Moors & Cabot Inc. Has $976,000 Holdings in The Progressive Co. (NYSE:PGR)

Moors & Cabot Inc. boosted its holdings in The Progressive Co. (NYSE:PGR) by 168.9% in the third quarter, HoldingsChannel reports. The firm owned 3,848 shares of the insurance provider’s stock after purchasing an additional 2,417 shares during the period. Moors & Cabot Inc.’s holdings in Progressive were worth $976,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the stock. Darwin Wealth Management LLC acquired a new position in Progressive during the third quarter worth $163,000. Advisors Asset Management Inc. increased its position in shares of Progressive by 29.8% during the 3rd quarter. Advisors Asset Management Inc. now owns 15,240 shares of the insurance provider’s stock valued at $3,867,000 after purchasing an additional 3,498 shares during the last quarter. Jennison Associates LLC raised its position in Progressive by 21.6% in the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after acquiring an additional 842,109 shares during the period. Avior Wealth Management LLC lifted its stake in Progressive by 3.1% in the third quarter. Avior Wealth Management LLC now owns 3,221 shares of the insurance provider’s stock valued at $817,000 after purchasing an additional 96 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Progressive in the 3rd quarter worth about $8,935,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling

In other Progressive news, insider Patrick K. Callahan sold 7,696 shares of Progressive 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 completion of the transaction, the insider now directly owns 15,189 shares of the company’s stock, valued at $3,876,384.69. The trade was a 33.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the sale, the insider now directly owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. The trade was a 10.16 % 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 valued at $14,975,979. Corporate insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on PGR shares. Keefe, Bruyette & Woods upped their price target on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. The Goldman Sachs Group raised their price objective on Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Morgan Stanley raised their target price on Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Roth Mkm lifted their target price on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Finally, Piper Sandler increased their price objective on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Five research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $269.81.

Progressive Stock Up 2.3 %

PGR stock opened at $262.90 on Friday. The business’s 50-day moving average is $252.85 and its two-hundred day moving average is $231.17. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The company has a market cap of $154.01 billion, a price-to-earnings ratio of 19.11, a P/E/G ratio of 0.71 and a beta of 0.36. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $263.85.

Progressive (NYSE:PGR) last posted its quarterly 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. The business had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. As a group, analysts forecast that The Progressive Co. will post 13.09 earnings per share for the current year.

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.