Wells Fargo & Company Boosts Progressive (NYSE:PGR) Price Target to $217.00

Progressive (NYSE:PGR) had its price target increased by equities research analysts at Wells Fargo & Company from $214.00 to $217.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the insurance provider’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 5.37% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. Roth Mkm set a $235.00 price objective on shares of Progressive in a research report on Thursday, February 19th. Jefferies Financial Group set a $216.00 price target on Progressive in a research note on Wednesday, February 11th. Evercore reaffirmed a “negative” rating on shares of Progressive in a report on Wednesday. Piper Sandler reaffirmed an “overweight” rating and set a $259.00 price objective on shares of Progressive in a research report on Monday, March 2nd. Finally, Barclays set a $247.00 price objective on Progressive in a report on Wednesday. Six equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $239.72.

Progressive Trading Up 1.6%

NYSE PGR opened at $205.93 on Thursday. Progressive has a 52 week low of $197.92 and a 52 week high of $289.96. The firm has a 50 day moving average of $206.07 and a two-hundred day moving average of $221.16. 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 has a market capitalization of $120.66 billion, a PE ratio of 10.70, a price-to-earnings-growth ratio of 8.81 and a beta of 0.33.

Insider Buying and Selling at Progressive

In related news, insider Maribel Pumarejo sold 739 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total value of $150,201.75. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Carl G. Joyce sold 141 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total value of $29,892.00. Following the completion of the transaction, the chief accounting officer directly owned 828 shares of the company’s stock, valued at $175,536. The trade was a 14.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 11,417 shares of company stock worth $2,357,289. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PGR. Brighton Jones LLC boosted its position in shares of Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after buying an additional 457 shares in the last quarter. Revolve Wealth Partners LLC acquired a new position in Progressive during the fourth quarter worth about $269,000. Bison Wealth LLC raised its position in Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after acquiring an additional 80 shares during the last quarter. Wealthspire Advisors LLC lifted its holdings in shares of Progressive by 3.6% in the second quarter. Wealthspire Advisors LLC now owns 6,238 shares of the insurance provider’s stock valued at $1,665,000 after purchasing an additional 219 shares in the last quarter. Finally, TD Waterhouse Canada Inc. lifted its holdings in shares of Progressive by 468.8% in the second quarter. TD Waterhouse Canada Inc. now owns 62,757 shares of the insurance provider’s stock valued at $16,576,000 after purchasing an additional 51,724 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Key Stories Impacting Progressive

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: Bank of America kept a “buy” rating and, despite trimming its target slightly to $305, still implies substantial upside — a supporting factor for the stock. Progressive had its price target lowered by Bank of America Corporation from $308.00 to $305.00
• Positive Sentiment: Wells Fargo raised its target to $217 and maintained an “equal weight” view, a modest positive signal that offsets some downgrades. Wells Fargo raised its price target on Progressive
• Neutral Sentiment: Progressive is getting increased attention from retail and news platforms; Zacks flagged PGR as a “trending” stock, which can drive short-term volume and volatility but doesn’t change fundamentals. The Progressive Corporation (PGR) Is a Trending Stock
• Neutral Sentiment: Recent media noted intraday moves in PGR (short-term price swings); useful for traders but not necessarily indicative of a lasting trend. Progressive (PGR) stock moves -1.29%: What you should know
• Negative Sentiment: Mizuho cut its target to $223 and moved to “neutral,” trimming upside expectations and applying downward pressure. Progressive had its price target lowered by Mizuho from $235.00 to $223.00
• Negative Sentiment: Barclays downgraded PGR from “strong-buy” to “hold,” reducing buy-side conviction and potentially limiting near-term gains. Progressive was downgraded by Barclays PLC from “strong-buy” to “hold”
• Negative Sentiment: Keefe, Bruyette & Woods trimmed its target to $227 and set a “market perform” rating, another modest drag on sentiment. Progressive had its price target lowered by Keefe, Bruyette & Woods
• Neutral Sentiment: An unrelated biotech update (Zenas BioPharma) appeared in the feed but has no material bearing on Progressive’s insurance business. Zenas BioPharma Advances Phase 3 Orelabrutinib Trial

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.