Raymond James Trust N.A. Purchases 1,777 Shares of The Progressive Co. (NYSE:PGR)

Raymond James Trust N.A. boosted its holdings in shares of The Progressive Co. (NYSE:PGR) by 5.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,033 shares of the insurance provider’s stock after purchasing an additional 1,777 shares during the period. Raymond James Trust N.A.’s holdings in Progressive were worth $8,382,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of PGR. Raleigh Capital Management Inc. lifted its position in shares of Progressive by 20.9% during the 3rd quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after buying an additional 41 shares during the last quarter. Castleview Partners LLC boosted its stake 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 valued at $434,000 after purchasing an additional 45 shares in the last quarter. Washington Trust Bank grew 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 purchasing an additional 45 shares during the last quarter. Sunbelt Securities Inc. increased its position in Progressive by 21.3% during the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after purchasing an additional 46 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. lifted its stake in Progressive by 11.8% in the 2nd 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 last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insiders Place Their Bets

In other news, insider Steven Broz sold 2,981 shares of the company’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the transaction, the insider now owns 26,353 shares in the company, valued at approximately $6,618,555.95. This represents a 10.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction that occurred on 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 $119,475,967. This trade represents a 8.39 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 59,209 shares of company stock worth $14,975,979. Corporate insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Barclays upped their price target on shares of Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 23rd. Evercore ISI boosted their price objective on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday. Bank of America boosted their price target on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a report on Monday. Finally, The Goldman Sachs Group raised their price objective on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Five research 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 company’s stock. Based on data from MarketBeat, Progressive presently has an average rating of “Moderate Buy” and a consensus price target of $269.81.

Progressive Price Performance

PGR stock opened at $262.90 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 firm has a market cap of $154.01 billion, a price-to-earnings ratio of 19.11, a PEG ratio of 0.71 and a beta of 0.36. The company’s fifty day simple moving average is $252.85 and its 200 day simple moving average is $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 announced its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The company had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. On average, analysts expect that The Progressive Co. will post 13.09 earnings per share for the current year.

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.