The Progressive Co. (NYSE:PGR) Stake Raised by True Wealth Design LLC

True Wealth Design LLC increased its holdings in The Progressive Co. (NYSE:PGR) by 142.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 464 shares of the insurance provider’s stock after buying an additional 273 shares during the quarter. True Wealth Design LLC’s holdings in Progressive were worth $118,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. NCM Capital Management LLC bought a new position in shares of Progressive in the third quarter worth $213,000. Caisse DE Depot ET Placement DU Quebec grew its position in Progressive by 75.3% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock valued at $379,139,000 after buying an additional 641,943 shares in the last quarter. Covey Capital Advisors LLC increased its stake in Progressive by 2.7% during the 3rd quarter. Covey Capital Advisors LLC now owns 21,909 shares of the insurance provider’s stock valued at $5,560,000 after buying an additional 584 shares during the period. Captrust Financial Advisors raised its position in shares of Progressive by 2.7% during the 3rd quarter. Captrust Financial Advisors now owns 30,748 shares of the insurance provider’s stock worth $7,803,000 after buying an additional 806 shares in the last quarter. Finally, Icon Wealth Advisors LLC lifted its stake in shares of Progressive by 2.7% in the 3rd quarter. Icon Wealth Advisors LLC now owns 2,457 shares of the insurance provider’s stock worth $623,000 after acquiring an additional 65 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Jefferies Financial Group raised their price objective on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Keefe, Bruyette & Woods boosted 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. Evercore ISI upped their price objective on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a report on Monday, August 12th. Finally, Roth Mkm upped their price target on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a report on Monday, September 16th. Five investment 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $269.81.

Insiders Place Their Bets

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the business’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 transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. The trade was a 8.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Steven Broz sold 2,982 shares of Progressive stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the sale, the insider now directly owns 29,334 shares in the company, valued at $7,626,840. The trade was a 9.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,209 shares of company stock valued at $14,975,979 over the last three months. 0.34% of the stock is currently owned by insiders.

Progressive Stock Up 0.8 %

PGR stock opened at $268.88 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The firm has a market capitalization of $157.51 billion, a P/E ratio of 19.54, a P/E/G ratio of 0.74 and a beta of 0.36. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $270.62. The company’s 50 day simple moving average is $254.08 and its 200-day simple moving average is $233.48.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The business had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. As a group, equities research analysts anticipate that The Progressive Co. will post 13.2 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.