Bank of America Issues Pessimistic Forecast for Progressive (NYSE:PGR) Stock Price

Progressive (NYSE:PGR) had its target price lowered by investment analysts at Bank of America from $305.00 to $295.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the insurance provider’s stock. Bank of America‘s price objective indicates a potential upside of 45.47% from the stock’s current price.

Several other equities research analysts have also issued reports on the company. Jefferies Financial Group lowered their price objective on Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a research note on Tuesday. JPMorgan Chase & Co. dropped their price objective on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research note on Wednesday, January 7th. William Blair downgraded shares of Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. Citigroup lowered their target price on shares of Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a report on Tuesday, February 3rd. Finally, Roth Mkm set a $235.00 price objective on shares of Progressive in a research report on Thursday, February 19th. Six investment 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’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $239.22.

Progressive Stock Down 0.0%

Shares of NYSE:PGR opened at $202.79 on Wednesday. The company has a market cap of $118.62 billion, a price-to-earnings ratio of 10.54, a PEG ratio of 5.85 and a beta of 0.33. Progressive has a 12 month low of $197.92 and a 12 month high of $289.96. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23. The company has a 50-day moving average price of $205.80 and a 200 day moving average price of $219.98.

Insider Buying and Selling

In related news, insider Karen Bailo sold 3,517 shares of Progressive stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $745,604.00. Following the completion of the sale, the insider owned 32,348 shares in the company, valued at $6,857,776. This trade represents a 9.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Andrew J. Quigg sold 1,649 shares of the business’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $336,973.15. Following the completion of the sale, the insider directly owned 39,626 shares of the company’s stock, valued at approximately $8,097,573.10. This trade represents a 4.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 11,687 shares of company stock worth $2,413,044 over the last ninety days. 0.34% of the stock is owned by insiders.

Institutional Trading of Progressive

Several institutional investors and hedge funds have recently made changes to their positions in the company. Maia Wealth LLC grew its holdings in Progressive by 5.4% during the 2nd quarter. Maia Wealth LLC now owns 857 shares of the insurance provider’s stock worth $229,000 after acquiring an additional 44 shares in the last quarter. Selective Wealth Management Inc. raised its holdings in shares of Progressive by 2.1% in the 3rd quarter. Selective Wealth Management Inc. now owns 2,207 shares of the insurance provider’s stock valued at $538,000 after purchasing an additional 45 shares in the last quarter. Liberty One Investment Management LLC raised its holdings in shares of Progressive by 3.8% in the 3rd quarter. Liberty One Investment Management LLC now owns 1,291 shares of the insurance provider’s stock valued at $319,000 after purchasing an additional 47 shares in the last quarter. True Wealth Design LLC lifted its position in shares of Progressive by 20.8% in the 3rd quarter. True Wealth Design LLC now owns 279 shares of the insurance provider’s stock worth $69,000 after purchasing an additional 48 shares during the period. Finally, Klingman & Associates LLC lifted its position in shares of Progressive by 1.7% in the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock worth $667,000 after purchasing an additional 48 shares during the period. 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.