Wells Fargo & Company Increases Progressive (NYSE:PGR) Price Target to $254.00

Progressive (NYSE:PGRGet Free Report) had its price target lifted by research analysts at Wells Fargo & Company from $243.00 to $254.00 in a report released on Monday, Benzinga reports. The firm currently has an “overweight” rating on the insurance provider’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 20.52% from the company’s previous close.

Several other analysts have also commented on the company. The Goldman Sachs Group raised their target price on Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a report on Monday, March 25th. UBS Group raised their target price on Progressive from $216.00 to $218.00 and gave the stock a “neutral” rating in a report on Wednesday, April 17th. BMO Capital Markets raised their target price on Progressive from $234.00 to $235.00 and gave the stock an “outperform” rating in a report on Thursday, May 16th. Piper Sandler reiterated an “overweight” rating and set a $240.00 price target on shares of Progressive in a research report on Monday, April 1st. Finally, Keefe, Bruyette & Woods increased their price target on Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Progressive presently has a consensus rating of “Hold” and an average price target of $216.81.

View Our Latest Research Report on Progressive

Progressive Trading Up 1.2 %

Shares of NYSE:PGR opened at $210.75 on Monday. The business’s 50-day moving average is $209.16 and its 200 day moving average is $191.19. Progressive has a 1 year low of $111.41 and a 1 year high of $217.77. The firm has a market capitalization of $123.44 billion, a P/E ratio of 21.57, a P/E/G ratio of 0.78 and a beta of 0.35. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.32 and a quick ratio of 0.32.

Progressive (NYSE:PGRGet Free Report) last announced its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. The business had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The company’s revenue was up 17.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.65 earnings per share. On average, research analysts predict that Progressive will post 11.58 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive stock in a transaction on Monday, June 17th. The stock was sold at an average price of $208.11, for a total value of $135,271.50. Following the completion of the sale, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at $828,485.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive stock in a transaction on Monday, June 17th. The stock was sold at an average price of $208.11, for a total value of $135,271.50. Following the completion of the transaction, the chief accounting officer now directly owns 3,981 shares in the company, valued at $828,485.91. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO John P. Sauerland sold 12,457 shares of Progressive stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total value of $2,546,584.51. Following the completion of the transaction, the chief financial officer now owns 312,958 shares of the company’s stock, valued at $63,978,003.94. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,468 shares of company stock valued at $4,415,753. 0.34% of the stock is currently owned by corporate insiders.

Institutional Trading of Progressive

A number of institutional investors have recently bought and sold shares of the business. American Trust purchased a new stake in Progressive during the 1st quarter worth about $1,082,000. DekaBank Deutsche Girozentrale lifted its holdings in Progressive by 5.6% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 703,819 shares of the insurance provider’s stock worth $144,451,000 after buying an additional 37,063 shares during the last quarter. Teachers Retirement System of The State of Kentucky lifted its holdings in Progressive by 4.8% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 200,683 shares of the insurance provider’s stock worth $41,504,000 after buying an additional 9,130 shares during the last quarter. Cetera Advisors LLC lifted its holdings in shares of Progressive by 59.6% in the 1st quarter. Cetera Advisors LLC now owns 18,075 shares of the insurance provider’s stock valued at $3,738,000 after purchasing an additional 6,752 shares during the last quarter. Finally, Cetera Investment Advisers lifted its holdings in shares of Progressive by 259.1% in the 1st quarter. Cetera Investment Advisers now owns 67,074 shares of the insurance provider’s stock valued at $13,872,000 after purchasing an additional 48,397 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

About Progressive

(Get Free Report)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.

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Analyst Recommendations for Progressive (NYSE:PGR)

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