Bank of America Increases Progressive (NYSE:PGR) Price Target to $298.00

Progressive (NYSE:PGR) had its price objective upped by analysts at Bank of America from $295.00 to $298.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the insurance provider’s stock. Bank of America‘s target price would suggest a potential upside of 47.96% from the company’s current price.

Several other research analysts have also commented on the company. Piper Sandler reiterated an “overweight” rating and issued a $259.00 target price on shares of Progressive in a research report on Monday, March 2nd. BMO Capital Markets decreased their target price on Progressive from $232.00 to $208.00 and set a “market perform” rating for the company in a research report on Wednesday, March 11th. William Blair lowered Progressive from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 18th. Zacks Research upgraded Progressive from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 24th. Finally, HSBC lowered Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $237.50.

Progressive Price Performance

Shares of NYSE PGR opened at $201.40 on Tuesday. Progressive has a fifty-two week low of $192.02 and a fifty-two week high of $289.96. The business has a 50 day moving average price of $203.51 and a two-hundred day moving average price of $215.28. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.23. The firm has a market cap of $117.81 billion, a PE ratio of 10.47, a price-to-earnings-growth ratio of 5.68 and a beta of 0.34.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.72% and a net margin of 12.90%.The firm had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same quarter last year, the firm earned $4.37 EPS. Progressive’s quarterly revenue was up 6.5% on a year-over-year basis. Sell-side analysts expect that Progressive will post 14.68 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Carl G. Joyce sold 270 shares of the firm’s stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the sale, the chief accounting officer owned 558 shares of the company’s stock, valued at approximately $115,227. This trade represents a 32.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CIO Jonathan S. Bauer sold 2,266 shares of the firm’s stock in a transaction that occurred 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 directly owned 26,250 shares in the company, valued at approximately $5,330,062.50. This trade represents a 7.95% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 11,687 shares of company stock worth $2,413,044. 0.32% of the stock is currently owned by insiders.

Institutional Trading of Progressive

Several hedge funds have recently added to or reduced their stakes in PGR. Norges Bank bought a new stake in Progressive during the 4th quarter valued at $1,836,094,000. Capital International Investors raised its stake in Progressive by 78.9% during the 3rd quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock valued at $3,384,082,000 after acquiring an additional 6,045,732 shares in the last quarter. Wellington Management Group LLP raised its stake in Progressive by 181.8% during the 4th quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider’s stock valued at $1,481,615,000 after acquiring an additional 4,197,212 shares in the last quarter. Capital Research Global Investors raised its stake in Progressive by 26.1% during the 3rd quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock valued at $2,757,905,000 after acquiring an additional 2,314,864 shares in the last quarter. Finally, Life Cycle Investment Partners Ltd bought a new stake in Progressive during the 4th quarter valued at $353,906,000. Institutional investors own 85.34% of the company’s stock.

Key Headlines Impacting Progressive

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: Q1 results beat on the bottom line and showed year‑over‑year earnings and net income growth (EPS and net income up ~10% for the quarter; per‑share and monthly gains were stronger). This supports near‑term earnings momentum. Progressive Reports March 2026 Results
• Positive Sentiment: Underwriting trends improved: combined ratio tightened (quarter ~86.4; March 88.8) and policies‑in‑force rose ~9% year‑over‑year, indicating better loss control and premium growth. Those metrics are supporting investor confidence in durable profitability. Progressive Reports March 2026 Results
• Positive Sentiment: Analyst catalyst: Bank of America raised its price target into the high $290s and reiterated a buy view, giving the stock clear upside potential vs. current levels and likely helping today’s buying. Progressive price target raised by Bank of America
• Neutral Sentiment: Top‑line mixed: reported revenue/premiums were roughly in line to slightly below some street expectations (revenue vs. certain consensus measures), so growth is intact but not uniformly beat across all top‑line measures. Progressive’s Q1 CY2026 earnings results: Revenue in line with expectations
• Negative Sentiment: Investment and expense headwinds: commentary and trade press note elevated pretax realized losses on securities in the month and quarter, plus some rising expenses that could pressure margins if trends persist. Progressive’s Q1 Earnings Beat Estimates on Higher Premiums
• Negative Sentiment: Insider and institutional flows are mixed: recent filings show notable insider selling and large shifts among institutional holders—signals that could add selling pressure despite the beat. Quiver / Progressive March 2026 Results and ownership notes

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.