The Progressive Co. (NYSE:PGR) Shares Purchased by Fmr LLC

Fmr LLC boosted its position in shares of The Progressive Co. (NYSE:PGR) by 1.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,518,615 shares of the insurance provider’s stock after acquiring an additional 170,618 shares during the period. Fmr LLC owned about 1.80% of Progressive worth $2,669,204,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Raleigh Capital Management Inc. grew its position in shares of Progressive by 20.9% during the third quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after acquiring an additional 41 shares during the last quarter. Castleview Partners LLC raised its holdings in Progressive by 2.7% during the third quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock worth $434,000 after purchasing an additional 45 shares in the last quarter. Washington Trust Bank lifted its holdings in shares of Progressive by 4.6% in the 3rd quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock valued at $260,000 after buying an additional 45 shares during the period. Sunbelt Securities Inc. boosted its position in shares of Progressive by 21.3% during the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after purchasing an additional 46 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. grew its position in Progressive by 11.8% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after buying an additional 48 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In other Progressive news, insider Patrick K. Callahan sold 7,696 shares of Progressive stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 15,189 shares in the company, valued at $3,876,384.69. The trade was a 33.63 % 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 the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the transaction, the insider now directly owns 29,334 shares of the company’s stock, valued at $7,626,840. This trade represents a 9.23 % 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 over the last 90 days. 0.34% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PGR. Piper Sandler boosted their price objective on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Barclays raised their price target on Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. The Goldman Sachs Group increased their price objective on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Jefferies Financial Group boosted their target price on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Evercore ISI increased their price target on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $269.81.

Progressive Stock Down 0.1 %

Shares of NYSE:PGR opened at $265.89 on Tuesday. The firm has a market cap of $155.76 billion, a PE ratio of 19.32, a price-to-earnings-growth ratio of 0.74 and a beta of 0.36. The company has a fifty day simple moving average of $253.25 and a 200 day simple moving average of $232.11. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $266.89.

Progressive (NYSE:PGR) last issued 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. The business 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%. On average, equities research analysts anticipate that The Progressive Co. will post 13.17 EPS for the current fiscal year.

Progressive 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.