Wells Fargo & Company Lowers Progressive (NYSE:PGR) Price Target to $215.00

Progressive (NYSE:PGR) had its price objective decreased by equities researchers at Wells Fargo & Company from $217.00 to $215.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the insurance provider’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 10.66% from the company’s current price.

Other analysts also recently issued research reports about the company. BMO Capital Markets reduced their price objective on Progressive from $232.00 to $208.00 and set a “market perform” rating on the stock in a research note on Wednesday, March 11th. Jefferies Financial Group cut their target price on Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a research report on Tuesday, March 24th. Argus raised Progressive to a “hold” rating in a research report on Thursday, March 5th. Piper Sandler reissued an “overweight” rating and set a $259.00 target price on shares of Progressive in a research report on Monday, March 2nd. Finally, Keefe, Bruyette & Woods cut their target price on Progressive from $227.00 to $210.00 and set a “market perform” rating on the stock in a research report on Tuesday. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $237.33.

Progressive Stock Performance

NYSE:PGR opened at $194.29 on Thursday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35. Progressive has a 1 year low of $192.02 and a 1 year high of $289.96. The stock’s 50 day simple moving average is $203.75 and its two-hundred day simple moving average is $216.33. The company has a market cap of $113.65 billion, a price-to-earnings ratio of 10.10, a PEG ratio of 5.77 and a beta of 0.34.

Insider Buying and Selling

In other Progressive news, insider Andrew J. Quigg sold 1,649 shares of the company’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $336,973.15. Following the transaction, the insider owned 39,626 shares of the company’s stock, valued at $8,097,573.10. This represents a 4.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Maribel Pumarejo sold 739 shares of the company’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total value of $150,201.75. The SEC filing for this sale provides additional information. Insiders have sold a total of 11,687 shares of company stock worth $2,413,044 over the last ninety days. Corporate insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Progressive

Several hedge funds have recently bought and sold shares of the business. Selective Wealth Management Inc. grew its position in 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 acquiring an additional 45 shares during the last quarter. Liberty One Investment Management LLC grew its position in 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 acquiring an additional 47 shares during the last quarter. True Wealth Design LLC grew its position in Progressive by 20.8% in the 3rd quarter. True Wealth Design LLC now owns 279 shares of the insurance provider’s stock valued at $69,000 after acquiring an additional 48 shares during the last quarter. Klingman & Associates LLC grew its position in Progressive by 1.7% in the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock valued at $667,000 after acquiring an additional 48 shares during the last quarter. Finally, Wealthstream Advisors Inc. grew its position in Progressive by 4.6% in the 3rd quarter. Wealthstream Advisors Inc. now owns 1,111 shares of the insurance provider’s stock valued at $274,000 after acquiring an additional 49 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Key Stories Impacting Progressive

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: Barclays reaffirmed its buy rating on PGR, supporting demand from buy-side holders and signaling confidence from a major broker. Barclays Reaffirms Their Buy Rating on Progressive (PGR)
• Positive Sentiment: Several of Benzinga’s most-accurate analysts revised forecasts ahead of the Q1 report and expect higher Q1 EPS (consensus cited ~$4.85/share), which could lift sentiment if results meet or beat those estimates. Progressive Likely To Report Higher Q1 Earnings; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
• Neutral Sentiment: Zacks published a pre-earnings note digging into key performance measures beyond top/bottom-line estimates — useful for modeling loss ratios, investment income and underwriting trends but not an immediate catalyst. Progressive (PGR) Q1 Earnings on the Horizon: Analysts’ Insights on Key Performance Measures
• Neutral Sentiment: Zacks also noted the stock’s recent underperformance vs. the market; useful context but mostly descriptive of current trading dynamics rather than new fundamental news. Progressive (PGR) Registers a Bigger Fall Than the Market: Important Facts to Note
• Neutral Sentiment: Coverage pieces on Progressive’s strategy to navigate inflation and competition provide framing for medium-term risks/rewards but are not immediate catalysts. How is Progressive Corp. (PGR) Planning to Navigate Inflation and Competition Risks
• Neutral Sentiment: Note: a press release about Progressive Planet Solutions (TSE: PLAN) lifting orders is unrelated to PGR; it can create headline noise but has no direct bearing on Progressive Insurance. Progressive Planet Lifts Orders to Record High and Expands Capacity as Alberta Lab Lands First Client
• Negative Sentiment: Insiders sold about US$9.9M of Progressive stock recently — a near-term negative signal that can pressure the share price, especially ahead of earnings. Insiders At Progressive Sold US$9.9m In Stock, Alluding To Potential Weakness
• Negative Sentiment: Wells Fargo trimmed its price target slightly and placed PGR at “equal weight,” removing upside from a higher rating and adding downward pressure to shares. Benzinga Coverage

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.