49 Wealth Management LLC Increases Holdings in The Progressive Co. (NYSE:PGR)

49 Wealth Management LLC increased its holdings in shares of The Progressive Co. (NYSE:PGR) by 8.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,425 shares of the insurance provider’s stock after purchasing an additional 116 shares during the quarter. 49 Wealth Management LLC’s holdings in Progressive were worth $362,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Davis Capital Management purchased a new position in Progressive during the 3rd quarter valued at approximately $25,000. WR Wealth Planners LLC grew its stake in shares of Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after buying an additional 67 shares in the last quarter. DiNuzzo Private Wealth Inc. increased its holdings in shares of Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after buying an additional 73 shares during the last quarter. Hilltop National Bank raised its position in shares of Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after buying an additional 92 shares in the last quarter. Finally, LRI Investments LLC bought a new position in shares of Progressive in the 1st quarter valued at about $36,000. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Up 2.3 %

Shares of NYSE:PGR opened at $262.90 on Friday. The firm’s 50-day moving average is $252.85 and its two-hundred day moving average is $231.17. 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. The firm has a market capitalization of $154.01 billion, a PE ratio of 19.11, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The company had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. Analysts predict that The Progressive Co. will post 13.09 EPS for the current year.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $6,618,555.95. This trade represents a 10.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed 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 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 owns 473,735 shares in the company, valued at approximately $119,475,967. This trade represents a 8.39 % 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 worth $14,975,979 over the last 90 days. 0.34% of the stock is owned by insiders.

Wall Street Analyst Weigh In

PGR has been the subject of a number of recent research reports. Wells Fargo & Company boosted their target price on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. TD Cowen boosted their price objective on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research report on Friday, November 8th. Bank of America raised their target price on shares of Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a report on Monday. Keefe, Bruyette & Woods increased their target price on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Jefferies Financial Group raised their price target on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Five equities research 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $269.81.

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.