GenTrust LLC Buys Shares of 970 The Progressive Co. (NYSE:PGR)

GenTrust LLC bought a new stake in The Progressive Co. (NYSE:PGR) in the 3rd quarter, Holdings Channel.com reports. The fund bought 970 shares of the insurance provider’s stock, valued at approximately $246,000.

Several other institutional investors and hedge funds also recently made changes to their positions in PGR. Stonebrook Private Inc. acquired a new stake in Progressive in the third quarter valued at $271,000. Nwam LLC acquired a new stake in Progressive in the third quarter valued at $929,000. Meridian Wealth Management LLC bought a new position in shares of Progressive in the third quarter valued at about $1,988,000. Icon Wealth Advisors LLC raised its position in shares of Progressive by 892.6% in the third quarter. Icon Wealth Advisors LLC now owns 23,742 shares of the insurance provider’s stock valued at $6,025,000 after purchasing an additional 21,350 shares during the period. Finally, Citigroup Inc. increased its position in Progressive by 6.4% during the third quarter. Citigroup Inc. now owns 470,394 shares of the insurance provider’s stock worth $119,367,000 after acquiring an additional 28,398 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other news, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the transaction, the director now owns 13,723 shares of the company’s stock, valued at $3,462,038.44. The trade was a 13.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the transaction, the insider now directly owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. This represents a 10.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,209 shares of company stock valued at $14,975,979 in the last quarter. 0.34% of the stock is owned by insiders.

Progressive Stock Performance

Shares of Progressive stock opened at $266.06 on Friday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $155.86 billion, a P/E ratio of 19.34, a P/E/G ratio of 0.73 and a beta of 0.36. The business has a fifty day simple moving average of $253.06 and a two-hundred day simple moving average of $231.63. The Progressive Co. has a 12 month low of $149.14 and a 12 month high of $266.18.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating the consensus estimate of $3.40 by $0.18. The business had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. On average, equities analysts forecast that The Progressive Co. will post 13.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. BMO Capital Markets decreased their target price on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. The Goldman Sachs Group lifted their target price on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Wells Fargo & Company raised their price target on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective for the company in a research note on Monday, August 12th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Five investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and an average price target of $269.81.

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.