AlphaCore Capital LLC Increases Position in The Progressive Co. (NYSE:PGR)

AlphaCore Capital LLC lifted its position in The Progressive Co. (NYSE:PGR) by 59.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,841 shares of the insurance provider’s stock after buying an additional 1,058 shares during the period. AlphaCore Capital LLC’s holdings in Progressive were worth $721,000 as of its most recent SEC filing.

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

Insider Buying and Selling at Progressive

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

Progressive Stock Performance

Shares of Progressive stock opened at $262.90 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The stock has a market capitalization of $154.01 billion, a price-to-earnings ratio of 19.11, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36. The business has a 50-day moving average of $252.85 and a 200 day moving average of $231.17. The Progressive Co. has a 12 month low of $149.14 and a 12 month high of $263.85.

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, beating analysts’ consensus estimates of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The firm had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. As a group, sell-side analysts forecast that The Progressive Co. will post 13.09 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Morgan Stanley boosted their price target on Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a report on Friday, October 18th. BMO Capital Markets dropped their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Jefferies Financial Group lifted their price objective on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Bank of America increased their target price on shares of Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Piper Sandler lifted their price target on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Five analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $269.81.

About Progressive

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.