.1 %

Shares of Progressive stock opened at $251.12 on Wednesday. Progressive has a 52-week low of $149.14 and a 52-week high of $260.46. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The business’s 50 day simple moving average is $248.81 and its 200 day simple moving average is $224.14. The firm has a market cap of $147.07 billion, a PE ratio of 21.50, a P/E/G ratio of 0.70 and a beta of 0.35.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend was Thursday, October 3rd. Progressive’s dividend payout ratio is presently 3.42%.

Insider Activity at Progressive

In other Progressive news, insider Andrew J. Quigg sold 3,975 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $850,689.75. Following the completion of the sale, the insider now directly owns 32,780 shares in the company, valued at $7,015,247.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Progressive news, insider Andrew J. Quigg sold 3,975 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $850,689.75. Following the transaction, the insider now owns 32,780 shares in the company, valued at $7,015,247.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven Broz sold 2,982 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the sale, the insider now directly owns 29,334 shares of the company’s stock, valued at approximately $7,626,840. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 144,383 shares of company stock worth $33,446,453. Insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Progressive

A number of hedge funds and other institutional investors have recently made changes to their positions in PGR. Davis Capital Management acquired a new stake in Progressive during the third quarter worth approximately $25,000. WR Wealth Planners LLC grew its holdings in shares of Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO bought a new position in shares of Progressive in the first quarter worth $32,000. Hilltop National Bank raised its stake in Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares in the last quarter. Finally, Register Financial Advisors LLC bought a new stake in Progressive during the first quarter worth about $35,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

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.