Associated Banc Corp Invests $223,000 in The Progressive Co. (NYSE:PGR)

Associated Banc Corp purchased a new stake in The Progressive Co. (NYSE:PGR) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 879 shares of the insurance provider’s stock, valued at approximately $223,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Raleigh Capital Management Inc. raised its stake in shares of Progressive by 20.9% in the 3rd 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 in the last quarter. Castleview Partners LLC raised its stake in Progressive by 2.7% during the third quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock valued at $434,000 after buying an additional 45 shares in the last quarter. Washington Trust Bank lifted its holdings in Progressive by 4.6% during the 3rd quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock worth $260,000 after buying an additional 45 shares during the last quarter. Sunbelt Securities Inc. grew its position in shares of Progressive by 21.3% in the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after acquiring an additional 46 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. grew its position in shares of Progressive by 11.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after acquiring an additional 48 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Performance

PGR opened at $268.00 on Wednesday. The Progressive Co. has a 1-year low of $149.14 and a 1-year high of $268.16. The company has a market capitalization of $157.00 billion, a price-to-earnings ratio of 19.48, a price-to-earnings-growth ratio of 0.74 and a beta of 0.36. The business has a 50 day moving average price of $253.47 and a two-hundred day moving average price of $232.47. 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 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 business had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. Research analysts predict that The Progressive Co. will post 13.2 EPS for the current fiscal year.

Insider Buying and Selling at Progressive

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the transaction, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. This represents a 13.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Patrick K. Callahan sold 7,696 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $255.21, for a total value of $1,964,096.16. Following the sale, the insider now directly owns 15,189 shares of the company’s stock, valued at approximately $3,876,384.69. This represents a 33.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 59,209 shares of company stock valued at $14,975,979. 0.34% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on PGR shares. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. BMO Capital Markets decreased their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Bank of America increased their price objective on shares of Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research note on Monday, November 18th. Piper Sandler lifted their target price on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Finally, The Goldman Sachs Group increased their price target on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Five analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently 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.