Progressive (NYSE:PGR) Given New $295.00 Price Target at Bank of America

Progressive (NYSE:PGR) had its price target decreased by Bank of America from $305.00 to $295.00 in a research report report published on Wednesday,Benzinga reports. Bank of America currently has a buy rating on the insurance provider’s stock.

Other analysts have also recently issued reports about the company. Citigroup lowered their target price on Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a research report on Tuesday, February 3rd. Zacks Research upgraded Progressive from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 24th. Mizuho decreased their price target on Progressive from $235.00 to $223.00 and set a “neutral” rating for the company in a research note on Friday, March 20th. Jefferies Financial Group lowered their price target on Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a report on Tuesday. Finally, Piper Sandler restated an “overweight” rating and set a $259.00 price objective on shares of Progressive in a research note on Monday, March 2nd. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $239.22.

Progressive Price Performance

Shares of NYSE:PGR opened at $202.62 on Wednesday. The firm’s 50 day moving average is $205.81 and its two-hundred day moving average is $220.10. The firm has a market capitalization of $118.52 billion, a P/E ratio of 10.53, a PEG ratio of 6.51 and a beta of 0.33. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23. Progressive has a 52 week low of $197.92 and a 52 week high of $289.96.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, April 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is 2.08%.

Insider Buying and Selling

In other news, CIO Jonathan S. Bauer sold 2,266 shares of the company’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $203.05, for a total value of $460,111.30. Following the completion of the sale, the executive owned 26,250 shares in the company, valued at $5,330,062.50. This represents a 7.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Andrew J. Quigg sold 1,649 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total value of $336,973.15. Following the transaction, the insider directly owned 39,626 shares of the company’s stock, valued at $8,097,573.10. This represents a 4.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 11,687 shares of company stock worth $2,413,044. 0.34% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Progressive

Several hedge funds have recently made changes to their positions in PGR. Davis Capital Management purchased a new stake in shares of Progressive in the 3rd quarter valued at approximately $25,000. Bard Associates Inc. purchased a new stake in shares of Progressive in the fourth quarter valued at $27,000. Dagco Inc. acquired a new stake in shares of Progressive in the fourth quarter worth $28,000. IFC & Insurance Marketing Inc. acquired a new stake in shares of Progressive in the fourth quarter worth $29,000. Finally, Ameriflex Group Inc. grew its holdings in shares of Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after buying an additional 65 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Key Headlines Impacting Progressive

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: Progressive priced $1.5 billion of senior notes ( $500M 4.60% due 2031; $1B 5.15% due 2036), showing continued access to capital markets and funding without equity dilution — supportive for liquidity and operations. GlobeNewsWire Release
• Positive Sentiment: UBS reiterated a bullish outlook forecasting strong price appreciation for PGR, which may attract buyers betting on upside once near-term uncertainty fades. AmericanBankingNews: UBS Forecast
• Neutral Sentiment: Bank of America reduced its price target (reported cuts tied to lower market multiples) but kept a positive stance; the lower target trims upside expectations even as the name remains on some buy lists. Investing: BofA Cuts
• Neutral Sentiment: Market commentary notes the bond offering “reframes” Progressive’s capital structure — reasonable borrowing costs but potentially reduces near‑term share‑repurchase optionality; investors must weigh yield vs. leverage tradeoffs. Yahoo Capital‑Structure Analysis
• Neutral Sentiment: Analysts expect Progressive’s upcoming Q1 report to show single‑digit profit growth — modest results could limit immediate upside and increase sensitivity to guidance. Barchart: Earnings Preview
• Negative Sentiment: Jefferies trimmed its price target slightly (from $216 to $215) and set a “hold” rating — another incremental analyst downgrade that can cap sentiment. Benzinga: Jefferies PT Change
• Negative Sentiment: Insider selling: CAO Carl Joyce sold 270 shares (a small, disclosed sale). The amount is immaterial to cap structure but contributes to a broader pattern of insider sales reported over recent months. InsiderTrades Alert / SEC Filing

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.