Rakuten Securities Inc. Has $94,000 Stock Position in The Progressive Co. (NYSE:PGR)

Rakuten Securities Inc. grew its holdings in shares of The Progressive Co. (NYSE:PGR) by 642.0% during the third quarter, Holdings Channel.com reports. The institutional investor owned 371 shares of the insurance provider’s stock after purchasing an additional 321 shares during the quarter. Rakuten Securities Inc.’s holdings in Progressive were worth $94,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of PGR. Vanguard Group Inc. grew its holdings in Progressive by 0.6% in the first quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider’s stock worth $10,703,318,000 after purchasing an additional 285,070 shares during the period. Capital International Investors grew its stake in shares of Progressive by 15.7% in the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock valued at $1,018,592,000 after buying an additional 670,006 shares during the period. Legal & General Group Plc increased its position in Progressive by 1.9% in the 2nd quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock valued at $1,022,507,000 after buying an additional 92,212 shares in the last quarter. American Century Companies Inc. raised its stake in Progressive by 3.0% during the 2nd quarter. American Century Companies Inc. now owns 2,392,773 shares of the insurance provider’s stock worth $497,003,000 after buying an additional 69,709 shares during the period. Finally, 1832 Asset Management L.P. boosted its holdings in Progressive by 13.5% in the first quarter. 1832 Asset Management L.P. now owns 1,685,868 shares of the insurance provider’s stock worth $348,671,000 after acquiring an additional 200,118 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Up 0.9 %

PGR stock opened at $262.29 on Wednesday. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $263.85. The stock has a fifty day moving average of $251.57 and a 200-day moving average of $228.68. The company has a market capitalization of $153.65 billion, a price-to-earnings ratio of 19.06, a PEG ratio of 0.72 and a beta of 0.36. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping 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 analyst estimates of $18.95 billion. As a group, equities research analysts predict that The Progressive Co. will post 13.15 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of research reports. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a research report on Monday, August 12th. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Piper Sandler upped their target price on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Evercore ISI increased their price objective on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Finally, Keefe, Bruyette & Woods lifted their target price on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Seven analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Progressive presently has an average rating of “Moderate Buy” and a consensus target price of $269.56.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 6,122 shares of the 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 sale, the insider now owns 32,316 shares in the company, valued at $7,600,400.04. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Steven Broz sold 6,122 shares of the business’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 sale, the insider now directly owns 32,316 shares in the company, valued at approximately $7,600,400.04. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John Jo Murphy sold 9,512 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $237.50, for a total value of $2,259,100.00. Following the sale, the insider now directly owns 45,787 shares in the company, valued at $10,874,412.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 74,843 shares of company stock valued at $18,674,912. Company insiders own 0.34% of the company’s stock.

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.