Capital Performance Advisors LLP Takes Position in The Progressive Co. (NYSE:PGR)

Capital Performance Advisors LLP bought a new stake in shares of The Progressive Co. (NYSE:PGR) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,039 shares of the insurance provider’s stock, valued at approximately $264,000.

Other hedge funds have also added to or reduced their stakes in the company. Raleigh Capital Management Inc. raised its position in Progressive by 20.9% during the 3rd quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock valued at $60,000 after purchasing an additional 41 shares during the last quarter. Castleview Partners LLC increased its holdings in shares of Progressive by 2.7% in the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock worth $434,000 after purchasing an additional 45 shares in the last quarter. Washington Trust Bank lifted its holdings in shares of Progressive by 4.6% during the 3rd quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock valued at $260,000 after buying an additional 45 shares during the period. Sunbelt Securities Inc. grew its holdings in Progressive by 21.3% during the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock valued at $54,000 after purchasing an additional 46 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. boosted its position in shares of Progressive by 11.8% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after acquiring an additional 48 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Performance

NYSE PGR traded up $7.05 during trading hours on Friday, hitting $262.32. The company had a trading volume of 318,050 shares, compared to its average volume of 2,462,446. The business has a fifty day simple moving average of $251.12 and a 200-day simple moving average of $227.59. The firm has a market cap of $153.63 billion, a P/E ratio of 18.55, a price-to-earnings-growth ratio of 0.67 and a beta of 0.36. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $262.85.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. The firm had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. Progressive had a return on equity of 35.21% and a net margin of 11.27%. Equities analysts predict that The Progressive Co. will post 13.15 EPS for the current year.

Insiders Place Their Bets

In related news, insider Steven Broz sold 6,122 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the transaction, the insider now directly owns 32,316 shares of the company’s stock, valued at approximately $7,600,400.04. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider John Jo Murphy sold 9,512 shares of Progressive stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $237.50, for a total value of $2,259,100.00. Following the completion of the sale, the insider now owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Broz sold 6,122 shares of the company’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $235.19, for a total value of $1,439,833.18. Following the sale, the insider now owns 32,316 shares of the company’s stock, valued at approximately $7,600,400.04. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 74,843 shares of company stock worth $18,674,912 over the last ninety days. 0.34% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PGR. Wells Fargo & Company increased their price target on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Bank of America upped their price objective on shares of Progressive from $319.00 to $331.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. The Goldman Sachs Group increased their price target on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Morgan Stanley raised their price target on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Finally, Piper Sandler increased their price objective on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Seven analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $265.63.

Progressive Company Profile

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.