Progressive (NYSE:PGR) Price Target Cut to $295.00 by Analysts at Bank of America

Progressive (NYSE:PGR) had its price target dropped by investment analysts at Bank of America from $305.00 to $295.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the insurance provider’s stock. Bank of America‘s price target would indicate a potential upside of 43.59% from the company’s current price.

Several other brokerages also recently issued reports on PGR. BMO Capital Markets lowered their price objective on shares of Progressive from $232.00 to $208.00 and set a “market perform” rating on the stock in a research note on Wednesday, March 11th. Mizuho lowered their target price on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a report on Friday, March 20th. Evercore reaffirmed a “negative” rating on shares of Progressive in a research note on Wednesday, March 18th. William Blair cut Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. Finally, Roth Mkm set a $235.00 price target on Progressive in a research report on Thursday, February 19th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $239.22.

Progressive Stock Performance

PGR opened at $205.44 on Wednesday. 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 stock’s 50 day moving average price is $205.86 and its two-hundred day moving average price is $220.23. The firm has a market capitalization of $120.37 billion, a P/E ratio of 10.70, a price-to-earnings-growth ratio of 6.47 and a beta of 0.33. Progressive has a 12-month low of $197.92 and a 12-month high of $289.96.

Insider Buying and Selling

In related news, CAO Carl G. Joyce sold 270 shares of the stock in a transaction 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 completion of the sale, the chief accounting officer directly owned 558 shares in the company, valued at $115,227. This represents a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Andrew J. Quigg sold 1,649 shares of Progressive stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total transaction 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. Insiders have sold a total of 11,687 shares of company stock valued at $2,413,044 over the last three months. Insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Progressive

A number of institutional investors and hedge funds have recently modified their holdings of PGR. Stance Capital LLC increased its stake in Progressive by 11.9% in the fourth quarter. Stance Capital LLC now owns 6,057 shares of the insurance provider’s stock valued at $1,379,000 after purchasing an additional 645 shares in the last quarter. World Investment Advisors increased its holdings in Progressive by 11.6% during the 4th quarter. World Investment Advisors now owns 10,609 shares of the insurance provider’s stock worth $2,416,000 after purchasing an additional 1,103 shares in the last quarter. Demming Financial Services Corp ADV purchased a new stake in shares of Progressive in the fourth quarter worth approximately $598,000. Meadowbrook Advisors Group LLC purchased a new position in shares of Progressive during the fourth quarter valued at approximately $2,403,000. Finally, Larry Mathis Financial Planning LLC bought a new stake in Progressive during the fourth quarter worth $500,000. 85.34% of the stock is currently owned by institutional investors.

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.