Obsidian Personal Planning Solutions LLC Invests $214,000 in The Progressive Co. (NYSE:PGR)

Obsidian Personal Planning Solutions LLC acquired a new position in shares of The Progressive Co. (NYSE:PGR) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 883 shares of the insurance provider’s stock, valued at approximately $214,000.

A number of other large investors also recently modified their holdings of the business. Atlanta Consulting Group Advisors LLC acquired a new position in shares of Progressive during the 3rd quarter worth about $337,000. Mount Lucas Management LP lifted its stake in Progressive by 2.4% in the 3rd quarter. Mount Lucas Management LP now owns 2,493 shares of the insurance provider’s stock valued at $633,000 after purchasing an additional 59 shares during the last quarter. Kinsale Capital Group Inc. lifted its stake in Progressive by 11.7% in the 3rd quarter. Kinsale Capital Group Inc. now owns 34,611 shares of the insurance provider’s stock valued at $8,783,000 after purchasing an additional 3,615 shares during the last quarter. Turtle Creek Wealth Advisors LLC acquired a new stake in Progressive in the 3rd quarter valued at about $243,000. Finally, Paragon Advisors LLC lifted its stake in Progressive by 0.8% in the 3rd quarter. Paragon Advisors LLC now owns 16,338 shares of the insurance provider’s stock valued at $4,146,000 after purchasing an additional 124 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PGR has been the subject of several research reports. Keefe, Bruyette & Woods raised their price objective on shares of Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Barclays raised their price objective on shares of Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Morgan Stanley raised their price objective on shares of Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Jefferies Financial Group raised their price objective on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, The Goldman Sachs Group raised their target price on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Six research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Progressive currently has a consensus rating of “Moderate Buy” and a consensus price target of $269.56.

Progressive Stock Performance

Shares of NYSE:PGR opened at $255.78 on Friday. The company’s 50 day simple moving average is $252.22 and its 200 day simple moving average is $229.98. The stock has a market capitalization of $149.84 billion, a price-to-earnings ratio of 18.59, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36. 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 Progressive Co. has a 1 year low of $149.14 and a 1 year high of $263.85.

Progressive (NYSE:PGR) last posted its 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 firm had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. As a group, research analysts predict that The Progressive Co. will post 13.09 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction on Tuesday, September 3rd. The shares were 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 owns 473,735 shares in the company, valued at approximately $119,475,967. The trade was a 8.39 % 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 Steven Broz sold 2,981 shares of Progressive stock in a transaction on Monday, October 21st. The stock was sold at an average price of $251.15, for a total transaction of $748,678.15. Following the transaction, the insider now owns 26,353 shares in the company, valued at approximately $6,618,555.95. This trade represents a 10.16 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 65,331 shares of company stock valued at $16,415,812. 0.34% of the stock is currently owned by insiders.

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.