Progressive (NYSE:PGR – Get Free Report) had its price target reduced by research analysts at Bank of America from $313.00 to $308.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the insurance provider’s stock. Bank of America‘s price objective would indicate a potential upside of 48.27% from the stock’s previous close.
Several other research firms have also recently weighed in on PGR. Evercore set a $240.00 price objective on Progressive in a research report on Friday, July 10th. Royal Bank Of Canada set a $208.00 target price on Progressive in a research report on Friday, May 22nd. Weiss Ratings lowered shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Barclays set a $247.00 price objective on shares of Progressive in a research report on Wednesday, March 18th. Finally, Jefferies Financial Group reduced their target price on shares of Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a research report on Tuesday, March 24th. Five research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, Progressive currently has a consensus rating of “Hold” and a consensus price target of $235.05.
Check Out Our Latest Analysis on PGR
Progressive Trading Up 0.9%
Progressive (NYSE:PGR – Get Free Report) last announced its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. The firm had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The company’s revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.37 EPS. On average, equities analysts expect that Progressive will post 17.39 earnings per share for the current fiscal year.
Insider Buying and Selling at Progressive
In other news, insider John Jo Murphy sold 5,916 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the sale, the insider directly owned 41,290 shares in the company, valued at $8,258,000. This represents a 12.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the completion of the sale, the director directly owned 22,546 shares in the company, valued at approximately $4,877,376.18. The trade was a 23.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 15,230 shares of company stock valued at $3,165,817 in the last quarter. 0.32% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in PGR. Klingman & Associates LLC boosted its stake in Progressive by 1.7% during the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock worth $667,000 after acquiring an additional 48 shares in the last quarter. Revisor Wealth Management LLC increased its stake in Progressive by 2.7% in the fourth quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock valued at $395,000 after purchasing an additional 50 shares in the last quarter. Cullen Investment Group LTD. increased its stake in Progressive by 0.7% in the fourth quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider’s stock valued at $1,606,000 after purchasing an additional 52 shares in the last quarter. Pines Wealth Management LLC raised its holdings in shares of Progressive by 3.9% during the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock valued at $319,000 after purchasing an additional 52 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC raised its holdings in shares of Progressive by 0.3% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock valued at $4,267,000 after purchasing an additional 52 shares during the period. 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: Reuters reported that Progressive’s quarterly profit rose on higher auto insurance demand, reinforcing the view that core underwriting and pricing trends remain healthy. Progressive’s quarterly profit rises on higher auto insurance demand
- Positive Sentiment: Some commentary remains constructive after Q2, noting that Progressive continues to grow policies and remains a leading property and casualty insurer, which may help investor confidence. Progressive Is The P&C Insurer To Hold, After Policies Grow In Q2
- Neutral Sentiment: Bank of America raised its price target to $308 and kept a buy rating, signaling optimism even though the target was trimmed slightly from prior levels. Progressive Given New $308.00 Price Target at Bank of America
- Neutral Sentiment: Other analysts also reduced their forecasts after the mixed Q2 report, but several still view the shares as fairly valued to modestly attractive from current levels. Progressive Analysts Slash Their Forecasts After Q2 Results
- Negative Sentiment: BMO Capital Markets cut its price target to $205 and kept a market perform rating, reflecting a more cautious stance following the earnings release. BMO Capital Markets price target cut
- Negative Sentiment: Keefe, Bruyette & Woods also lowered its target to $226 and maintained a market perform rating, adding to the post-earnings analyst headwinds. KBW price target cut
About Progressive
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.
See Also
- Five stocks we like better than Progressive
- AST SpaceMobile Stock Sinks as SpaceX Fallout Rattles Space Sector
- Aehr Test Systems Stock Soars on Earnings, Eyes Over 150% Revenue Growth
- TSMC Just Gave AI Chip Bulls Another Reason to Stay Confident
- GE Aerospace Faces a Prove-It Moment in Q2 Earnings
Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.
