Cumberland Partners Ltd Grows Stock Position in The Progressive Co. (NYSE:PGR)

Cumberland Partners Ltd lifted its stake in The Progressive Co. (NYSE:PGR) by 116.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,500 shares of the insurance provider’s stock after purchasing an additional 3,500 shares during the quarter. Cumberland Partners Ltd’s holdings in Progressive were worth $1,649,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PGR. Davis Capital Management acquired a new stake in shares of Progressive in the third quarter valued at approximately $25,000. WR Wealth Planners LLC increased its holdings in shares of Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares during the last quarter. Hilltop National Bank increased its holdings in shares of Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares during the last quarter. DiNuzzo Private Wealth Inc. increased its stake in Progressive by 114.1% during the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 73 shares during the last quarter. Finally, LRI Investments LLC acquired a new stake in Progressive during the first quarter worth $36,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Performance

PGR stock traded up $0.36 on Tuesday, hitting $260.25. The company’s stock had a trading volume of 256,531 shares, compared to its average volume of 2,461,123. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $263.85. The company has a current ratio of 0.30, a quick ratio of 0.31 and a debt-to-equity ratio of 0.25. The stock has a market cap of $152.46 billion, a price-to-earnings ratio of 18.89, a price-to-earnings-growth ratio of 0.72 and a beta of 0.36. The firm has a 50 day moving average of $251.57 and a two-hundred day moving average of $228.68.

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. The business had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. Equities analysts predict that The Progressive Co. will post 13.15 EPS for the current fiscal year.

Insider Transactions at Progressive

In other Progressive news, insider John Jo Murphy sold 9,512 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $237.50, for a total value of $2,259,100.00. Following the completion of the transaction, the insider now owns 45,787 shares in the company, valued at approximately $10,874,412.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider John Jo Murphy sold 9,512 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the sale, the insider now owns 45,787 shares of the company’s stock, valued at $10,874,412.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 74,843 shares of company stock worth $18,674,912 over the last ninety days. 0.34% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on PGR. Bank of America raised their target price on Progressive from $319.00 to $331.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Morgan Stanley raised their target price on Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Piper Sandler raised their target price on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Barclays boosted their price objective on Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a report on Wednesday, October 23rd. Finally, Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Seven research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Progressive has a consensus rating of “Moderate Buy” and an average target price of $269.56.

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.