Daiwa Securities Group Inc. Purchases 21,484 Shares of The Progressive Co. (NYSE:PGR)

Daiwa Securities Group Inc. raised its position in shares of The Progressive Co. (NYSE:PGR) by 30.3% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 92,480 shares of the insurance provider’s stock after buying an additional 21,484 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Progressive were worth $23,468,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of PGR. Summit Trail Advisors LLC boosted its position in shares of Progressive by 16.2% in the 3rd quarter. Summit Trail Advisors LLC now owns 10,975 shares of the insurance provider’s stock worth $2,785,000 after purchasing an additional 1,534 shares in the last quarter. Capital Investment Counsel LLC raised its stake in Progressive by 3.2% in the third quarter. Capital Investment Counsel LLC now owns 1,571 shares of the insurance provider’s stock valued at $399,000 after buying an additional 49 shares during the last quarter. Alpha DNA Investment Management LLC acquired a new stake in Progressive in the third quarter worth about $822,000. Larson Financial Group LLC grew its stake in shares of Progressive by 541.2% during the third quarter. Larson Financial Group LLC now owns 218 shares of the insurance provider’s stock worth $55,000 after acquiring an additional 184 shares during the last quarter. Finally, Penserra Capital Management LLC increased its holdings in shares of Progressive by 71.6% during the third quarter. Penserra Capital Management LLC now owns 7,076 shares of the insurance provider’s stock valued at $1,794,000 after acquiring an additional 2,953 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Up 1.0 %

PGR stock opened at $266.06 on Monday. The Progressive Co. has a one year low of $149.14 and a one year high of $266.18. 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 firm’s fifty day moving average is $253.06 and its 200 day moving average is $231.74. The firm has a market cap of $155.86 billion, a PE ratio of 19.34, a P/E/G ratio of 0.74 and a beta of 0.36.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.18. The firm had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. On average, research analysts forecast that The Progressive Co. will post 13.17 EPS for the current year.

Insider Transactions at Progressive

In other news, insider Steven Broz sold 2,981 shares of the business’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 completion of the sale, the insider now owns 26,353 shares of the company’s stock, valued at $6,618,555.95. The trade was a 10.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the transaction, the director now directly owns 13,723 shares in the company, valued at $3,462,038.44. This represents a 13.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 59,209 shares of company stock valued at $14,975,979 in the last three months. 0.34% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently commented on PGR shares. JPMorgan Chase & Co. lifted their target price on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Piper Sandler raised their target price on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Barclays boosted their price target on Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods raised their price objective on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Five analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average 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.