Bank of America Upgrades Progressive Corp to Buy with Price Target $46

Brokerage firm Bank of America Upgrades its rating on Progressive Corp(PGR). As per the latest information, Bank of America Raises the price target to $46 per share from a prior target of $40. The shares have been rated Buy. Previously, the analysts had a Neutral rating on the shares. The rating by the stock financial advisor at Bank of America was issued on Mar 20, 2017 in a research report to their Investors and Clients.

Progressive Corp (PGR) shares turned negative on Wednesdays trading session with the shares closing down -0.22 points or -0.55% at a volume of 28,23,260. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $40.26. The peak price level was also seen at $40.26 while the days lowest was $39.66. Finally the shares closed at $39.8. The 52-week high of the shares is $40.74 while the 52-week low is $30.54. According to the latest information available, the market cap of the company is $23,116 M.

Progressive Corp(PGR) last announced its earnings results on Jan 25, 2017 for Fiscal Year 2016 and Q4.Company reported revenue of $5.871B. Analysts had an estimated revenue of $5.630B. Earnings per share were $0.66. Analysts had estimated an EPS of $0.51.

Several Insider Transactions has been reported to the SEC. On Jan 4, 2017, Charles E Jarrett (Vice Pres, Secretary & CLO) sold 2 shares at $27.60 per share price.Also, On Dec 21, 2016, Valerie A Krasowski (Former CHRO) sold 10,500 shares at $35.78 per share price.On Sep 6, 2016, M Jeffrey Charney (Chief Marketing Officer) sold 7,000 shares at $32.50 per share price, according to the Form-4 filing with the securities and exchange commission.

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and mutual insurance company affiliate provide personal auto insurance commercial auto and truck insurance principally for small businesses and other specialty property-casualty insurance and related services. The Company’s property-casualty insurance products protect its customers against losses due to collision and physical damage to their motor vehicles uninsured and underinsured bodily injury and liability to others for personal injury or property damage arising out of the use of those vehicles. Its non-insurance subsidiaries and limited partnership investment affiliate support its insurance and investment operations.

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