Hartford Funds Management Co LLC Reduces Stock Position in The Progressive Co. (NYSE:PGR)

Hartford Funds Management Co LLC lessened its holdings in The Progressive Co. (NYSE:PGR) by 8.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,785 shares of the insurance provider’s stock after selling 249 shares during the quarter. Hartford Funds Management Co LLC’s holdings in Progressive were worth $707,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Davis Capital Management purchased a new position in shares of Progressive during the third quarter worth about $25,000. WR Wealth Planners LLC grew its holdings in shares of Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 67 shares during the last quarter. Hilltop National Bank grew its holdings in shares of Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares during the last quarter. DiNuzzo Private Wealth Inc. grew its holdings in shares of Progressive by 114.1% during the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares during the last quarter. Finally, LRI Investments LLC purchased a new position in shares of Progressive during the first quarter worth about $36,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE:PGR opened at $266.06 on Friday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The company has a market cap of $155.86 billion, a P/E ratio of 19.34, a PEG ratio of 0.73 and a beta of 0.36. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $266.18. The company has a 50-day moving average price of $253.06 and a 200 day moving average price of $231.63.

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

Insider Activity

In other news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the sale, the chief executive officer now directly owns 473,735 shares in the company, valued at approximately $119,475,967. This trade represents a 8.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 2,982 shares of Progressive stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the sale, the insider now owns 29,334 shares of the company’s stock, valued at approximately $7,626,840. The trade was a 9.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 59,209 shares of company stock worth $14,975,979. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

PGR has been the topic of several research reports. TD Cowen raised their price objective on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a report on Friday, November 8th. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Piper Sandler increased their target price on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Roth Mkm increased their target price on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Finally, Evercore ISI increased their target price on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Five investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $269.81.

Progressive 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.