Graypoint LLC Boosts Stock Position in The Progressive Co. (NYSE:PGR)

Graypoint LLC boosted its holdings in shares of The Progressive Co. (NYSE:PGR) by 12.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,732 shares of the insurance provider’s stock after purchasing an additional 530 shares during the quarter. Graypoint LLC’s holdings in Progressive were worth $1,201,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the business. D.B. Root & Company LLC raised its position in Progressive by 4.4% during the third quarter. D.B. Root & Company LLC now owns 1,292 shares of the insurance provider’s stock valued at $328,000 after purchasing an additional 55 shares during the period. M&G PLC increased its position in Progressive by 17.6% during the third quarter. M&G PLC now owns 107,381 shares of the insurance provider’s stock valued at $27,275,000 after acquiring an additional 16,095 shares during the last quarter. Concurrent Investment Advisors LLC raised its stake in shares of Progressive by 11.3% in the third quarter. Concurrent Investment Advisors LLC now owns 5,525 shares of the insurance provider’s stock valued at $1,402,000 after acquiring an additional 562 shares during the period. Catalina Capital Group LLC boosted its stake in shares of Progressive by 17.0% during the 3rd quarter. Catalina Capital Group LLC now owns 2,638 shares of the insurance provider’s stock worth $669,000 after purchasing an additional 384 shares during the period. Finally, Focused Wealth Management Inc bought a new position in Progressive during the 3rd quarter valued at about $130,000. Institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on PGR shares. Piper Sandler raised their price objective on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Keefe, Bruyette & Woods boosted their price objective on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Evercore ISI lifted their target price on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday. BMO Capital Markets reduced their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Finally, Bank of America boosted their price objective on shares of Progressive from $319.00 to $331.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Seven equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $265.63.

Progressive Trading Down 1.3 %

NYSE:PGR opened at $255.27 on Friday. The stock has a market capitalization of $149.50 billion, a price-to-earnings ratio of 18.55, a PEG ratio of 0.67 and a beta of 0.36. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $260.46. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The firm has a 50 day moving average of $251.12 and a 200 day moving average of $227.59.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 35.21% and a net margin of 11.27%. The firm had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. As a group, sell-side analysts anticipate that The Progressive Co. will post 13.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the transaction, the insider now owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Steven Broz sold 2,981 shares of the stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the transaction, the insider now directly owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Patrick K. Callahan sold 7,696 shares of Progressive stock in a transaction dated 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 $3,876,384.69. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 74,843 shares of company stock worth $18,674,912 in the last three months. Corporate insiders own 0.34% of the company’s stock.

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.