Diversified LLC Raises Stock Position in The Progressive Co. (NYSE:PGR)

Diversified LLC increased its stake in The Progressive Co. (NYSE:PGR) by 13.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,323 shares of the insurance provider’s stock after purchasing an additional 160 shares during the quarter. Diversified LLC’s holdings in Progressive were worth $336,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of PGR. Davis Capital Management purchased a new position in shares of Progressive during the 3rd quarter worth $25,000. WR Wealth Planners LLC increased its holdings in shares of Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after buying an additional 67 shares during the last quarter. Hilltop National Bank increased its holdings in shares of Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after buying an additional 92 shares during the last quarter. DiNuzzo Private Wealth Inc. increased its holdings in shares of Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after buying an additional 73 shares during the last quarter. Finally, LRI Investments LLC bought a new stake in shares of Progressive in the 1st quarter worth about $36,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In other Progressive news, insider Patrick K. Callahan sold 7,696 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $255.21, for a total transaction of $1,964,096.16. Following the transaction, the insider now directly owns 15,189 shares of the company’s stock, valued at $3,876,384.69. This trade represents a 33.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at approximately $119,475,967. This represents a 8.39 % 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 valued at $14,975,979 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Evercore ISI upped their price target on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. upped their price target on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Morgan Stanley upped their price target on shares of Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Jefferies Financial Group boosted their price objective on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Five investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Progressive has an average rating of “Moderate Buy” and a consensus price target of $269.81.

Progressive Stock Up 0.9 %

NYSE:PGR opened at $268.38 on Monday. The company’s fifty day moving average price is $253.06 and its 200-day moving average price is $231.74. The Progressive Co. has a 1-year low of $149.14 and a 1-year high of $268.38. The firm has a market capitalization of $157.22 billion, a P/E ratio of 19.34, a PEG ratio of 0.74 and a beta of 0.36. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $18.95 billion. As a group, equities research analysts anticipate that The Progressive Co. will post 13.17 EPS for the current year.

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.